Coinbase, Wyre, and an OTC desk and combine it with two on-chain prices, e.g. For example, a DeFi application might average price data from three reporters e.g. 4: Price Viewsįinally, the on-chain application (or user) requesting price data selects a subset of reported price feeds. In fact, anyone can sign price data and store it under their public key in the Data Contract. The Data Contract holds the most recent price information from each Reporter. The Reporter’s timestamped price data is decoded from the signed data, and stored under their public key in the Data Contract on Ethereum. Under the OPF, anyone with gas and a web3 connection has the ability to post the signed data on-chain. This responsibility is shared among many Posters. 2: Posting Price Data to EthereumĪ crypto exchange may have an extremely accurate and reputable price for a trading pair, but lack the technical capacity (or incentive) to post the data on chain reliably. The OPF repo contains a JavaScript SDK to host this data through a web endpoint. Reporters make this signed data available to the public. basically, anybody with access to price data. Reporters can be exchanges, DeFi projects, applications, OTC trading desks, hobbyists, etc. In the OPF, any number of sources, known as Reporters, sign a message (price data) with a private key. The Open Price Feed ( OPF) splits the trust and logic required for an Ethereum price feed into four parts: 1: Off-chain Price Data
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