BitDAO Community Sponsors Chainlink Price Feeds

Published on: 18.01.2022

Members of the community have privately sponsored the launch of new Chainlink Price Feeds on Ethereum, which serve as decentralized price oracles for the BIT token. The integration of Chainlink’s industry-leading oracle network will help optimize trading of BIT on spot and derivative DEXs, as well as enable the listing of BIT as a collateral asset on decentralized lending and liquidity management platforms.

The vision of BitDAO is to bring about an unstoppable economy enabled by decentralized assets, decentralized technologies, and decentralized organizations. BitDAO aims to support builders of the decentralized economy by providing a blockchain-agnostic platform for proposals to its treasury that are voted upon by BIT token holders. Possible proposals include direct partnerships, swaps with projects, and expansion via specialized autonomous entities that range from gaming organizations, artist guilds, product labs, asset managers and more.

It was decided to integrate with Chainlink because it is the most time-tested and widely used oracle network in the blockchain industry, already helping secure 80B+ in value for leading decentralized applications across multiple blockchains. Chainlink Price Fees has a strong reputation for premium data and robust oracle infrastructure, setting a solid foundation for growth and adoption of BitDAO’s native BIT token.

Oracles are critical to BIT’s wider market adoption, particularly to enable more capital-efficient spot and derivatives markets and increase its utility as collateral in DeFi platforms.

ABOUT BitDAO
BitDAO is one of the largest token governed treasuries with billions in assets and a broad mandate to facilitate the development of an unstoppable economy enabled by decentralized assets, decentralized technologies, and decentralized organizations. Through it’s treasury, BitDAO is creating an entire network of autonomous entities that bring together industry leading partners to scale Web3 technologies across art, entertainment, finance, technology, and more.

ABOUT Chainlink
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.

RESOURCES
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