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Dia partnership with SiO2 Finance to provide the DeFi protocol on Astar with a customizable and transparent asset price oracle. Via this collaboration, DIA will provide SiO2 with accurate and transparent price feeds to support the aggregation of new assets to the multi-virtual machine lending and borrowing platform. The introduction of these new pairs will expand the product offering of SiO2’s decentralized platform. Enabling users to lend and borrow a variety of new DeFi assets in a trustless and secure manner.

DIA has deployed a dedicated smart-contract oracle on the Astar mainnet and the Shibuya testnet, enabling accurate and reliable on-chain price feeds for the asset pairs USDC/USD, USDT/USD, BUSD/USD, DAI/USD, WASTR/USD, WBTC/USD, WETH/USD, BNB/USD, DOT/USD, BAI/USD and aUSD/USD. The final price points of these assets are calculated by sourcing trade data from a variety of sources and applying Moving Average (MA) pricing methodology.

To supply the most accurate price feeds for the assets specified by SiO2 Finance, DIA has built a tailor-made oracle smart contract. The oracle was design with custom parameters such as the update mechanism and frequency. These requirements were transfer to DIA by submitting a DIA CDR via the DIA DAO Forum and is publicly available to everyone.

→ See CDR #014: SiO2 Finance

To build price oracles, DIA employs a unique fully transparent, open-source approach. While most oracles depend on third-party centralized data providers, DIA simultaneously sources trade data directly from centralized and decentralized exchanges.

About DIA

DIA a multi-chain, end-to-end, open-source data and oracle platform for Web3. The DIA platform enables the sourcing, validation & sharing of transparent & verified data feeds for traditional & digital financial applications. DIA’s institutional-grade data feeds cover digital asset prices, NFT floor prices, lending rates, FX rates and more.

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SiO2 Finance is officially live on Astar Network as of today!

A quick primer on SiO2…

The future of web3 is a multi-virtual machine future. And the world needs a decentralized multi-VM lending hub that’s just as delightful and easy to use as it is powerful.

This is why they’ve built the next-generation lending platform to support Ethereum Virtual Machine (EVM) and Web Assembly (WASM).

SiO2 embodies the spirit of Astar Network.

It supports multi-virtual machines and is intensely community-focused.

Furthermore, SiO2 has some pretty neat features, such as:

· Lending/borrowing 💰: allow you to use multiple assets as collateral and borrow other assets (launched ✅)

· Depositing 🏦: allow you to deposit multiple assets and earn passive income from interests (launched ✅)

· veStaking 🔒: incentivize long-term token holders over short-term holders with $SIO2 (launched ✅)

· One-click short position 📉: allow you to short an asset with only one click (coming soon 🚀)

· One-click flashloan ⚡️: allow you to use flashloan for position migration (e.g., move position from one protocol to another in seconds), arbitrages without having to code (coming soon 🚀)

· Multi-VM support 💻: EVM and WASM will be supported on one front-end (coming soon 🚀)

They’re bringing SiO2 to the world because we need a web3 protocol that boldly steps into the multi-VM future. They’re creating a decentralized lending protocol of the community, by the community, and for the community.

Transparency, ease of use, and community-first are at the core of our team and value system.

As some of you may know, we’re the same team that brought you AstridDAO, and they take pride in being responsive to their community and tenacious in the product-building process.

They don’t take shortcuts and keep the  sights firmly on the long-term vision. The intention and approach with SiO2 are no different.

They have big goals, and one of them is to bring more utility to the beloved stablecoin, $BAI, that’s growing in adoption daily.

SiO2 Finance was born out of a powerful desire to build a superior lending and borrowing product and user experience for the Astar and Polkadot community.

How To Use SiO2 Finance

Connect Metamask to SiO2

Go to the SiO2 website (https://astar.sio2.finance/) and click on “Connect Wallet.”

If you are not already connected to Astar Network, click “Change Network” and confirm it in your MetaMask wallet.

Supply

Now go to the “Dashboard” page and click on the “Supply“ button in your chosen crypto. “Supply APY” indicates the reward rate from interest. “Supply APR” indicates the liquidity mining reward from SIO2 tokens.

Next, enter the amount that you want to supply and hit “Supply.”

Approve this action in the MetaMask wallet.

Now you can see your “Supply Balance,” “Net APY,” & “Available SiO2 Rewards,” which you have earned so far.

If you want to harvest them, push the “Claim” button and confirm the transaction in MetaMask.

Borrow

If you want to try our borrow feature, choose your desired crypto and click on “Borrow.” “Borrow APY” indicates the interest rate that you have to pay. “Supply APR” indicates the liquidity mining reward from SIO2 tokens.

Next, set the amount you wish to borrow and push the “Borrow” button in the pop-up window.

Confirm this transaction in your MetaMask.

Now you can see your “Borrow Balance. “ Remember that your “Health Factor “has to be higher than “1”! Otherwise, liquidation happens.

Staking

To stake, go to the “Stake “page. Enter the desired amount you want to stake, choose “Duration, “ and hit the “Confirm” button.

Approve transaction in your MetaMask wallet.

Now you can see the “Summary” of your stake with APY, Unweighted / Weighted Stake, and Pool Share!

If you scroll down, you will see your “Locked Stakes “with the “Date & Time “ending period.

About SiO2 Finance

SiO2 Finance the multi-VM lending hub on Astar for Polkadot. Aim to become the best lending product with excellent user experience, easy-to-use one-click features, and transparent governance.

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