USDV partners with DIA to release price oracles on Telos network

USDV and DIA have formed a partnership to introduce USDV price oracles to the Telos network. The Telos Bridge will subsequently incorporate these oracles upon its launch.

USDV, the first stablecoin, was renowned for its absolute transparency. In addition, there were demonstrations of on-chain supplies and real-world updates on off-chain balance. It operates on the Omnichain fungible token (OFT) standard, ensuring that standard and uninterrupted operations are maintained across multiple blockchains. Thus, it removes the requirement for wrapped versions. 

In addition, USDV is completely supported by top-level tokenized real-world assets (RWAs) that are at par or way above the concerned asset value, ascertaining dependability and safety factors for the ultimate benefit of the users. 

Owing to the omnichannel character of USDV, DIA has created a customized price feed for understanding the price of the assets in the real world in an appropriate way. This is accomplished by aggregating trade-related data across Ethereum, Arbitrum, and the BNB Chain.

All trades with a liquidity of $1M or more will be scraped from the DEX pools on Ethereum, Arbitrum, and BSC. This practice guarantees the resilience of the data sources in the face of hypothetical fluctuations in market prices.

The feed will be positioned with a 5% guardian. This is simply protection from outsiders.  If the price contrast between the pools and outside price avenues exceeds 5%, the oracle will not be able to release updates.

As stated by Mathew Commons, President of the Verified USD Foundation, USDV’s omnichain functionality is flawlessly complemented by the use of DIA’s custom price feed. This collaboration guarantees precise USDV price visibility across numerous blockchains, including BNB Chain, Ethereum, and Arbitrum. This collaboration is a key growth catalyst for USDV, enabling Verified USD to access additional DeFi opportunities beyond the Telos ecosystem, Commons added. 

USDV is a community-based native omnichain stablecoin maintained by the Verified USD Foundation, a non-profit foundation company. Its primary objective is to foster a stablecoin ecosystem that facilitates the fair distribution of benefits and value among its contributor community.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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