Tezos News

Tezos Integrates with Harbinger Price Oracles

Tezos, the popular staking platform, has taken another giant leap towards its development of decentralized finance (DeFi) infrastructures by integrating with the most trustworthy price oracle solutions Harbinger. Harbinger is a set of reference contracts that allows anyone to become a poster and deploy a price oracle to the Tezos network. Harbinger delivers signed price feeds from multiple exchanges based on real-time market data fed directly to the Tezos network, thereby making it fit for future DeFi applications.

Price feeds are the important components for the DeFi infrastructure as they allow the networks to create collateral loans and enable the token swapping. Additionally, the cryptographically signed price feeds to make the process more trustworthy for the users. The holders can pay the fees for posting data on-chain from the staking rewards that they earn. This is not available for any other leading oracle solution providers like Chainlink. Tezos is a liquid PoS (Proof-of-Stake) network where the account holders have the option to delegate their Tezos tokens to a validator. Delegators, in return, receive a share of the block rewards to make the Tezos network secure.

Harbinger, which was inspired by the Open Price Feed of Compound but featuring some tweaks, will stick to this delegated staking process of Tezos that allows the token holders to delegate their XTZ to a validator; it will enable price oracles to be pre-funded and delegated. It means that in Harbinger, the accounts that pay fees to update the price oracle on-chain can be pre-funded and delegated with TEZ. Regarding this integration of Tezos with the Harbinger oracle solutions, the founder of Compound, Robert Leshner, said,

Robert Leshner said

Harbinger operates in a slightly different manner as compared to other oracle providers. It works with major exchanges like Coinbase, Gemini, Binance, etc. that retrieve prices from real-time external data and post them to a “storage contract.” After that, the weighted average price is calculated by a “normalizer contract” before it is passed on to the DeFi protocol.

However, this is not the first time that Tezos is making improvements to its DeFi infrastructure. Earlier also a staking platform was introduced onto the Tezos network to secure governance of the financial assets. Regarding this new Harbinger supported staking process, Tezos released a statement that read,

Tezos released a statement

Daniel Garza

Daniel Garza is well-known for his writing skills and works as a lead content writer in our team. He also has a deep interest in cryptocurrency funds and guides people on how to deal with a cryptocurrency exchange.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button