Partnership with Zumer Protocol
We are delighted to announce that the Zumer protocol has integrated DIA’s NFT Floor Price oracle to power the liquidity protocol for NFTs
Zumer Protocol is a non-custodial liquidity protocol with a novel credit and liquidity risk management mechanism to allow permissionless loan origination and BNPL for all kinds of NFT assets by segregating different risks to different liquidity providers. Zumer is built by Sumeria Labs.
Zumer aims to be the new standard for DeFi protocols that focus on offering liquidity to the NFT market, creating a fully decentralized financial system for the Metaverse assets. Zumer’s end goal is to let everyone be the central banker, banker, and investment banker of the Zumer ecosystem, allowing all stakeholders including DAOs, NFT projects, Gaming guilds to determine interest rates, perform QE/QT, offer liquidity and underwrite credit risks.
We are delighted to announce that the Zumer Protocol has successfully integrated DIA’s NFT Floor Price oracle services into its testnet environment. This is an especially thrilling announcement as Sumeria Labs is the first user to test out the DIA xFloor product. The custom NFT floor price oracle will feed the Zumer protocol with accurate and timely NFT price feeds for various collections including Bored Ape Yacht Club, Crypto Punks, Mutant Ape Yacht Club and many more. The oracle will play a critical role in the operations of the liquidity protocol for collateralized lending of NFTs.
To effectively fulfil Zumer’s platform requirements, DIA built a unique and tailor-made oracle, deployed on Ethereum Rinkeby Testnet. To come up with the final floor price, the oracle fetches data from Opensea, using a 30-day time-weighted average of floor price methodology. The oracle is set to trigger updates and send price data to the Zumer protocol’s smart contract via time and deviation-based mechanisms.
To see all the specific processing requirements Zumer requested, visit the CDR #010: Zumer in the DIA DAO Forum.
Michael Weber, DIA Association President comments:
“We couldn’t be more excited to launch DIA’s NFT floor price oracle with our partners at Zumer Protocol. NFT Floor price oracles will enable Web3 builders like Sumeria Labs to easily integrate NFTs into DeFi platforms, unlock new NFTfi use cases, enable capital efficiency and drive mass adoption of NFTs.”
SY Chan, Sumeria Labs CEO adds:
“We are thrilled to partner with DIA and incorporate its price oracle into Zumer’s risk model. DIA’s multi-chain NFT oracle solution will be key to driving the growth of NFT financialization. We remain confident in the outlook of the NFT market and are committed to building the infrastructure needed to scale the financial backbone of an Open Metaverse.”
DIA is a multi-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.