The revolutionary, decentralized possibilities exchange DOPEX formally switched to Chainlink Price Feeds on Arbitrum Mainnet from their internal oracle solutions. By switching to the business’ foremost decentralized oracle network, Dopex now has immediate access to the superior, impenetrable, and tried-and-true pricing data feeds required during volatile periods. Thanks to this integration, options writers and buyers will have more confidence that they are constantly dealing at reasonable market pricing.
The below Chainlink Price Feeds are used in their early integration:-
ETH / DPX. Because of Chainlink’s easy integration and production experience, they chose to adopt it as their primary Oracle solution.
For billions of dollars worth of smart contracts, top DeFi protocols are secured by Chainlink, which maintains strong safety and high accessibility despite exchange outages, flash collisions and data manipulation threats via flash loans.
Dopex is a decentralized options system that works passively yet effectively to increase liquidity, reduce losses for option writers, and increase gains for option buyers.
Users of Dopex’s major product can easily sell call and/or put Options through a core marketplace found on the Dopex dApp thanks to a solution called “SSOV” (Single Staking Option Vault), which is currently used by the company’s main product. The Dopex team has lofty goals and wants to top other decentralized options exchanges by attracting deep option liquidity with targeted incentives.
Dopex will leverage choice pools in the upcoming version to gradually let users earn a yield. By ensuring fair and optimal option prices throughout all price levels and expirations, one is providing value to both option dealers and purchasers. This is due to their unique, cutting-edge option pricing mechanism, which mimics volatility dynamics.
They required access to recent asset values delivered straight on-chain in an extremely trustworthy way to safeguard the decentralized options contracts and LP pool. A volume-weighted aggregate from all trading settings should reflect in the prices of assets in the open market. As a result, they had to employ an oracle network to get combined price data off-chain and send it on-chain so that their app could use it.
They incorporated Chainlink Price Feeds after examining alternative oracle solutions because they offer a variety of crucial characteristics like:-
High-Quality Content – Chainlink Price Feeds obtain their data from several high-end data aggregators, resulting in price data compiled from various exchanges, balanced by volume, and free of anomalies and wash trades.
Secure Node Administrators – Unbiased, security-checked, and Sybil-resistant oracle nodes operated by top blockchain DevOps teams, data providers, and established businesses protect Chainlink Price Feeds.
Decentralized Network – Decentralized Chainlink Price Feeds exist at the data source, the Oracle Node, and the oracle network, creating robust defenses against outages and meddling by either the data company or the oracle system.