We’re excited to announce that Wootrade will be giving institutions and professional traders an option to verify their trading histories on various blockchains using Chainlink’s oracle technology. Wootrade’s institutional clients, made up of quantitative and high-frequency traders, asset managers, and professional trading teams will be able to use Chainlink to cryptographically verify that their transaction history is accurate and complete, which can then be used to support new on-chain financial products like tokenized trading strategies. Accessing DeFi Through Chainlink Wootrade is base layer infrastructure for cryptocurrency exchanges and platforms, providing clients an easily accessible deep pool of liquidity sourced from the largest exchanges and from Kronos’ HFT proprietary trading. We utilize advanced crossing and routing methods that provide ease of access and superior trade execution to select exchanges. Already backed and used by many large exchanges and hedge funds, such as BitMax, Three Arrows Capital, and Gate.io, Wootrade generates a multitude of valuable datasets like order books, spreads, withdrawals, historic trades, current holdings, settlement history, spot prices, and more.
Given the proliferation and growth of DeFi as a parallel financial ecosystem, we see an increased uptick in the types of financial products that smart contract developers are building, moving beyond simple futures and options and into more exotic derivatives and advanced trading strategies. One of the most interesting areas to us is traders being able to prove their success at generating profits by putting their trade history on-chain. This removes any trust issues around whether or not the trader is actually successful. A trader’s track records and trading strategies can then be tokenized via synthetic assets, providing investors with a more diversified way to invest in crypto, akin to putting an ETF on-chain. In order to create such an on-chain product, as well as various other DeFi instruments, we need a secure and reliable way of delivering our data on-chain. Since smart contracts cannot natively make API calls to external systems, we require the use of a blockchain oracle to make our off-chain APIs available on the blockchain (on-chain). Oracles are middleware that retrieve external data on behalf of the smart contract, attest to its accuracy (through digital signatures), aggregate it (when using multiple sources/nodes), and broadcast it onto the blockchain so smart contracts can use the data in their execution. Oracles are critical to connecting the existing data and API infrastructure to various blockchain networks...... Read all article on Medium