According to recent information disclosed to Finbold on September 11, DIA, a decentralized oracle network that specializes in customizable market data feeds, has partnered with the Stacks ecosystem, which is based on the latest data shared. The collaboration between DIA and Stacks allows for the incorporation of DIA’s oracle suite with Stacks to offer real-time price data for STX and SIP-10 tokens, supporting DeFi applications on Bitcoin’s Layer 2.
Mitchell Cuevas, the Executive Director at the Stacks Foundation, described the integration of DIA as a solution to critical issues surrounding Bitcoin DeFi. He highlighted that the partnership with DIA addresses the remaining requirements for Bitcoin DeFi on the Stacks layer, demonstrating the prioritization driven by builders.
DIA’s data feeds will play a crucial role on Stacks, supporting various decentralized applications, including lending platforms, stablecoins, and decentralized exchanges. The importance of Oracle’s price feeds was emphasized by Tycho Onnasch, co-founder of Zest Protocol, who noted the significance of reliable price data for lending apps and the wider DeFi ecosystem on Stacks.
Integrating real-time price feeds into smart contracts and dApps unlocks a range of use cases, such as collateralized debt positions and lending markets. Stacks developers will have access to DIA’s price oracles, fostering innovation across the platform with free availability. With a decentralized approach, DIA aggregates data from over 100 exchanges to ensure developers have access to accurate pricing information.
Furthermore, the collaboration will include the integration of Bitflow exchange data to provide price oracles for all assets traded on the platform, enhancing the functionality of the ecosystem and promoting Bitcoin DeFi.