Wavebridge is Launching a Chainlink Node to Bring Digital Asset Market Indices On-Chain
Wavebridge is excited to announce that we are launching an official Chainlink node to make our market indices available across leading blockchains. As industry-leading secure blockchain middleware, Chainlink enables existing APIs to easily connect with leading blockchain networks. The Chainlink node will enable us to supply our market index data directly on-chain and sell it to smart contract applications, as well as cryptographically sign it to prove on-chain that it originated from Wavebridge.
Through the Wavebridge oracle, we will provide market data on our digital asset market indices. Developers can then use our data to take advantage of arbitrage opportunities, build real-time on-chain algorithmic trading strategies, and create new types of DeFi applications and digital asset products such as futures and options contracts utilizing our market indices as a base index.
The Wavebridge RX (reference price index) is an index system that can evaluate the digital asset market, where the RX index represents the daily reference price. The RX indices are calculated using exchanges that support the deposit and withdrawal of fiat currencies in Korea. The CMX10 index is designed to replicate the cryptocurrency market by following the top ten selected cryptocurrencies.
Digital assets are traded at different prices on various exchanges in many countries, affording arbitrage opportunities. The KIMP Index aims to represent the price difference between South Korean won-based exchanges and U.S. Dollar-based exchanges, commonly known as the “kimchi premium”. Similar to other Wavebridge indices, the KIMP index can also be used as a base index for digital asset products. The KIMP index is provided daily using the basic exchange rate of the date.
As a team with vast experience at the forefront in digital asset innovation, Wavebridge recognized an opportunity to bring our market indices to leading blockchains using Chainlink. Since blockchains are inherently disconnected from external systems, the Wavebridge team required the use of a secure middleware technology known as an oracle to bridge our existing APIs and blockchains.
After reviewing various oracle solutions, we decided to use Chainlink because it is the most time-tested and widely adopted decentralized oracle network, featuring an extensive marketplace of top data providers and leading decentralized applications. Some of the benefits of providing our data through our own Chainlink node include:
- Data Integrity — Our Chainlink node will cryptographically sign all data we supply on-chain to verify its origin, preventing man-in-the-middle attacks and increasing its reliability in automated applications.
- Blockchain Agnostic — Our Chainlink node is compatible with any blockchain environment, serving as a single gateway to sell data to any current or future blockchain.
- Widely Adopted — Chainlink is the most widely used oracle network in the blockchain industry, providing access to a vast addressable market of potential data consumers.
- Provably Secure — Chainlink is thoroughly audited open-source software that already helps secure tens of billions of dollars in value, showcasing its ability to trigger the automation of high-value smart contacts live in production.
“We’re excited to launch our own Chainlink node and enable developers to create new types of digital asset applications based on our unique market data such as the Kimchi Premium Index,” stated Jonh Oh, CEO of Wavebridge. “Chainlink is critical infrastructure for smart contract developers needing reliable and secure market data, and it serves as the ideal framework to support our market index price oracles.”
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.