DeFi Indices

T3 Index to Launch a Chainlink Node to Bring Volatility Index Data to DeFi Developers

 

 

Financial indexing firm T3 Index is excited to announce the launch of its own Chainlink node. Chainlink is the industry-leading secure blockchain middleware, enabling existing APIs to become easily compatible across leading blockchains.

“Through our Chainlink node, we can sell our premium volatility datasets directly to DeFi developers and applications running across multiple blockchain networks, as well as cryptographically sign our data to provide users strong integrity assurances that it originated from our APIs without tampering, “said Simon Ho, CEO of T3 Index.

The launch of an official T3 Index node on the Chainlink Network will enable the company to seamlessly expand their reach within the blockchain industry while also provisioning key data infrastructure necessary to support developers building novel DeFi applications based on volatility indices.

“Chainlink was undoubtedly the best way to make our existing API infrastructure directly compatible with blockchain networks,” said T3 Index CEO Simon Ho. “Not only does Chainlink provide access to the largest user base of DeFi developers and applications, but it’s an easy to integrate solution that is future-proof. This allows us to quickly start selling data on-chain and saves us significant time and resources when implementing a long-term blockchain strategy.”

Developers will be able to call the T3 Index Chainlink node to purchase high-quality volatility index data, including BitVol and EthVol—volatility indexes for Bitcoin and Ethereum derived from an aggregation of crypto exchange data. Developers will also soon be able to access equities volatility data through the Chainlink node like the SPIKES index—a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY), one of the most actively traded securities in the world.

Developers wanting to consume T3 Index’s data on-chain within their DeFi application, refer to the following documentation here.

By providing volatility data on-chain, T3 Index will give smart contract developers the financial information needed to create novel DeFi applications and financial products on blockchains. Some of the potential use cases include referencing T3 Index volatility data to create index-linked derivative contracts, price and settle option contracts and prediction markets, as well as trigger the execution of on-chain trading strategies and rebase algorithmic tokens.

Decentralized Finance (DeFi) is increasingly showing how more and more financial products and services can be recreated without middlemen through the use of smart contracts. Since smart contracts are data-driven financial applications (if x happens, trigger y action), they require high-quality data in order to securely and reliably automate key functions. As a leading financial index provider, we recognized a growing opportunity to bring T3 Index’s premium volatility data on-chain to support these new DeFi markets.

However, blockchains are isolated networks and therefore have no built-in capability to call external APIs. Thus, we required the use of an additional piece of infrastructure known as a blockchain oracle to bridge our API data into blockchain networks. The oracle is key to structuring data into a blockchain-readable format, signing the data to prove its provenance, aggregating data when multiple sources are used, and delivering it on-chain so it can be consumed by smart contracts.

About Chainlink

Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.

Some of the valuable features of launching a Chainlink node as a data provider are:

  • Data Signing – The Chainlink node cryptographically signs every piece of data broadcast on-chain from our API, preventing man-in-the-middle attacks and increasing its reliability in automating contract outcomes.
  • Blockchain Agnostic – The Chainlink node is blockchain-agnostic, providing us with a single gateway to sell data to any current and future blockchain.
  • Large Market – Chainlink is the most widely used oracle solution in the smart contract economy, providing us with a large and growing market of potential data consumers.
  • Secure Infrastructure – Chainlink is thoroughly audited open-source software that collectively secures tens of billions of dollars in value on mainnet, proving its ability to protect and trigger the movement of real economic value.

Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.

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