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Tezos News Today – Headlines for August 26

  • Tezos improves DeFi infrastructure with Harbinger price oracles
  • Delegated price feed oracles are coming to the Tezos ecosystem.
  • Price feeds allow protocols to provide accurate token swap prices

Tezos News Today – DeFi (decentralized finance) has since become the next best thing in the Blockchain sector. And digital asset projects are diving into space. It appears the popular staking Blockchain-based protocol Tezos has taken one step higher in DeFi. The platform has announced that it has integrated Harbinger price oracles.

Per the report, the on-chain data will be directly fed to the Tezos Blockchain network. This will automatically make it ready for future DeFi applications. Harbinger is reportedly a project that offers signed price feeds using real-time market data collected from multiple digital currency exchanges.

Harbinger Ensures That Price Oracles are Delegated and Prefunded

With the help of a similar model to Tezos’ delegated staking, (which allows holders to delegate their XTZ tokens to validators), Harbinger will activate delegated and prefunded price oracles. Here is what the official announcement implied:

“This makes way for the creation of self-sustaining oracles where rewards for participating in PoS (proof of stake) consensus to offset the rates required to ensure the price oracle data remains current.”

Price feeds remain a critical part of DeFi because they allow Blockchain protocols to provide accurate token swap prices and create collateralized loans. Adding cryptographically signed price feeds makes it easier to trust the process. Harbinger operates differently from other oracle providers (including Chainlink). This is because the fees needed to post price data can be settled with the staking rewards received by XTZ holders. Harbinger is powered by Compound’s Open Price Feed. The platform operates with signers. These signers are major crypto exchanges like Coinbase, Gemini, Binance, and OKEx. Some posters collect the prices from signers and post them in a storage contract.

This isn’t Tezos’ First Move Into DeFi-Styled Operations

After the above-mentioned process, a normalizer contract calculates the volume-weighted average rate before passing it to the DeFi or dApp protocol. The initial models of these contracts have been deployed by the Tezos community on CarthageNet and Mainnet. Harbinger was developed by Blockscale. Blockscale designs and operates PoS validators for Tezos. This isn’t the first time that Tezos is adopting DeFi-styled operations. Earlier in the year, StakerDAO announced the launch of a Tezos based platform to secure the governance of financial assets.

At the time, Jonas Lamis, the CEO of Tezos stated that he was inspired by MakerDAO’s evolution of governance and wanted to make sure that Tezos adopts something similar. STKR is StakerDAO’s security token. STKR is utilized for community governance proposals. It is also used for voting rights. This is similar to what is practiced by major DeFi platforms (including Compound and Maker).

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she’s not writing, she spends time with her adorable cat, Ginger and works out often.

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