Paxos Standard (PAX) is a regulated stablecoin that aims to offer stability and transparency in the cryptocurrency space. It was launched in 2018 by Paxos, a trusted financial institution. PAX is designed to be fully backed by US dollars, providing a 1:1 ratio. The name "Paxos" is derived from the word "peace" in Latin, representing its goal of bringing stability to the crypto market. It offers a reliable means of value transfer and is widely used in decentralized finance (DeFi) applications.
Paxos Standard (PAX) is a stablecoin built on the Ethereum blockchain that aims to provide a reliable and transparent digital asset backed by US dollars. The underlying technology behind Paxos Standard involves the use of a blockchain oracle to verify and audit the USD reserves.
Paxos Standard operates on the Ethereum blockchain, which offers a decentralized and immutable platform for executing smart contracts. The Ethereum network ensures transparency and security for the transactions involving Paxos Standard.
To ensure the stability of PAX, Paxos Holdings, a financial institution regulated by the New York State Department of Financial Services, holds a corresponding amount of US dollars for every PAX token in circulation. These US dollar reserves are audited by third-party firms on a regular basis to ensure transparency and trust.
The functioning of Paxos Standard involves a meticulous process of issuance, redemption, and transfer of PAX tokens. When a user wants to acquire PAX, they can purchase them from approved exchanges or directly from Paxos. The corresponding amount of US dollars is then held in reserve. Similarly, when a user wants to redeem their PAX tokens, they can request a withdrawal, and the equivalent US dollars are released back to their bank account.
Paxos Standard provides users with a stable and secure digital asset that can be utilized for various purposes, such as digital payments or as a store of value. The use of blockchain technology and the transparent audit process ensure the reliability and integrity of the Paxos Standard ecosystem.
Paxos Standard (PAX) is a stablecoin that aims to provide a regulated and trustworthy digital asset pegged to the US dollar. Compared to its direct competitors, namely Tether (USDT) and USD Coin (USDC), Paxos Standard offers several distinct benefits.
Firstly, Paxos Standard is regulated by the New York State Department of Financial Services (NYDFS). This regulatory oversight provides users with increased confidence and transparency, as the token is subject to regular audits and adheres to strict compliance standards. In contrast, Tether has faced criticism regarding its lack of transparency and limited regulatory scrutiny.
Secondly, Paxos Standard utilizes a tokenization model that enables instant and secure transactions. The ERC-20 token standard allows for seamless integration with existing Ethereum-based platforms, facilitating widespread adoption and usability. Additionally, Paxos Standard supports transactions on multiple blockchain networks, including Ethereum and Binance Chain, enhancing its accessibility compared to USD Coin, which is primarily built on the Ethereum blockchain.
Lastly, Paxos Standard offers reliable and audited financial statements. The token's reserves are regularly audited by top accounting firms, ensuring that each PAX is fully backed by equivalent US dollars held in FDIC-insured banks. This commitment to transparency and accountability differentiates Paxos Standard from its competitors, as Tether has faced concerns regarding the adequacy of its reserves.
In summary, Paxos Standard's benefits include regulatory oversight, instant transactions, multi-blockchain compatibility, and audited financial statements. These features position PAX as a secure and trustworthy stablecoin option for users looking to transact and store value within the cryptocurrency ecosystem.
Paxos Standard (PAX) is a stablecoin built on the Ethereum blockchain that is pegged 1:1 to the US dollar. It is designed to offer a stable and trustworthy digital asset that can be used for various purposes within the blockchain ecosystem.
One of the common use cases for Paxos Standard is as a medium of exchange. Its stability ensures that users can transact with confidence, as its value remains relatively constant compared to the ever-fluctuating cryptocurrencies. PAX can be easily transferred and used for both peer-to-peer transactions and commercial payments. It provides a convenient option for individuals and businesses looking for a stable digital currency for their daily transactions.
Another specific use case for Paxos Standard is in decentralized finance (DeFi) applications. DeFi platforms leverage smart contracts to enable various financial activities, such as lending, borrowing, and trading. By incorporating PAX as a stablecoin, these platforms can provide stability and liquidity to their users. PAX's peg to the US dollar makes it an ideal asset to act as collateral or for stable swaps in DeFi protocols.
