How Dopex Built an Option Exchange on Metis Using DIA Price Feeds

Dopex has built an all-around efficient options protocol for the Metis ecosystem by leveraging DIA’s multi-source price feeds.

DIA Core Team

Published in

DIA Insights

3 min readDec 15, 2022

Key Facts

Product: DIA | Price Feeds
Use case: Decentralised Staking Options
Blockchain: Metis Andromeda
User: Dopex
Integration announcement

Introduction

Dopex is a decentralized options protocol which aims to maximize liquidity, minimize losses for option writers and maximize gains for option buyers. Dopex’s Single Staking Option Vaults allow users to lock up tokens for a specified period of time and earn a yield on their staked assets. Users will be able to deposit assets into a contract which then sells your deposits as call options.

Challenge

The Dopex team was looking to go multi-chain and launch a new Single Staking Option Vault on the Metis Andromeda network and list the network’s native token METIS in the vault. To do so, Dopex required a reliable price feed for Metis/USD, supplied as an oracle on the Metis network. The price oracle was required to be resilient to price manipulations and middleman attacks, avoiding putting users’ funds at risk.

Solution

DIA deployed a dedicated METIS/USD price oracle for Dopex. In order to ensure the feed’s resilience to bad actors, its value is determined by leveraging trade data from 10+ markets and applying a MAIR methodology. As a result, the feed is not reliant on a single market, avoiding a single point of failure. The oracle is set to push updates on-chain when a price deviation of 5% from the last reported value happens, following the specifications that Dopex provided via a DIA CDR.

“We’re very excited to partner up with DIA and make use of their crowd-sourced price feed for our Metis SSOV on the Metis network. Also, a shout-out to the DIA team, our onboarding and set-up experience with them was very smooth and professional.”

— Witherblock, Lead Dev — Dopex.io

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.