Chainlink, a distributed oracle platform, launched a new market-wide interest product, the CF Bitcoin Income Rate Curve, Wednesday. This is for Web3 protocol and decentralized finance (defi), economies. Chainlink revealed the new product at Smartcon 2022 in New York City, and the newly launched CF BIRC product aims to provide “a reliable and transparent base rate” for Web3 market participants.
Chainlink and CF Benchmarks Launch Manipulation-Resistant Base Rate CF BIRC
Chainlink announced a variety of items at Smartcon 2022 in New York City. On Wednesday, Chainlink announced the Smartcontract and Oracle Network Project. revealed a program called the Sustainable Chainlink Access for Layer 1 & 2 Enablement otherwise known as SCALE.
“SCALE is a holistic and win-win economic model for both blockchains and the Chainlink Network,” Chainlink tweetedOctober 28, 2007. “As [layer one and layer two]Fees rise as user bases expand [decentralized applications] can eventually cover the full on-chain costs of Chainlink oracle nodes—driving long-term viability across different ecosystems,” the project’s team added.
Additionally at the Smartcon 2022 event, Chainlink further revealed the “CF Bitcoin Interest Rate Curve—in association with Chainlink.” Chainlink has partnered with the crypto benchmark prices and indices provider CF Benchmarks to launch the CF BIRC product.
“CF BIRC is a replicable, market-representative, and manipulation-resistant base rate that will help remove uncertainty around crypto asset valuations while enabling increased capital efficiency and more predictable lending and borrowing across digital markets,” Chainlink’s announcement details.
“With this data delivered reliably onchain through the Chainlink Network, all market participants will be able to engage with the Web3 economy with greater certainty and in exciting new ways,” co-founder of Chainlink Sergey Nazarov said on Wednesday.
Chainlink Labs has partnered with Coinbase Cloud to offer non-fungible token floor price feeds (NFTs) in real time. NFT advocates and traders will now be able to access the real-time floor values stats related to NFTs, such as Bored Ape Yacht Club and Cryptopunks.
The CF Bitcoin Inflation Rate Curve product aims for greater transparency among lenders and borrowers and for consistency and clarity for Web3 Market participants. Sui Chung, the CEO of CF Benchmarks believes CF BIRC is a “major milestone for the crypto industry as a whole.”
“This base rate will help unlock innovation across lending and borrowing platforms, asset valuation models, swap markets, and other financial primitives,” Chung added.
Chainlink and CF Benchmarks launched the CF BIRC product. What are your thoughts? Please comment below to let us know your thoughts on this topic.
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