We have another exciting partnership announcement! OpenDeFi has partnered with Razor Network, who provide truly decentralised Oracle services for DeFi platforms.
A focus point in our value proposition has been to ensure that there is no price slippage, nor any middleman whatsoever—we are building a truly DeFi platform for the future.
Now this means that instead of any intermediary exchanges, Oracles are employed for bringing price data to our smart contracts.
However, traditional Oracles are centralised servers and can be single points of failure, compromising otherwise decentralised applications. The trustworthiness of any Oracle that a DeFi platform uses is paramount.
This is where our partnership with Razor Network comes in.
Razor Network is a decentralized oracle providing data to smart contracts using a network of stakers. Razor is not only fast but also extremely robust and economically secure.
Razor’s decentralized Oracle service provides reliable real-time external information which smart contracts can use for data processing and execution. Strict Slashing mechanism is enforced on fraudulent nodes, which ensures that the data provided to the smart contracts is accurate and reliable. This makes Razor’s solution much superior to centralised Oracle service providers.
Through this partnership, OpenDeFi will run a pilot program with Razor’s Oracle network when the platform at Razor’s end is live. It will provide OpenDeFi’s smart contracts with a trusted and uninterrupted feed from global precious metal markets, and guarantee that investors are able to purchase assets at exactly the same price at which they have bid. This will ensure that our value proposition of no price slippage is secured.
OpenDeFi will also extend support for Razor Network’s tokens to be farmed when users stake their assets on our platform. Yield farming of Razor’s utility tokens will provide users added incentive to stake their assets.
Speaking about the partnership, Hrishikesh Huilgolkar, CEO of Razor Oracle Network said, “OpenDeFi is one of the most promising DeFi platforms today. They offer a wide variety of services and utilities, which require an accurate, robust and real-time data feed from the external world. Razor’s Oracle Network meets all these requirements, which in turn guarantees that OpenDeFi’s customers have access to the best in class services. We are hopeful that this partnership will help both Razor and OpenDeFi grow together.”
OpenDeFi COO and Co-founder Tarusha Mittal said, “This partnership with Razor Network will ensure our endeavour in creation of a no price slippage exchange for assets. They have a strong team and we are excited at the prospect of working with them.”.
This partnership between OpenDeFi and Razor Network effectively makes OpenDeFi a truly DeFi platform—which has been our focus from day one. Leveraging the real world asset classes that OpenDeFi provides and next gen oracle systems from Razor Network, we continue our joint work of bridging the gap between traditional finance and DeFi!