SiO2 launched its decentralised lending protocol on Astar for Polkadot with DIA's transparent and customizable price feed oracles.
SiO2 is a protocol for users to deposit and borrow assets on Astar Network. Depositors can provide liquidity to earn interest as a stable passive income, while borrowers can leverage their assets without selling them out. In addition, SiO2 delivers a comprehensive set of lending features, focusing on the assets handled on the Astar Network, the Polkadot parachain.
Lending protocols are one of the core building blocks of DeFi composability, representing a big part of the total value locked in Web3, but at the same time, subject to the most common attacks in DeFi. To launch its protocol, SiO2 required high-quality and tamper-proof asset price feeds to avoid exposure to price manipulation while offering support for a variety of crypto assets, with a particular focus on the Astar Network.
DIA deployed a dedicated price oracle for SiO2. The oracle provides real-time price feeds for a variety of crypto assets. The prices of these assets are determined by aggregating and computing single trade data, sourced from multiple CEXs as well as DEXs, including Astar native markets. This multi-source approach de-risks a single point of failure and exposure to flash loan attacks. Additionally, DIA’s architecture enabled oracle’s customization for data sources, pricing methodologies, update mechanism, frequency and many more. As a result, DIA built a tailor-made price oracle for SiO2 in order to best answer the requirements of the protocol.
"We are excited to partner with DIA, a promising project building the multi-chain oracle platform for Web3. We will use DIA as one of the price feeds to our oracle assets. Through this partnership, we will be closer to our vision, building the multi-VM lending hub on Astar for Polkadot. We are looking forward to working with DIA and contributing to the development of the Astar ecosystem."
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