Partnership with Shadows Network
We are excited to announce that DIA and Shadows Network are partnering to integrate trusted oracles into Shadows cross-chain synthetics protocol.
Update November 12, 2021: DIA is providing Shadows with a price feed oracle of its DOWS token. The oracle, deployed on Binance Smart Chain, is fueling Shadows’ V1 dApp, a hub for issuing, trading, lending and borrowing derivative assets.
Shadows Network is the first project that will bring synthetic assets to Polkadot’s interoperable Substrate framework. Synthetics enable any real-world asset to be represented and traded on-chain. This includes synthetic stablecoins, cryptocurrency, commodities, and stocks. Recreating traditional assets on-chain provides global access to markets that would otherwise be off-limits to investors. This democratizes finance, and enables investors to gain exposure to assets that they are unwilling or unable to own.
Shadows Network will leverage DIA’s extensive and trusted price feeds as a critical part of their development toolkit to create pools and markets for synthetic assets, whose price must be derived from external data points. Without the utilisation of oracles to provide a decentralized source of truth, on-chain synthetic products would not be possible.
Iror Chen, CEO of Shadows Network adds:
“DIA’s tamper-proof oracles are highly regarded within the blockchain space, and the caliber of their developer team is impeccable. Electing to pursue a technical partnership with DIA was thus one of the easiest decisions we’ve had to make. We look forward to working with DIA and utilizing their best-in-class oracle technology to obtain reliable price feeds that support synthetic swaps 24/7 with prices updated in real time.”
DIA’s Association President, Michael Weber, adds:
“The development of the synthetic products is a very thrilling part to the ever growing DeFi ecosystem. We are very excited to join this expansion by providing transparent price oracles for Shadow Network on their path to develop the first hub for synthetics products.”