Truflation Brings Custom U.S. Inflation Index Data to Blockchains Through Chainlink

published 17th Jan 2022

We’re excited to announce that Truflation, an API that provides daily U.S. inflation rate data, has made its custom index available on-chain through the Chainlink Network. As the leading decentralized oracle network in the blockchain industry, Chainlink serves as critical blockchain middleware for existing APIs to seamlessly and securely deliver data across various blockchain and L2 applications.

“By making Truflation Index data accessible to smart contracts across leading blockchains, we’re maximizing both the number of developers we can reach as well as our potential revenue streams. As crypto enthusiasts ourselves, Chainlink enables us to supply a novel, transparent, and decentralized source of U.S. inflation data to the larger cryptocurrency industry in a seamless manner, and we’re excited to see what developers will build with this new dataset.”

— Stefan Rust, CEO of Truflation.

Developers can now use the Truflation Index’s data to spearhead a wide range of smart contract use cases. For example, by building an algorithmic stablecoin that tracks the inflation rate or calculating inflation-adjusted DeFi yields. Prediction markets could also be created, offering users the ability to bet on inflation movements.

Smart contract developers looking to leverage Truflation’s accurate U.S. inflation index data can find documentation here.

The Truflation Index is a crypto-native U.S. inflation index that aims to provide a more accurate and up-to-date picture of U.S. inflation. To accomplish this, the Truflation Index uses a remastered version of the Consumer Price Index (CPI), which substitutes 55.5% of the current CPI datasets with recent market prices, including rent, utilities, food, and transport. Additionally, Truflation repositions certain data subcategories and uses recent consumer trends to reflect consumer budgets and spending habits more accurately.

Our mission is to provide the most objective, transparent, and current inflation data and enable a new generation of inflation-proof blockchain products. The long-term vision is to help people maintain their purchasing power and take the DeFi space into the new era of a less volatile and inflation-proof economy.

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Originally published at https://truflation.com.