Linear Finance Partners with Tellor for Scalable and Decentralized Ethereum Oracles
Linear is excited to announce that it has begun collaborating with the Tellor team on the implementation of their decentralized Ethereum oracles upon its launch of Linear Finance, a cross-chain decentralized delta-one asset protocol. Both teams are working on this integration to secure the price feeds of different collateral (LINA token and other major cryptocurrencies) on the Ethereum blockchain.
Linear Finance is the first cross-chain, decentralized delta-one asset protocol to easily and cost-effectively create, trade, and manage Liquids. As users will be trading on our exchange, it is imperative that Linear Finance will require accurate and updated price feeds that are compatible with the Ethereum blockchain.
Using Tellor, a crypto-economically secured oracle system built specifically for trustlessly providing high-value off-chain data, Linear Finance is confident that its price feeds are accurate, transparent, and censorship-resistant. Through our integration with Tellor, Linear Finance will utilize the Tellor oracles to exhaustively support price feeds on LINA tokens and other major cryptocurrencies that we accept as collateral, which are required to accurately price and secure assets for Linear Finance.
Drey Ng, Co-founder of Linear Finance said, “We are excited to work with Tellor. As one of our chosen oracle partners, it means that our users do not need to trust a third party for any of our off-chain data; Tellor is aligned with our ambitions as the first cross-chain decentralized delta one asset protocol. The collaboration will deepen as both Linear and Tellor are working towards their product roadmaps. The strong execution ability of the Tellor team is reflected by their speedy upgrade such as their recent version 2 release.
Brenda Loya, CEO and Co-Founder of Tellor stated, “We are excited that more and more projects are recognizing the risks of centralized oracles and opting for options that align with decentralized values and the benefits of censorship resistance and trustlessness.”
About Linear Finance
Linear Finance is the first cross-chain compatible, decentralized delta-one asset protocol to create, trade, and manage synthetic assets (Liquids). Linear Finance is a faster, cheaper, safer, and easier to use alternative compared to other synthetic asset protocols, coupled with access to a wealth of creative investment assets.
Tellor is a crypto-economically secured decentralized oracle to access off-chain information. It enables the growth of the DeFi industry by providing a source of high-quality pricing data. With incentive mechanisms, miners compete to add data points to the on-chain data bank with economic interest and a stake in the validity and success of data. It reduces risks associated with more centralized providers to create an effective, secure, trustless system for off-chain data.