Partnership with Tomb Finance
We are delighted to join forces with Tomb Finance to provide transparent price feed oracles to further empower its algorithmic stablecoin protocol on the Fantom Opera network.
TOMB is a cross-chain algorithmic stablecoin, pegged to the price of 1 $FTM via seigniorage. The $TOMB algorithmic token serves as the backbone of a rapidly growing ecosystem aimed towards bringing liquidity and new use cases to the Fantom Opera network. The protocol’s underlying mechanism dynamically adjusts $TOMB’s supply, pushing its price up or down relative to the price of $FTM.
We are excited to announce DIA’s new collaboration and price feed integration with Tomb Finance. With this new partnership, DIA will start delivering crowd-sourced data feeds to power the protocol, running on the Fantom Opera network. This new price feed enables the calculation of the asset price of $TOMB/$USD on-chain. Lending protocols will be able to leverage the price feed oracle to allow their users to borrow $MAI against $TOMB at a low interest.
To build the price feeds for Tomb Finance, instead of relying on premium data providers, DIA directly crowd-sources price data at a granular level from multiple DEXs. Some of the markets DIA is leveraging include Beethoven Finance, SpiritSwap, SpookySwap, and Quickswap, among others. The aggregated price data is then computed and sanitized based on transparent methodologies, enabling Tomb Finance to have full control and clarity over the data feed they are ingesting.
The data feed requirements were transferred to DIA by submitting a DIA Custom Delivery Request (CDR) via the DIA DAO Forum, which is publicly available to everyone. The Tomb Finance CDR provides users full transparency on how the price data feeding the protocol is built.
Michael Weber, DIA Co-Founder and CEO comments:
“We are very excited to leverage DIA’s open-source data and oracle infrastructure to enable the stablecoin operations of Tomb Finance accurately and transparently. The TOMB algorithmic token is, together with other projects, building the the backbone of a rapidly growing ecosystem, aiming to bring more liquidity and new use cases to the Fantom ecosystem.”
Harry Yeh, Tomb Finance Chairman :
“We are excited to work with the DIA Association. This partnership will bring more lending and borrowing options for Tomb and its community. With the addition of transparent price feed oracles for $TOMB, lending protocols will allow for $TOMB to be used as collateral at a lower cost to the user.”
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.