The Decentralized Finance (DeFi) space is one aspect of the crypto and blockchain industry that has attracted the attention of enthusiasts in recent times.
With this in mind, Bluzelle has disclosed plans to expand into this fast-rising sphere by launching an oracle network specially designed for DeFi protocols. Bluzelle’s recently debuted oracle platform will provide trusted and accurate data. In addition, it will also ensure top-notch security for DeFi protocols.
The Bluzelle DeFi-focused oracle is one of several ways the platform is looking to become a top name in the blockchain and crypto sphere. The DeFi ecosystem has continued to garner the interest of major players in the crypto space. A major pointer to this is the current rise in ETH fees.
According to reports, Bluzelle Oracle will provide accurate price feeds and stellar security for DeFi protocols. Especially for applications actively involved in staking, payments, and lending.
Bluzelle further disclosed that its recently debuted oracles will make use of its BluzelleDB database. This means taking advantage of the database’s large number of validator nodes.
DeFi protocols and oracle solutions
The importance of a trusted and reliable oracle solution to a DeFi protocol cannot be overemphasized. Oracles serve as a link between on-chain and off-chain platforms, relaying data between both parties. Bluzelle boasts of being able to communicate decentralized data while ensuring top-notch security.
In a press release, Bluzelle disclosed that its oracle solution will furthermore allow the storage and referencing of historical price data. This facilitates easy access to trusted price feeds. It would also ensure data is protected from attacks and gives the ability to offer the fast return of prices.
Speaking on the announcement, Bluzelle CEO Neeraj Murarka pointed out that the current increase in DeFi transactions has opened the space up to nefarious individuals. He adds that Bluzelle’s oracle solution has a “unique algorithm to determine accurate asset prices and at the same time provide advanced warnings of threats on the DeFi app.”
Bluzelle has recently been in the limelight for the right reasons. The blockchain platform recently announced the launch of its staking economics. The launch provides early stakers with the opportunity of enjoying an APY as high as 25%.
Altcoin Buzz recently published an article detailing a partnership of HedgeTrade with Bluzelle and Simplex.