Overall, Paxos Standard serves as a reliable and transparent stablecoin that can be used for a wide range of purposes within the blockchain ecosystem. It addresses the volatility concerns of cryptocurrencies and provides stability essential for everyday transactions and DeFi applications.
DIA's Paxos Standard API is part of DIA's comprehensive suite of APIs and blockchain oracles. DIA's API endpoints provide real-time price feeds for various crypto assets, including the Paxos Standard (PAX) token. These price feeds are derived from billions of individual trades sourced from over 85 on-chain and off-chain cryptocurrency and NFT exchanges, ensuring accurate and reliable data.
While DIA offers free API endpoints for developers to test and access basic price feed information, the real value lies in DIA's custom feeds. Customizable and tailored to specific needs, these custom API data feeds can be configured based on desired sources, methodologies, update mechanisms, and more. This level of flexibility allows users to have greater control and precision over the data they receive.
The use cases for DIA's API and price information are extensive within the blockchain ecosystem. For DeFi applications, the data can be utilized in various ways such as derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, and more. In the NFTfi space, DIA's API can enable peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and other innovative possibilities.
To request a custom feed, users can get in touch with DIA through Discord or Telegram. The ability to tailor feeds to specific requirements enhances the overall utility and adaptability of DIA's APIs, ensuring that users have access to the most relevant and valuable data for their specific use cases.
In summary, while DIA provides free API endpoints for testing purposes, the true power lies in the customizable custom feeds that DIA offers. These custom feeds allow users to fine-tune their data sources and parameters, providing a more tailored and valuable experience within the blockchain ecosystem.
DIA's Paxos Standard price oracle is a smart contract that offers real-time price feeds for crypto assets. DIA stands out by being integrated with over 35 layer 1 and layer 2 networks, allowing the deployment of price oracles across multiple blockchains. These oracles are constructed using verified data from more than 85 cryptocurrency and NFT exchanges, including both on-chain and off-chain sources. This extensive data aggregation enables DIA to provide comprehensive and reliable price feeds.
While DIA offers free demo oracles for developers to test, these are strictly for testing purposes and cannot be used in production applications. However, DIA also offers custom configuration for its price oracles. Users can request dedicated price feed oracles tailored to their specific needs, including sources, methodologies, and update mechanisms. To request a custom feed, users can reach out to DIA via Discord or Telegram.
DIA's custom oracles are especially valuable as they offer flexibility and customization options for users. These oracles can be utilized in various applications within the blockchain ecosystem. For DeFi, DIA's price oracles can be employed in derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, and more. In the case of NFTfi, applications include peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and others.
In the context of blockchain technology, an oracle refers to an external information provider that supplies verified data to smart contracts from outside the blockchain. Oracles bridge the gap between the on-chain and off-chain world, enabling smart contracts to access real-world data and interact with external systems in a secure and reliable manner.
The use of DIA's PAX API & PAX Price Oracle offers a range of benefits for users in the blockchain ecosystem. By utilizing DIA's technology, users gain access to accurate and reliable price data for cryptocurrencies and NFTs. The key advantage of using DIA's API or Price Oracle for the specified token is the high level of customization available. Each oracle and API endpoint can be tailored to meet the specific requirements of decentralized applications. From choosing data sources to applying data cleaning filters and pricing methodologies, users have the flexibility to craft a solution that best suits their needs.
This customization ensures that the data and oracle remain robust and resilient to market conditions, providing a global market as well as specific individual or cross-chain market prices. Additionally, transparency is a significant benefit provided by DIA's API and oracles. Users can access full and granular transparency throughout the entire data journey.
Furthermore, DIA offers various tracking and monitoring tools to closely monitor its oracle and API feeds. This level of transparency and monitoring helps ensure the reliability and accuracy of the data provided. Overall, the use of DIA's PAX API & PAX Price Oracle empowers users in the blockchain ecosystem with customizable and transparent access to accurate price data, enhancing their decision-making processes.