A price oracle is a mechanism that provides real-time and accurate price data for blockchain-based applications. It retrieves data from multiple sources, processes it through algorithms to ensure accuracy and reliability, and transmits it to the blockchain.
Price Oracle webSocket will provide real-time, full-duplex communication between a client and thirdfi over a single TCP connection, without the need for constant polling. It will allow users to get the current price of the crypto pairs without requesting the API again and again. It allows for efficient and responsive communication between web browsers and servers, as well as any other client applications.
Price Oracle enables decentralized applications to retrieve accurate price data from multiple sources, providing the most up-to-date and reliable information to ensure that transactions are processed accurately and securely. Without a reliable Price Oracle, DeFi applications may be vulnerable to inaccuracies, potentially leading to financial losses for users.
The Price Oracle works by collecting data from various sources, processing it through algorithms to ensure accuracy and reliability, and transmitting it to the blockchain. ThirdFi uses the Chainlink Price Oracle network that offers a decentralized solution by providing reliable price data. It uses a network of nodes to collect data from various sources, including traditional financial institutions and cryptocurrency exchanges. The data is then processed through algorithms to ensure its accuracy and reliability before being transmitted to the blockchain.
ThirdFi Price Oracle currently supports a wide range of cryptocurrency pairs across multiple networks, including Ethereum, Polygon, Binance Smart Chain, Arbitrum, Avalanche and Optimism. It currently supports price data for multiple cryptocurrency pairs such as BTC/USD, ETH/USD, and BNB/USD, as well as lesser-known pairs.
To get the currently supported crypto pairs, check the Get Supported Networks and Crypto Pairs
WebSocket provides full-duplex communication channels over a single TCP connection. It enables real-time communication between a client and a server without requiring the client to constantly pull the server for updates. WebSocket is designed to be implemented in web browsers and web servers but can be used by any client or server application.
With the WebSocket Price Oracle, users can obtain real-time, bidirectional communication between a client and a server over a single TCP connection. This feature allows users to get the current price of various cryptocurrency pairs without requesting the API again and again, thereby improving efficiency and reducing latency.
Developers can easily integrate the ThirdFi Price Oracle WebSocket into their decentralized applications, enabling them to retrieve the latest price data and execute transactions on the blockchain based on that data.