Razor Network Partners with OpenDeFi to Provide Real-Time Data Feed for DeFi Services

Razor Network is thrilled to announce that we have partnered with OpenDeFi to provide world-class trustless Oracle services to OpenDeFi’s Decentralized Finance platform.

The Decentralized Finance (DeFi) sector has shown tremendous progress since Q2, 2020. DeFi platforms offer a host of financial services completely governed by smart contracts, such as lending, borrowing, staking, investment, and trading. This removes the dependency on banks and middlemen, getting rid of the transaction fees, long settlement times, and unnecessary bureaucracy. In fact, the total asset value locked on various DeFi platforms has grown from $700 million at the end of 2019 to a staggering 12.5 billion+ at the time of writing this article.

OpenDeFi is bridging the gap between DeFi and traditional finance, by allowing investors to loan and invest in real-world assets which are tokenized on blockchain. Investors can send Stablecoins to OpenDeFi’s smart contract and instantly receive the equivalent amount of Gold or Silver into their wallet. Users can also stake their assets as collateral and receive instant loans, or earn dividends on their investment.

Precious metal markets like Gold or Silver can be quite volatile. When smart contracts are in charge of providing customers with an equivalent amount of Gold or Silver in return for their investment, it becomes imperative that they are continuously updated with the current market price. Failure to do so can result in a loss for the investors or the platform itself.

Razor’s decentralized Oracle service provides reliable real-time external information that smart contracts can use for data processing and execution. A strict Slashing mechanism is enforced on fraudulent nodes, which ensures that the data provided to the smart contracts are accurate and reliable. This makes Razor’s solution much superior to centralized Oracle service providers, which suffer from a single point of failure and potential human manipulation.

Through this partnership, OpenDeFi will integrate with Razor’s Oracle network for the assets when the platform at Razor’s end is live. It will provide OpenDeFi’s smart contracts with a trusted and uninterrupted feed from the global precious metal markets, and guarantee that investors are able to purchase assets at exactly the same price at which they have bid. OpenDeFi also plans to add new asset classes in the future and will employ Razor’s solution for obtaining their instantaneous spot price as well.

Speaking about the partnership, Hrishikesh Huilgolkar, CEO of Razor Network said,

“OpenDeFi is one of the most promising DeFi platforms today. They offer a wide variety of services and utilities, which require an accurate, robust, and real-time data feed from the external world. Razor’s Oracle Network meets all these requirements, which in turn guarantees that OpenDeFi’s customers have access to the best in class services. We are hopeful that this partnership will help both Razor and OpenDeFi grow together.”

Tarusha Mittal, the COO and co-founder of OraPocket added,

“This partnership with a razor will ensure our endeavor in the creation of a no price slippage exchange for assets. They have a strong team and we are excited at the prospect of working with them.”

OpenDeFi will extend support for Razor Network’s tokens to be farmed when users stake their assets on their platform. Yield farming of Razor’s utility tokens will provide users added incentives to stake their assets. On the other hand, this partnership will introduce Razor’s product to the global community of OpenDeFi’s users, leading to greater adoption of our decentralized Oracle service for a host of applications. Later on, when crypto is added as an asset class, OpenDeFi will provide support for Razor as well.

Razor Network at a Glance

Razor Network is a decentralized oracle providing data to the smart contracts using a network of stakers. Razor is not only fast but also extraordinarily robust and economically secure. It offers a high degree of decentralization, thus reducing the risk of any fraud.

Due to its high economic security and a high degree of decentralization, Razor Network is exceptionally resilient to bribing attacks. Our platform continually evolves with the changing landscape and is always fully prepared to swiftly and smartly handle any adverse circumstances.

We are working on a next-gen oracle network. Please follow us on Github and Telegram for updates.

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