Partnership with Hummus Exchange
Hummus - The Decentralized AMM for Stableswaps on Metis, has officially integrated DIA’s open-source oracle to accurately fuel its operations on the Metis Andromeda.
The Hummus protocol is a single-side Automated Market Maker designed for exchanging stable cryptocurrencies on the Metis blockchain. Hummus combines the speed, security, and efficiency of Metis with an ultra-low slippage stableswap mechanism and dynamic staking rewards system, replacing heritage swaps. Users will be able to swap stablecoins with minuscule loss, stake stablecoins to earn $HUM, and use staked $HUM rewards to increase the yield on the staked stablecoins.
We are delighted to announce that DIA is feeding Hummus with accurate and transparent market data. DIA’s asset price feeds will be leveraged by Hummus Exchange, which will power the smooth operations of the AMM. This will give users the ability to use a single-sided staking mechanism allowing for maximum capital efficiency and ultra-low slippage.
The resulting price points are delivered to Hummus Exchange via a smart contract oracle, running on the Metis’ Andromeda Network. The data shipping includes price feeds for stablecoin pairs USDC/USD, USDT/USD and DAI/USD. To source the data feeds that make up the Hummus custom oracle, DIA is collecting price data at a very granular level directly from centralised and decentralised exchanges. This allows DIA to build highly accurate, reliable and resilient price feed oracles to run the dApp.
Michael Weber, DIA Co-Founder and CEO comments:
“Stablecoins are such an important component of DeFi infrastructure. Hummus Finance, with is decentralised exchange for stableswap will pave the way for DeFi on Metis. We are very thrilled to cooperate on this project by providing transparent price feed oracles to feed these stablecoins accurately.”
The data requirements were transferred to DIA by submitting a DIA Custom Delivery Request (CDR) via the DIA DAO Forum and is publicly available to everyone. The Hummus Exchange CDR provides users a level of transparency on how the price data feeding the protocol is built.
DIA is a cross-chain, end-to-end, open-source data and oracle platform for Web3. The DIA platform enables the crowd-sourcing, validation and sharing of transparent and verified data feeds for asset prices, metaverse data and more. DIA data is simultaneously sourced at a trade level from multiple on-chain and off-chain sources and made available to developers on all relevant layer 1 and layer 2 networks.