Digitex futures: centralized exchange integrates decentralized chainlink price oracles for reliable Bitcoin prices for the first time

The Digitex Futures Exchange offers future trading of cryptocurrencies. The centralized exchange is the first worldwide to integrate decentralized oracles. The Chainlink (LINK) price feeds are designed to secure existing prices, guarantee reliable and secure prices and also protect against manipulation.

Chainlink (LINK) price feeds as an anchor

When trading, correct and reliable prices are particularly important. That is why the Digitex Futures Exchange is using the decentralized price oracle of chainlink, and is the first central exchange with an integration of this kind. In the press release it says:

The inclusion of chainlink price reference contracts brings increased transparency and reliability to a critical component of our platform. It provides traders with strong protection against price manipulation and ensures that traders are not overly jeopardized if our internal price feeds deviate too far from the market price, as evidenced by Chainlink's extremely reliable and tamper-proof price reference contracts.

The combination of internal solutions and the integration of Chainlink technology is the optimal and safest solution for the Exchange to provide traders with reliable prices. The integration of Chainlink serves as a price anchor and checks the internal feeds so that they do not deviate too far. The percentage of the deviation is specified by the Exchange.

Decentralized price oracles as protection against manipulation and an advantage for customers

In addition to exact and reliable prices, the integration of Chainlink's price oracle serves as protection against manipulation. Because the decentralized design means that the data cannot be influenced and changed. If the use turns out to be successful and fully functional, it should only be a matter of time before other exchanges that offer trading in cryptocurrencies show interest in Chainlink's price oracles.

Digitex Futures CEO Adam Todd sees the integration above all as an advantage for customers:

Chainlink offers Digitex highly reliable and transparent price feeds that protect our customers from the negative consequences of abnormal market conditions or internal complications. The use of Chainlink's price data allows us to provide our customers with increased security and performance, thereby promoting our vision of revolutionizing future trading.

The Digitex Futures Exchange will start with the integration of the price oracles for BTC / USD futures contracts. Further trading pairs are to follow with the introduction of new products.

 

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