Partnership with Orbiter One
We are excited to announce that Orbiter One has officially integrated DIA’s transparent price oracle to list 15+ tokens and LSDs in its cross-chain, peer-to-peer lending protocol on Moonbeam.
Introducing Orbiter One
Orbiter One is a decentralized peer-2-peer lending and borrowing platform focused on cross-chain interoperability. Being deployed on the Polkadot parachains Moonriver and Moonbeam, users on Orbiter One can make use of the power of cross-chain EVM compatibility to get the most out of their lending experience.
Orbiter One is in the process of being audited, results of which will be published shortly after launch. At launch, Orbiter One users are able to use over 14 assets for lending and borrowing on the Moonriver blockchain, all of which DIA will provide the pricing oracles. Special attention is given to the Liquid Staking Derivatives (LSD), which will play a big role in the Orbiter One ecosystem by enabling their users the full liquidity over their liquid-staked assets.
We are thrilled to announce a new collaboration with Orbiter One to provide the protocol with a price oracle for its decentralised lending solution on Moonriver and in the future on Moonbeam. The oracle will allow Orbiter One to list a variety of tokens as well as Liquid Staked Derivatives (LSDs) on its platform, based on high-quality, transparent asset price data. The oracle integration will boost the utility of the Dotsama native lending and borrowing platform.
Yuriу Sigalov, Orbiter One CEO comments:
“Without data platforms, lending protocols like Orbiter One simply cannot work. We are excited to be partnered with DIA in particular because they offer a very large variety of price feeds and they swiftly develop new ones per market demand.”
Price Oracles for Any Asset Type
In order to support a selection of tokens and LSDs in its decentralised lending platform, Orbiter One requires accurate and reliable price information of those assets on-chain. Hence, the oracle contains price feed two asset types:
Market Price Feeds for Standard Tokens
On the one hand, the deployed oracle is importing the market price information for regular digital assets, including wMOVR, WBTC, ETH, KSM, MAI, and more. The price feeds of these assets are calculated by leveraging granular, trade data, sourced from multiple markets and applying a Moving Average Price with Interquartile Range (MAIR) methodology.
Fair-Value Price Feeds for Liquid Staked Derivatives
On the other hand, the oracle also contains fair-value price feeds for LSDs kBTC and wstKSM. Since LSDs are infrequently traded in exchanges, utilising the market value of the assets would be very risky and highly susceptible to market manipulations. Therefore, DIA determines the fair value of the assets by performing a collateral-ratio check on issuing protocol (i.e Lido or Interlay). This results in a risk-minimizing and transparent feed to integrate into lending protocols.
With liquid staking products rapidly growing, offering support for these types of assets in DeFi is necessary, and DIA as well as Orbiter One are focussing on bridging this gap. DIA is enabling users of the Orbiter One platform to use their LSD tokens as collateral in a transparent and safe manner, which will allow them to access the largest collateral variety on Dotsama.
Michael Weber, DIA Association President comments:
“We are excited to help Orbiter One enable the largest collateral variety on the market by 2023. The space is in dire need of easy-to-use cross-chain interoperability, and Orbiter One fills that gap almost seamlessly. Together with their support for liquid-staked assets, we see a bright future for their platform, and we are excited to help them enable their full potential!”
Transparent and Fully Customizable Delivery
DIA deployed a dedicated and tailor-made smart contract oracle to supply the most suitable price feeds for Orbiter One. Besides the feed requirements laid out above, the oracle was set up with a custom update trigger of a 0.5% deviation threshold for each asset.
All these tailor-made configurations facilitate Orbiter One with the most suitable oracle for its needs. These requirements were transferred to DIA by submitting a DIA Custom Delivery Request (CDR) via the DIA Forum which is publicly available to everyone.
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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