Oracles play a uniquely important role in the crypto world, particularly in the decentralized finance (DeFi) space — in simplest terms, an oracle is the messenger that brings real-world data to smart contracts.
CoinMarketCap, the world’s leading source for digital asset market data in the rapidly growing crypto space, has partnered with DIA to provide CMC data as an oracle. DIA is an ecosystem for open-source financial data, aiming to provide a reliable bridge between off-chain data and smart contracts.
Oracles provide fuel that gives smart contracts the data that they need to execute: the fuel of information.
Through DIA, CMC’s digital asset market data — also accessible via an API — will now be available through the DIA platform as an oracle, providing yet another gateway to bring CMC data feeds directly to smart contracts.
As the DeFi space experienced wild growth through the “DeFi summer wave,” the market’s need for accurate and timely data has only grown. Beyond APIs, oracles are needed more than ever to provide smart contracts with the relevant price data. CoinMarketCap’s oracle will be able to provide data for DeFi applications ranging from lending protocols to management dashboards, all of which will benefit from access to CMC’s accurate data.
DIA will initially include CoinMarketCap’s top 50 crypto assets, as well as the top 25 DeFi assets. DIA has the option for its users to customize the setup of the oracle by increasing the data frequency, as well as change the breadth and depth of asset data as needed.
The CoinMarketCap data oracle can be easily accessed by visiting the DIA documentation here, and following the implementation guide.