Partnership with Standard Protocol
We are very excited to announce a new partnership with Standard Protocol. DIA’s accurate and transparent price data points will be integrated into Standard’s Polkadot based protocol for synthetic assets.
Update, April 2022: DIA is powering Standard’s launch of $USM, to become the first multichain decentralized stablecoin in the Metis Network. To support the go-live, DIA is providing Standard Protocol with a customised price feed oracle that will be used to calculate the asset price to be used as collateral for $USM. To achieve this, DIA built an tailor made oracle with asset pairs for stablecoins USDC, USDT, DAI and UST, running on Metis’ Andromeda layer 2 blockchain.
The 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 Standard Protocol CDR provides users a level of transparency on how the price data feeding the protocol is built.
Update September 27, 2021: DIA will provide Standard with a price feed oracle of Shiden’s SDN token, deployed on Shiden Network. Standard is the first stablecoin DeFi protocol on Shiden Network, the EVM compatible parachain connected to the Kusama Network.
Standard Protocol is the first self-sovereign Stablecoin protocol for web3.0 to interoperate within the Polkadot ecosystem. It is also the first and only project from Korea to be awarded a Polkadot Web3 Foundation grant and prides itself on its global community growth approach.
By means of this new partnership, Standard Protocol will benefit from DIA’s capabilities to supply accurate, transparent and timely price information. As precise and punctual oracles play a critical role in Standard Protocol's success, Standard will strengthen their own oracle system by additionally integrating DIA trusted oracles into Standard’s Market, Vault and Staking modules.
Standard Protocol’s Market module, a collection of automated market makers, will utilise DIA oracle will enable generate clear-cut exchange rates to purchase digital assets or provide liquidity to earn fees. In the Vault module, Standard’s collateralisation module, the DIA oracle will enable the generation of other synthetic assets with exact price information.
Michael Weber, Association President at DIA comments:
“We are very excited to continue exploring the Polkadot space by integrating our price data feeds into Standard Protocol’s ecosystem. DIA oracles will play a critical role for Standard enabling the generation of new synthetic assets.”
Hyungsuk Kang, Head of Technologies of Standard Protocol adds:
“DIA has been a great oracle team and helped us to achieve the decentralized oracle ecosystem by providing robust data from multiple sources and hands-on support to contribute the oracle system in Standard protocol. DIA oracles not only enable us to maintain stability of our stablecoin but also secure synthetic assets and other off-chain related functionalities”
DIA (Decentralised Information Asset) is an open-source, financial information platform that utilises crypto-economic incentives to source and validate data. Market actors can supply, share and use financial and digital asset data.