MDT introduces blockchain oracle to accelerate DeFi adoption
The integration will allow for open-source development of niche, data-driven smart contracts
Measurable Data Token (MDT) has announced the launch of a blockchain-based oracle service, Measurable Finance (MeFi), which has been designed to connect traditional financial data markets to the decentralized finance (DeFi) sector.
In its primary showcase of utility, the project constructed a decentralized application (dApp) —accessible on both the Ethereum and Testnet blockchains — which enables participants of DeFi to access stock trading data from some of the world’s largest financial marketplaces including the Nasdaq, New York Stock Exchange (NYSE) and Hong Kong Stock Exchange (HKEX).
With the introduction of these services, decentralized data sharing network Measurable aims to advance the DeFi industry into the mainstream, unifying the divide between the real-life and on-chain worlds.
Oracles are third-party external data sources such as global temperature levels or sports scores that exist outside of the blockchain sphere but can be used to verify smart contracts. They can be likened to application programming interfaces that enable interoperable communication with two software entities.
Projects within the blockchain space that utilize this technology include Chainlink (LINK) and Band Protocol (BAND), among others.
Co-founder of Measurable Data Token, Heatherm Huang, spoke of data as a superpower in the capital markets, continuing on to say:
“If DeFi is to go mainstream, DeFi innovations and Dapps have to connect with the external context. MeFi serves as the ‘Bloomberg on blockchain’ — its secure connections between blockchain smart contracts and capital markets help developers access reliable external financial data on-chain.”
In addition to this integration, the project has also expressed ambitions to expand the scope of financial data to include derivatives and exchange-traded funds through the adoption of its native token MDT.