Data Partnership Between Orakl Network and Rhombus Protocol: Strengthening DeFi on Kaia Chain
We are excited to announce a strategic partnership between Orakl Network, the premier blockchain oracle on Kaia Chain, and Rhombus Protocol, a decentralized non-custodial lending marketplace. This collaboration will enhance the decentralized finance (DeFi) ecosystem on the Kaia Chain by enabling seamless access to real-time price feeds for secure lending and borrowing.
The Role of Orakl Network in Rhombus Protocol’s Ecosystem
As a decentralized lending marketplace, Rhombus Protocol connects depositors and borrowers on Kaia Chain, supporting native wallets like KLIP and Kaia Safe. To further improve the transparency and security of its lending services, Rhombus has integrated Orakl Network’s price feed technology.
This integration ensures that Rhombus Protocol can provide accurate and reliable price data to its users, a critical requirement for DeFi protocols where fluctuations in crypto prices can significantly impact loans and collaterals. The real-time price feeds supplied by Orakl Network will give Rhombus Protocol a competitive edge in providing precise and timely data to facilitate trustless lending.
Welcoming GRND as New Collateral on Rhombus Protocol
An exciting development in this partnership is the addition of GRND from SuperWalk to Rhombus Protocol’s list of supported collaterals. With Orakl Network providing the price feed of GRND, users of Rhombus Protocol can now borrow cryptocurrencies by providing GRND as collateral. This opens up new possibilities for GRND holders, allowing them to unlock liquidity while still retaining exposure to their assets.
The inclusion of GRND marks a step forward in expanding the diverse asset types that can be used within the DeFi ecosystem of Rhombus Protocol. It also demonstrates how Rhombus Protocol and Orakl Network are working together to foster an inclusive and robust lending marketplace.
Looking Ahead
The partnership between Orakl Network and Rhombus Protocol not only strengthens both platforms but also fosters growth and innovation within the Kaia Chain DeFi ecosystem. With more tokens and assets like GRND being added as collateral, we expect to see more users participating in the decentralized lending marketplace and further unlocking the potential of their assets.
Stay tuned for more updates on this exciting partnership as both Orakl Network and Rhombus Protocol continue to push the boundaries of DeFi on Kaia Chain.
New to Orakl Network?
Orakl Network is an easy-to-use native token oracle that supports Verifiable Random Functions (VRF), Request-Response, Data Feed and Proof of Reserve. You can learn about each of these functionalities at our documentation or dive directly to code with curated hands-on tutorials for each of our services: vrf-consumer, request-response-consumer and data-feed-consumer.
How Do I Find Out More About Orakl Network?
Website | Docs | X | Medium | GitHub
