On Wednesday, the decentralized oracle network platform, Chainlink, announced the launch of a market-wide interest rate product for Web3 protocols and the decentralized finance (defi) economy, called CF Bitcoin Interest Rate Curve (CF BIRC). Chainlink unveiled the new product at Smartcon 2022 in New York, and the new CF BIRC product aims to provide “a reliable and transparent base rate” to Web3 market participants.
Chainlink and CF Benchmarks Launch CF BIRC Manipulation Resistant Base Rate
Chainlink made a number of announcements during the Smartcon 2022 event in New York. For example, on Wednesday, the smart contract and oracle network project revealed a program called Sustainable Chainlink Access for Layer 1 & 2 Enablement otherwise known as SCALE.
“SCALE is a holistic, win-win business model for blockchains and the Chainlink network”, Chainlink tweeted September 28. [layer one and layer two] user bases are growing, the cost of [decentralized applications] can eventually cover the entire on-chain costs of the Chainlink oracle nodes, which promotes long-term viability in different ecosystems,” the project team added.
Additionally, during the Smartcon 2022 event, Chainlink further revealed the “CF Bitcoin Interest Rate Curve – in association with Chainlink”. Chainlink has partnered with crypto index and price benchmark provider CF Benchmarks to launch the CF BIRC product.
“CF BIRC is a repeatable, market-representative, manipulation-resistant base rate that will help remove uncertainty around crypto asset valuations while enabling increased capital efficiency and more predictable lending and borrowing in digital markets. “, details the announcement of Chainlink.
“With this reliably delivered on-chain data via the Chainlink Network, all market participants will be able to engage in the Web3 economy with greater certainty and in exciting new ways,” the co-founder said Wednesday. by Chainlink, Sergey Nazarov.
Additionally, Chainlink Labs is working with Coinbase Cloud as both companies plan to provide real-time non-fungible token (NFT) floor price feeds. This means that NFT supporters and traders can get real-time floor value stats related to NFTs like Bored Ape Yacht Club (BAYC) and Cryptopunks.
The CF Bitcoin Interest Rate Curve product aims to enhance transparency for lenders and borrowers, consistency and better clarity for Web3 market participants. Sui Chung, CEO of CF Benchmarks, believes that CF BIRC is a “major milestone for the crypto industry as a whole.”
“This base rate will help unlock innovation in lending and borrowing platforms, asset pricing models, exchange markets and other financial primitives,” Chung added.
What do you think of the CF BIRC product launched by Chainlink and CF Benchmarks? Let us know what you think about this topic in the comments section below.
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