Partnership with SiO2 Finance
We are excited to announce that SiO2 Finance has officially integrated DIA’s transparent price feed oracles to support their lending protocol on the Astar Network.
SiO2.Finance is a decentralized borrowing and lending platform built on the Astar network, one of the parachains of Polkadot. SiO2’s vision is to bring one of the core DeFi components to the Polkadot ecosystem, making it possible for investors to deposit assets and borrow against them. SiO2 also offers some unique features like creating one-click shorting positions, as well as one-click flashloans to enable easy arbitrage trading and more. SiO2 has chosen to add more assets to its platform and give users a wider choice.
We are thrilled to announce a new collaboration with SiO2 Finance to provide the DeFi protocol on Astar with a customizable and transparent asset price oracle. Via this collaboration, DIA will provide SiO2 with accurate and transparent price feeds to support the aggregation of new assets to the multi-virtual machine lending and borrowing platform. The introduction of these new pairs will expand the product offering of SiO2’s decentralized platform, enabling users to lend and borrow a variety of new DeFi assets in a trustless and secure manner.
SiO2 team comments:
“We are excited to partner with DIA, a promising project building the cross-chain oracle platform for Web3. We will use DIA as one of the price feeds to our oracle assets. Through this partnership, we will be closer to our vision, building the multi-VM lending hub on Astar for Polkadot. We are looking forward to working with DIA and contributing to the development of the Astar ecosystem.”
DIA has deployed a dedicated smart-contract oracle on the Astar mainnet and the Shibuya testnet, enabling accurate and reliable on-chain price feeds for the asset pairs USDC/USD, USDT/USD, BUSD/USD, DAI/USD, WASTR/USD, WBTC/USD, WETH/USD, BNB/USD, DOT/USD, BAI/USD and aUSD/USD. The final price points of these assets are calculated by sourcing trade data from a variety of sources and applying Moving Average (MA) pricing methodology.
To supply the most accurate price feeds for the assets specified by SiO2 Finance, DIA has built a tailor-made oracle smart contract. The oracle was designed with custom parameters such as the update mechanism and frequency. 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.
To build price oracles, DIA employs a unique fully transparent, open-source approach. While most oracles depend on third-party centralized data providers, DIA simultaneously sources trade data directly from centralized and decentralized exchanges. This aggregated trade data is then computed and sanitized based on fully transparent methodologies, delivering the final price points.
Michael Weber, DIA Association President comments:
“We are excited to provide our oracles to such an innovative platform like SiO2. We truly believe that multi-chain and multi-VM compatibility is the future, so enabling SiO2 in taking the right steps toward this future really is something to be excited about. We are sure that the oracles deployed by DIA will give the SiO2 team the confidence to continue building, as well as provide the best price feeds for all their users. We are definitely excited to work with them in the future.”
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 customised with regards to the mix of sources and methodologies, resulting in tailor-made, high resilience feeds and thereby setting a new paradigm for oracles.