Organix to Integrate Chainlink Price Oracles to Power a Synthetic Asset DeFi Ecosystem on EOS

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We are excited to announce our upcoming integration with Chainlink, the most widely used oracle solution in the blockchain industry. The integration marks one of the most important steps towards further decentralizing a core module of the Organix Protocol, the oracle. Chainlink will provide accurate price data for the synthetic assets created and traded on Organix, including cryptocurrencies, fiat, commodities, indexes, and more, as well as provide a price feed for Organix’s native token OGX.

Reliable and manipulation resistant price feeds are vital for the Organix Protocol to provide a secure OGX staking mechanism, where users can stake OGX to mint OUSD, unlock OGX by burning OUSD, and earn rewards from staking and inflation. Users can then trade OUSD for various different synthetic assets and continually swap in between them. Each synthetic asset minted and traded on Organix will rely on Chainlink’s decentralized price feeds to ensure its on-chain value reflects the real world market value of the underlying real world asset it represents.

With all synthetic assets secured by accurate price feeds and backed by a collateralization ratio of 800%, users can trust that all assets are well protected against price volatility. The Organix Protocol will use Chainlink to continually add more synthetic assets to the platform to scale its value for users.

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The Organix project is incubated by the leading multi-chain wallet TokenPocket. TokenPocket has the most extensive EOS user base and the most active DApp users, which can inject great liveliness to Organix. Organix and TokenPocket will work together with the Chainlink integration to pioneer the development of a robust EOS DeFi ecosystem.

The Importance of Chainlink’s Decentralized Oracles

Due to the consensus model of the blockchain, smart contracts can only call data from internal contracts, and cannot directly obtain information from systems outside the blockchain (off-chain). The blockchain oracle is an additional piece of infrastructure that facilitates the interaction between the blockchain and the external world. However, in order for the smart contract to retain decentralization, it needs the oracle to also be decentralized to avoid any single point of failure, especially since the oracle input controls the smart contract output.

Chainlink overcomes this limitation by using multiple secure oracles (nodes) and multiple data sources to ensure there is no single point of failure in the delivery and sourcing of price data. Chainlink’s Price Reference Data are the most extensively used price oracle data feeds in DeFi, securing over $2.5B in USD value and servicing over 90% of the DeFi derivatives market.

The price feeds are made up of an aggregation of independent, security reviewed nodes operated by leading blockchain DevOps, which retrieve data from high-quality off-chain data aggregators with strong market coverage across all trading environments. All the nodes’ responses are aggregated to create a single on-chain price, all of which can be monitored in real-time by users via transparent visualizations made available by the Chainlink team. The ability to provide proven decentralized infrastructure, high-quality data, and transparency for users are a few of the many reasons why we selected Chainlink as our oracle solution.

Marcus Wu, Organix consultant, says “We’re excited to integrate Chainlink’s market leading oracle solution to bring a variety of price feeds to Organix platform and secure its staking mechanism, one of the most critical features of the network. This will greatly enhance its ability to offer traders a broader range of assets to trade, as well provide users with the strong security guarantees that the debt pool will always maintain the desired collateralization ratio. Chainlink has already proven its ability to secure billions of dollars in DeFi, giving us the utmost confidence that Organix Team can launch a secure platform, quickly scale to support more assets in the future, and ultimately seed the greater EOS DeFi ecosystem.”

About Organix

Organix is a decentralised synthetic asset issuance and trading protocol based on EOS, which can mint synths like fiat currencies, commodities, cryptocurrencies, inverse cryptocurrencies, and cryptocurrency indexes through staking OGX as the collateral.

About Chainlink

If you’re a developer and want to quickly get your application connected to Chainlink Price Reference Data, visit the developer documentation and join the technical discussion in Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.

Chainlink is a general-purpose framework for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. Use Chainlink to connect to data providers, web APIs, enterprise systems, cloud providers, IoT devices, payment systems, other blockchains, and much more.

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