DIA Insights
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DIA Insights

Building a decentralised capital market for NFTs with DIA

Sumeria Labs has built a one-stop liquidity protocol for the NFT ecosystem with DIA’s customizable floor price oracle, enabling capital efficiency for NFT holders.

Key Facts

Introduction

Zumer is a platform built on Ethereum, providing users with a decentralised protocol to unlock capital efficiency over their Non-Fungible Tokens — NFTs. This is done by enabling Zumer users to pledge NFTs in the protocol to obtain extra liquidity or take a loan to invest in another NFT collection.

Challenge

To ensure that the Zumer Protocol operates in a trustless manner, it requires on-chain, floor price feeds for the NFT collections offered. The oracle needs to be able to price in real-time NFTs, based on a set of rules written into the smart contract. This is required to ensure that the Zumer protocol can provide loans to users permissionlessly.

Solution

DIA deployed a dedicated xFloor oracle for Zumer, which includes real-time floor price feeds for a set of predefined NFT collections. DIA xFloor determines NFT price by pulling historical sales data directly from the NFT marketplace’s smart contracts. This grants Zumer the flexibility to apply fully customizable feed processing and oracle specifications, as well as data accuracy and transparency. As a result, the oracle provides a tailor-made NFT price data solution for the decentralised capital market platform for NFTs.

“We are thrilled to partner with DIA and incorporate its price oracle into Zumer’s risk model. DIA’s multi-chain NFT oracle solution will be key to driving the growth of NFT financialization. We remain confident in the outlook of the NFT market and are committed to building the infrastructure needed to scale the financial backbone of an Open Metaverse.”

––SY Chan, Sumeria Labs CEO

About DIA

DIA is a multi-chain, end-to-end, open-source data and oracle platform for Web3. The DIA platform enables the sourcing, validation and sharing of transparent and verified data feeds for traditional and digital financial applications. DIA’s institutional-grade data feeds cover digital asset prices, NFT floor prices, lending rates, FX rates and more.

DIA’s data is directly sourced from a broad array of on-chain and off-chain sources at individual trade-level. This allows DIA feeds to be fully customized with regards to the mix of sources and methodologies, resulting in tailor-made, high resilience feeds and thereby setting a new paradigm for oracles.

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DIA Core Team

DIA is a multi-chain, end-to-end, open-source data and oracle platform for Web3. https://go.diadata.org/