Partnership with Hummus Exchange
Hummus – The Decentralized AMM for Stableswaps on Metis, has officially integrated DIA’s open-source oracle to accurately fuel its operations on the Metis Andromeda.
Introducing Hummus Exchange
The Hummus protocol is a single-side Automated Market Maker designed for exchanging stable cryptocurrencies on the Metis blockchain. Hummus combines the speed, security, and efficiency of Metis with an ultra-low slippage stableswap mechanism and dynamic staking rewards system, replacing heritage swaps. Users will be able to swap stablecoins with minuscule loss, stake stablecoins to earn $HUM, and use staked $HUM rewards to increase the yield on the staked stablecoins.
Hummus Integrates DIA Oracles on Metis
We are delighted to announce that DIA is feeding Hummus with accurate and transparent market data. DIA’s asset price feeds will be leveraged by Hummus Exchange, which will power the smooth operations of the AMM. This will give users the ability to use a single-sided staking mechanism allowing for maximum capital efficiency and ultra-low slippage.
How are the Price Feeds Constructed?
The resulting price points are delivered to Hummus Exchange via a smart contract oracle, running on the Metis’ Andromeda Network. The data shipping includes price feeds for stablecoin pairs USDC/USD, USDT/USD and DAI/USD. To source the data feeds that make up the Hummus custom oracle, DIA is collecting price data at a very granular level directly from centralised and decentralised exchanges. This allows DIA to build highly accurate, reliable and resilient price feed oracles to run the dApp.
The data requirements were transferred to DIA by submitting a DIA Custom Delivery Request (CDR) via the DIA DAO Forum and is publicly available to everyone. The Hummus Exchange CDR provides users a level of transparency on how the price data feeding the protocol is built.