We are excited to announce that we have officially integrated DIA’s transparent price oracle as one of our major oracle protocols to support its decentralized lending and borrowing platform.
WanLend is a decentralized lending and borrowing platform operating as a DAO, built on the Wanchain network. The WanLend team noticed multiple flaws with existing platforms like expensive fees, sub-optimal governance tokenomics and Ethereum-exclusive tokens, and has therefore created their own platform to tackle these problems. WanLend leverages the speed and security of the Wanchain network to offer an inexpensive platform, which makes DeFi accessible to all users. Originally forked from the Compound protocol, WanLend offers a secure space for web3 and DeFi users and provides access to a wide range of assets.
We are thrilled to announce a new collaboration with DIA to have the protocol with a fully transparent price oracle on Wanchain. DIA’s oracles will become one of the major price feed oracles to supply price data to the WanLend platform, where it will be used to calculate the correct collateral and display the appropriate asset prices. To respond to the ever-growing needs of DeFi users, the oracle will support current and new asset pairs.
The WanLend platform is in need of accurate and reliable price feeds to support a wide range of assets on its lending and borrowing platform. DIA is providing the price information on all asset pairs offered by WanLend, which includes USDT/USD, WAN/USD, DOT/USD, GLMR/USD, BNB/USD, AVAX/USD, MOVR/USD, XRP/USD, and many more.
In order to support the assets on WanLend, a price oracle for the assets was required, which DIA was capable of successfully fulfilling those needs. Most oracle providers depend on third-party centralised data providers to deploy price oracles, not capable of providing price feed oracles for long-tail assets. In contrast, DIA employs a unique, end-to-end approach to building price oracles, capable of delivering price references for any digital asset, regardless of their listing conditions and volume.
Michael Weber, DIA Association President comments:
“We are excited to work with an innovative team in an, even more, innovative blockchain. The WanLend team is fostering the utility in the Wanchain ecosystem, and we are excited to help them towards a more decentralized and open future of the platform.”
The WanLend Team comments:
“We are very glad to cooperate with the DIA team, who have created an innovative decentralized oracle platform ideal for the Web3 era. As one of the major price feed oracles for Wanlend, DIA’s protocol greatly strengthens the real-time prices of assets in Wanlend’s price feed system, thus further expanding the cross-chain lending and borrowing business in the future.”
From sourcing, processing and delivery, DIA covers the whole data value chain by simultaneously sourcing trade data directly from a broad array of centralized and decentralized exchanges.
For this particular use case, the granular trade data is being aggregated into the DIA Platform in windows of 60 seconds and processed to come up with the final price points by employing a Moving Average with Interquartile Range Filter methodology.
The price feeds are pushed on-chain on the Wanchain network via oracle smart contract. Every 120 seconds, the oracle checks for a price change and if the deviation is above 0,5%, it triggers an update, supplying Wanlend with the latest price data.
As stated above, DIA deployed a dedicated and tailor-made oracle to supply Wanlend with price feeds. The oracle was designed with custom parameters such as source markets, price determination methodology, update mechanism and more. These configurations facilitate the WanLend team with the most suitable oracle for its unique lending and borrowing use case and asset pairs.
These requirements were transferred to DIA by submitting a DIA Custom Delivery Request (CDR) via the DIA Forum and is publicly available to everyone.
DIA is a multi-chain, end-to-end, open-source data and oracle platform for Web3. The DIA platform enables the sourcing, validation and sharing of transparent and verified data feeds for traditional and digital financial applications. DIA’s institutional-grade data oracles cover digital asset prices, NFT floor prices, lending rates, FX rates and more.
DIA’s data is directly sourced from a broad array of on-chain and off-chain sources at individual trade-level. This allows DIA feeds to be fully customized regarding the mix of sources and methodologies, resulting in tailor-made, high-resilience feeds and thereby setting a new paradigm for oracles.
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WanLend is an autonomous, decentralized, cross-chain money protocol that allows crypto-asset users to borrow and lend digital assets on the Wanchain blockchain.
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