Partnership with Rikkei Finance
DIA and Rikkei Finance announced today that the companies have entered into a strategic partnership that will allow Rikkei Finance to utilize DIA’s open-source oracles to enable safe and secure lending and borrowing of any digital assets on multi-chain.
Rikkei Finance — RiFi in short, is a Web3 platform, encompassing a DeFi lending protocol and an NFT Marketplace; with a specific focus on NFT rentals and NFT-based lending and borrowing. RiFi’s expansive vision for its platform means digital assets across multiple blockchains can all be utilized; to be leveraged against or to be deposited in return for a yield, and all the while adhering to these key tenets: trustless, transparent and secure.
We are excited to announce DIA’s new collaboration and oracle integration with Rikkei Finance. With this new partnership, DIA will start delivering crowd-sourced data feeds to power the multi-chain DeFi protocol on the Astar Network. As oracles are a crucial part of lending protocols, DIA will play a critical role in the infrastructure of Rikkei Finance.
To offer decentralized lending & borrowing services to users, Rikkei Finance requires access to accurate and trustworthy price feeds on-chain for its collateral assets pairs STR/ USD, ETH/ USD, USDC/ USD, and BTC/ USD. To serve these needs rightly, DIA has built customized oracle with price reference feeds by collecting granular data from multiple sources and applying cleansing and price determination methodologies. These tailor-made data processing operations will ensure not only accurate price points but also ensure not being exposed to flash loan attacks from bad market actors, common in Lending & Borrowing markets.
These 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 Rikkei Finance CDR provides users with a level of transparency on how the price data feeding the protocol is built.
Michael Weber, DIA Association President comments:
“We are thrilled to partner with Rikkei Finance to enable their decentralised lending & borrowing operations on the Astar Network. Accurate and reliable price oracles are a vital infrastructure layer lending protocols, and DIA’s end-to-end oracle infrastructure will ensure the safe and smooth launch of Rikkei Finance. Lending & borrowing services are a key component of every Decentralised Financial ecosystem and Rikkei is aiming to address them in a multi-chain vision.”
Hoa Dang, Rikkei Finance CEO adds:
“Our platform vision and drive is to harness the underlying value of digital assets to generate a yield or to borrow against. We value our partnership with DIA and consider DIA’s underlying technology, through its accurate and resilient price oracles, to be critical to our platform’s core service offerings.”
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.