Digitex Futures has revealed a new partnership with Chainlink that sees the cryptocurrency futures Trading Platform fully integrating Chainlink’s decentralized Price Reference Contracts in an effort to provide the most consistent and accurate price data without fluctuation.
Chainlink to Provide Digitex Futures with Tamperproof Price Data
In a first for crypto futures platforms, decentralized oracles are being implemented to bolster platform security and protect user funds from vulnerabilities related to the spot exchanges powering each platform’s price index.
Most futures trading platforms rely on an aggregated price index for each asset based on a variety of trusted spot exchange pricing to provide accurate data to clients.
The challenge here is that these spot exchanges can experience outages, deviations, manipulation from larger players, or flash crashes that can impact the index price.
By leveraging decentralized oracles and tapping into Chainlink’s highly reliable Price Reference Contracts as a price anchor, Digitex Futures’ users can be certain they are getting the most trustworthy, up-to-date data with full transparency.
This also prevents issues with Slippage , and eliminates the chance of flash crashes and or data manipulation.
Full Integration Expected By Trading Platform’s Scorching Summer Launch
The partnership is all part of Digitex Futures’ mission to “build a highly secure platform that’s protective of user funds.” The integration of Chainlink’s Price Reference Contracts the company says is part of a new, “broader development roadmap.”
“Using Chainlink price data enables us to deliver stronger security and performance guarantees to our users, furthering our vision to revolutionize futures trading," Digitex Futures CEO and founder Adam Todd explained.
Digitex Futures is a hotly anticipated, zero-fee Bitcoin futures trading platform powered by the DGTX token. Currently, the DFE Mainnet is still closed off to the public while the company onboards users in phases.
However, with just over 200 users currently trading on the platform, the exchange has already reached a notional value of $77mil volume in today’s 24-hour period.
All being well, Digitex is planning to onboard another 10,000 users in weekly groups throughout the coming month of June.
CEO Adam Todd states that onboarding smaller groups in phases has been helpful from the user experience perspective.
The time between each onboarding gives time to fine-tune the exchange, so each new set of traders has a better experience than the last.
The company expects the BTC/USD price anchor to be completely integrated by the time the Digitex Futures exchange is fully released to the public this Summer.
Later, as more trading products are added Digitex will continue to tap into additional feeds provided by Chainlink’s Price Reference Contracts to deliver the same level of user experience across the board.
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