The oracle will allow developers in the decentralised finance sector to securely integrate off-chain trading data
Decentralized data exchange network Measurable Data Token (MDT) has unveiled a financial data oracle set to bridge traditional finance and decentralised finance (DeFi).
The blockchain-based service is dubbed Measurable Finance (MeFi) and will offer the secure connection developers need when accessing external data for use on-chain, the platform said in a press release.
With the MeFi in place, the blockchain community can safely navigate between smart contracts and traditional finance markets, with functionality enabled for Ethereum and via testnets.
The MeFi interface will allow developers to source reliable, real-time trading data from across the markets, including from global exchanges such as the New York Stock Exchange (NYSE), the Hong Kong Stock Exchange (HKEX) and Nasdaq.
Why are oracles important?
Oracles offer a decentralised network through which blockchain users can access real-world data and connect it to smart contracts on the blockchain. Growth within the crypto sector continues to see more and more data come on-chain.
To ensure security and authenticity, oracles such as MeFi and those accessed via Chainlink (LINK), among other networks, are proving very essential to developers.
For MDT, the main target is to bring decentralised data-sharing services to the marketplace. Once the ecosystem is in place, the team hopes its usage in DeFi will help projects achieve mainstream adoption.
MDT also wants to explore the possibility of giving decentralised application (dApps) developers access to key data such as financial earnings reports, derivatives and exchange-traded funds (ETFs).
“Data is like the superpower in the capital markets. If DeFi is to go mainstream, DeFi innovations and Dapps have to connect with the external context,” MDT co-founder Heatherm Huang said in a statement.
According to him, the platform’s MeFi service is like “Bloomberg on blockchain”, with its top-notch security protocols making it easy for users to toggle between on-chain smart contracts and off-chain capital markets.