The evolution and expansion of the decentralized finance (DeFi) economy is driven by high-quality data. As the industry-standard decentralized oracle network, Chainlink secures tens of billions of dollars in smart contracts by securely and reliably delivering financial market data from leading providers on-chain.
Today, Digital Asset Research (DAR) announced that it will deliver its institutional-grade data for 1,000 digital assets on-chain as a data provider for the Chainlink Network. DAR’s “clean” data is aggregated from a variety of decentralized and centralized exchanges, then filtered for outliers and exchange reliability for use by top-tier institutional clients such as Bloomberg, FTSE Russell, and Wilshire. Now DAR’s data will factor into Chainlink’s trust-minimized price oracle reports, which power the vast majority of DeFi.
“DAR brings rigor and governance to crypto data, which increases quality and eliminates noise,” Doug Schwenk, CEO of DAR, told Chainlink Today. “The ability for smart contracts to access higher quality data will lead to more efficiency and greater adoption. Higher quality, more accurate data will help DeFi grow and mature.”
Schwenk said DAR’s robust quantitative and qualitative process for removing non-economic data that can skew prices is important for determining the true benchmark price of a digital asset. By becoming a data provider for the Chainlink Network, which comprises over 1,000 bespoke oracle networks that have cumulatively delivered more than four billion data points to smart contracts, DAR will expand its coverage and contribute to the advancement of DeFi.
DAR’s crypto asset price data is the first step. “We’re looking forward to contributing other types of data in the future, such as crypto events, yields, and so much more that would expand the potential smart contract use cases,” said Schwenk.
In his view, joining the Chainlink Network allows DAR to play a pivotal role in broadening DeFi’s reach. “It’s very exciting,” he said. “We’ve been impressed with the quality and approach of Chainlink and the ecosystem’s desire to improve quality and spur adoption. We look forward to contributing and helping to continuously raise the bar.”
To learn more about Digital Asset Research, visit their website, Twitter, and Medium.