WOO Network will use Chainlink to launch customized institutional oracles

The WOO Network is using Chainlink to launch customized institutional oracles. With this, they will create a blockchain-based cloud computing platform that can provide the functionality of an Oracle database for decentralized applications. This will allow users to have greater flexibility in terms of their data processing needs and prevent reliance on centralized providers that may not be as trustworthy as expected.

The “Winklink oracle” is a new blockchain-based service that will allow users to create customized institutional oracles. Winklink, the company behind the project, has partnered with WOO Network.

WOO Network announced today that WOOFi, a new capital-efficient DEX based on institutional hedging and market-making approaches, would be utilized in conjunction with Chainlink to construct institutional-ready market data oracles.

The WOOFi Swap proof of concept on BSC and Polygon has traded almost $4 billion in volume since Spring 2021, illustrating the efficiency of the Synthetic Proactive Market Making market-making algorithm (sPMM). 

The need for very accurate market data

In order to mimic a CeFi order book on-chain, the DEX depends on very detailed market data from the WOO Network being fed often onto the blockchain.

Unlike other market data oracles, WOOFi required extra parameters such as the mid-price, spread, and liquidity coefficient in order to send an update if the price deviates a certain amount from the previous price. WOOFi also demands that the oracle be updated more often in order for the DEX to function with just 0.1 percent swap costs. 

Under addition to these stringent criteria, the oracle technology had to be able to maintain high uptime even in unpredictable market situations, and the Chainlink proved to be an excellent choice for supporting this unique solution.   

The Chainlink Network has been active for over two years, with exceptional uptime and durability in the face of even the most severe situations, such as high volatility and network congestion.

It now supports over 600 price feeds across many blockchains, securing tens of billions of dollars in on-chain value for top DeFi and CeFi projects like as Aave, Celsius, Compound, and others. 

Chainlink is used to power complex oracles.

In order to offer consumers with a dependable data feed, Chainlink has supported infrastructure and data feeds that are meticulously maintained by a decentralized network of nodes controlled by skilled DevOps.

These early decentralized oracle networks (DONs) represent the start of a much bigger Chainlink Network concept, in which any number of DONs may operate concurrently and independently of one another, each with its own distinctive design patterns, external connections, and security parameters.

WOO Network is using Chainlink technology to create its own separate DONs, which are made up of a variety of on-chain data feeds and trade characteristics gathered from the WOO network.

It is feasible to construct bespoke oracles for WOOFi based on institutional data and liquidity provisioning techniques of WOO Network by integrating the knowledge and technical competence of Chainlink oracles with the vast market data of WOO Network.

WOOFi is just one of several on-chain solutions that can be built using Chainlink and sophisticated analytics to help DeFi customers by delivering institutional-grade liquidity-providing strategies with low fees, deep liquidity, and competitive rates.

WOO Network will collaborate with Chainlink in the future to make these market price oracles accessible to third-party decentralized trading platforms. These sites might make use of the oracle’s pricing to give consistent price feeds for a variety of cryptocurrencies, including the WOO Token.

We have tremendous trust in utilizing Chainlink infrastructure to host bespoke market data oracles for our internal operations and chosen partners, thanks to Chainlink’s dependable node operators and comprehensive monitoring systems.

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The “how to buy winklink coin” is a cryptocurrency that will be used by the WOO Network. The WOO Network will use Chainlink to launch customized institutional oracles.

Frequently Asked Questions

What is a Chainlink Oracle?

A: A Chainlink Oracle is a type of oracle that uses the power of cryptography and blockchain technology to securely store data on the public ledger.

What is Chainlink used for?

A: Chainlink is a cryptocurrency that can be used to pay for API calls. It has the potential to offer services like decentralized exchanges and smart contracts on blockchains.

Does Ethereum use Chainlink?

A: Unfortunately, I dont know the answer to your question. Please send it in a private message and we will respond as soon as possible

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