Coinbase introduces The Coinbase Price Oracle, a signed price feed that will be available via the Coinbase Pro API. According to an announcement on April 23. the launch of the new price oracle this can provide a “critically important service changer to the DeFi ecosystem.”
#DeFi has grown to more than $1B in assets pooled in a range of protocols. The Coinbase Price Oracle provides a critical service to the DeFi ecosystem: a trusted price feed that will make platforms safer, more reliable and unlock the next wave of adoption. https://t.co/ueUhRLX6r2 — Coinbase (@coinbase) April 23, 2020
Anyone can now use the Coinbase Oracle API to get signed price data for BTC-USD and ETH-USD markets. The price feed is sourced from Coinbase Pro and updates each minute.
Since the data is already signed by Coinbase’s private key, there is no need to trust the publisher. Using the Coinbase Price Oracle public key, anybody can verify the authenticity of the data.
In a statement Coinbase commented on its Price Oracle that:
The Coinbase Oracle is secured by the same infrastructure that is storing large amounts of crypto assets on behalf of Coinbase customers. Our security experts developed many best-in-class key storage techniques — these same techniques are used to ensure the safety of the private key signing the Coinbase Oracle prices. In addition, the Oracle implements protections against exchange price manipulation or invalid data.
The payload returned by the API is designed to be compatible with the Open Oracle, a set of Ethereum smart contracts that the Compound team developed and open-sourced to facilitate standardization and interoperability between different sources of oracle price data.
Robert Leshner, Compound CEO adds:
“Coinbase Oracle will increase the security and decentralization of Compound’s price feed, which is mission-critical to the protocol and the ecosystem of applications built on top of Compound. We’re not alone — the rest of DeFi will benefit with faster development, consistent data, and shared standards.”
A highly reliable price feed anchored into Coinbase’s secure infrastructure can help make the DeFi ecosystem safer, reduce systemic risks and unlock the next wave of growth and adoption.
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