Tezos and Harbinger Price Oracle Associate for Boosting DeFi Protocol

Tezos, a famous cryptocurrency network, has integrated with Harbinger price oracles, to boost DeFi ecosystem.

By · Aug 26, 2020 . 6min read

Tezos Integrates Harbinger

Tezos, a famous liquid proof of stake cryptocurrency network, has integrated with Harbinger price oracles. The integration may be a giant evolution in the DeFi ecosystem. Harbinger is a project that delivers signed price feeds based on real-time market data from various exchanges. The on-chain data will be provided directly to the Tezos network making it ‘DeFi ready’ for prospective applications. 

Blockscale has founded Harbinger. It designs and operates proof of stake validators for the Tezos Foundation. Harbinger is a set of tools and reference contracts that enables anyone to become a poster. They can apply a price oracle on the Tezos network to publish cryptographically signed prices as a poster. Additionally, Harbinger comprises a reference signer that exchange, at a low cost, can deploy to offer a signed price feed compatible with Harbinger.

“Having a reliable feed for on-chain price data is critical for DeFi lending platforms. Harbinger is an important building block for the decentralized finance ecosystem on Tezos,” said Robert Leshner, Founder of Compound.

Harbinger’s Signers, Poster and Normalizer Contract

Harbinger is based on Compound’s Open Price Feed but combines some additional features. It works with ‘signers’ which are significant exchanges. Moreover, it includes Coinbase, Binance, Gemini, and OKEx. Additionally, it operates with ‘posters’ which recover prices from the signer. Further, it posts them to a ‘storage contract’. A ‘normalizer contract’ then estimates a volume-weighted average price that is passed on to the dApp or DeFi protocol. Tezos community have applied the initial versions of these contracts to CarthageNet and Mainnet.

It contains an extensible architecture to enable other exchanges to provide the same signed price data rapidly. Harbinger’s ability to provide price data from multiple sources will make DeFi protocols more trustworthy and secure. Protocols and applications will have the necessary information to calculate a price anchor. However, this process will dramatically reduce the likelihood of inaccurate data.

 Earlier this year, StakerDAO launched, a Tezos based platform for secure governance of financial assets. Moreover, the development of StakerDAO took place on the Tezos protocol, consists of a formal means. The token holders can vote and decide on the network’s changes. Additionally, StakerDAO has its STKR security token used for community governance proposals. It has voting rights similar to the powerful DeFi platforms like Compound and Maker.

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