The decentralized derivatives exchange will incorporate price data from Chainlink, allowing the project to scale at speed while maintaining strict security, reliability, and transparency standards.
Chainlink Price Oracle
Derivatives exchange MCDEX has announced its intention to use Chainlink price feeds on Binance Smart Chain (BSC). The BSC price feeds will help to ensure its decentralized perpetual contracts utilize an accurate index price backed by fair-market rates. The move comes after MCDEX scaled its operations to support perpetual contracts on layer 2.
In a December 2nd press release, Jie Liu, CEO of MCDEX explained why the exchange had chosen Chainlink’s oracle service over the many other options available on the market.
“For over two years, Chainlink price feeds have demonstrated time and time again that they are the premier market data solution in the blockchain space,” said Liu. “With Chainlink, MCDEX can quickly scale to new blockchain environments while maintaining stringent security, reliability, and transparency guarantees,” he added.
The three price feeds which MCDEX will initially employ are BTC/USD, ETH/USD, and BNB/USD. The integration of price feeds through Binance Smart Chain will allow faster price updates with lower deviation thresholds, and because it is BSC it will be achieved at a lower cost than on other blockchains.
What is MCDEX?
MCDEX is the first fully-permissionless DEX for trading perpetual contracts that is capital-efficient with top market liquidity and up to 15x leverage. The decentralized perpetual contract trading platform, powered by AMM, allows anyone to create a contract. Perpetual contracts are one of the most popular derivatives, as they have no expiration date, support margin trading, and the prices are soft-pegged to index prices. Now, with MCDEX, anyone can trade and create perpetual contracts permissionlessly.
Where to learn more about MCDEX:
Source : bsc.news
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