Origin partners with Chainlink to support OUSD

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2021-03-30 12:05:39

Origin is pleased to announce Chainlink integration Oracles and Chainlink is now the real-time price feed provider for OUSD. This is a big step forward for your growth and security Origin Dollar (OUSD), the only stablecoin on the market that makes a profit while it remains in your wallet.

As part of the integration, Origin is integrating and sponsoring two new Chainlink Price Feeds USDT-USD and USDC-USD, as well as taking advantage of the Price Feed DAI-USD existing by Chainlink. These decentralized price oracles ensure that Origin users are minting and / or redeeming OUSD at a more accurate exchange rate and at cheaper gas costs. As long as USDT, USDC, and DAI maintain their exchange rate against the USD, anyone converts these stablecoins to OUSD at a 1–1 ratio.

Additionally, we are excited to share that the First Chainlink Price Feed for Origin token (OGN-ETH) now available and the DeFi protocols can be used if they want quick and secure support. Feeder price OGN-ETH is already used and supported by the lending platform CREAM

Why did Origin choose Chainlink

We have followed and admired the Chainlink community for a long time. Over the years, the LINK team has been known for their passion and dedication to making Chainlink successful. DeFi thrives and more and more capital flows into DeFi, Chainlink has increasingly proven its importance to the Blockchain industry.

Today, Chainlink oracles is one of the most important pivots to DeFi’s security, protecting billions of dollars in value on the blockchain. Nearly every important DeFi protocol is secured by Chainlink oracles and that need is growing as DeFi is more widely adopted and protocols that select the highest standards of data quality and reliability. Whether. Like the Chainlink community, we share our passion and commitment to being DeFi at the core. Origin has always focused on building software that can be used not only by crypto players but also by users around the world. Our team has extensive experience in software building that is used by hundreds of millions of users, as research and development engineer – Yu Pan, one of PayPal’s founders and first employee of the company. Youtube.

Chainlink’s important role in the ecosystem became especially clear for Origin when we launched Origin Dollar – a stablecoin worth the equivalent of $ 1, backed by other popular stablecoins (hereinafter is the base stablecoin). It sounds simple, but in reality it’s much more complicated because this supported stablecoin continuously fluctuates around $ 1. Most of these fluctuations are quite small, however, in reality many times the base stablecoins fluctuate as much as $ 1 and this is quite possible in the future.

In order to mind and redeem the right amount of OUSD, our smart contracts need to accurately value USDT, USDC, and DAI collateral that are being put in and out of the protocol. Since the real global price feed will be the aggregation of transaction volume from all exchange environments, Origin needs to use the oracle blockchain to get aggregated price data made by the data providers. in addition to the generated high-end chain. In addition, as a decentralized protocol, Origin needs access to a decentralized price feed sourced from multiple sources, which is also distributed on-chain for accuracy.

Previously, we used a mix of different oracle providers to get this price data. Since we don’t have any live USD rate feed for loading USDT or USDC rates, it must be calculated by converting it to ETH oracles. This increases the likelihood of the price being mismatched, causing the user to get less OUSD of the amount they should have received and at the same time increasing gas fees.

Currently, that problem has been solved by moving entirely to Chainlink oracle to determine the conversion rate between other stablecoins and OUSD. One benefit of having these live price feeds is that it simplifies smart contract code. Bruce Schneier – a famous security expert once said: “Complexity is the worst enemy of security”. We’re excited to find a way to simplify our base code. On the Ethereum platform, owning simple code also saves gas costs. Gas charges for OUSD mint or redem are reduced by about 15% thanks to this live price feed integration.

The oracle network provides Chainlink USDT-USD price data

Each Chainlink Price Feed is secured by a decentralized oracle network made up of multiple security reviews, and multiple anti-Sybil node operators run by DevOps teams and top blockchain security teams . These Chainlink nodes pull price data from multiple off-chain data aggregators like BraveNewCoin and Amberdata, ensuring each price point has a volume-adjusted market range across all trading environments. By relying on multiple secure nodes and high-end data sources, OUSD users receive highly accurate, available and tamper-free price data, as well as resilient to manipulative attacks. various data, such as attacks carried out through fast loans (flash loan).

We are very proud to be using this new Chainlink Price Feed and hope they will benefit not only Origin but also other DeFi projects in similar need. These new oracle stablecoins will update any time the price changes by more than 0.5% or every 24 hours if no deviation event occurs within that timeframe.

We also would like to thank CREAM for sponsoring an oracle OGN-ETH new. CREAM uses Chainlink oracle to value collateral being held for lending purposes, so this new feed was launched as a plus point from listing OGN on their lending platform. . This is the first time the actual pricing of Origin Tokens (OGN) has been made available on the chain. We are very pleased to hear that OGN will have new opportunities and integrate with more platforms in the future.

By using only Chainlink oracle, we guarantee that users will have access to the highest quality data and the safest oracle infrastructure every time they withdraw or mint OUSD. Crucially, Chainlink gave Origin the flexibility to interact directly with specially built oracle to value certain stablecoin trading pairs, resulting in reduced on-chain cost and mint / redeem more accurate“, Said Matthew Liu, co-founder of Origin Protocol

Learn more about Origin:

#Origin #OGN #Defi #LINK

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#Origin #partners #Chainlink #support #OUSD

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