SOIL and iOIL now live on Synthetix, Powered by Chainlink
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sOIL and iOIL now live on Synthetix, Powered by Chainlink 2020/11/13 8:38
sOIL and iOIL now live on
Synthetix, Powered by Chainlink
13 NOV 2020
We are excited to announce that through our partnership
with Chainlink, sOIL is now live on Synthetix! sOIL is a
Synthetic asset that mirrors the price movement of oil us-
ing a Chainlink decentralised oracle network. As usual,
there will be two versions of this token available: sOIL will
enable users to capture a long position while iOIL will en-
able users to capture a short position.
sOIL is available on Kwenta and Synthetix.Exchange and
can be traded for any Synth with in!nite liquidity and zero
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sOIL and iOIL now live on Synthetix, Powered by Chainlink 2020/11/13 8:38
slippage. Users can now also set up binary options markets
with sOIL to trade on the future price of the asset.
Like our other Inverse Synths, iOIL will have an entry price,
an upper limit, and a lower limit. These limits cap pro!t and
loss, whenever these limits are reached the token’s value is
frozen and won’t change until it is re-deployed.
How sOIL prices are brought on-chain
As outlined in SIP-62, there was considerable work done
behind the scenes to enable the launch of sOIL on Syn-
thetix. Like many other natural assets, price discovery for
oil occurs predominantly in futures markets, which are
made up of individual contracts with varying expiry dates.
This creates a problem for !nding a single reference price,
which Synths require.
We utilise a Chainlink-powered decentralised oracle net-
work to develop a non-expiring Crude Oil Index based on
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sOIL and iOIL now live on Synthetix, Powered by Chainlink 2020/11/13 8:38
ICE Brent Crude Oil futures prices. The Chainlink-powered
oracle allows us to aggregate raw oil data from multiple
contracts in the futures market through secure o"-chain
connection to premium data providers such as XBTO, and
deliver this data on-chain in a highly available and manipu-
lation resistant manner using a decentralised network of
Sybil resistant oracle nodes.
There is more detail provided in the SIP, but the important
thing is that this method is also applicable for other assets
with large futures markets, such as corn, wheat, co"ee, and
more.
The Next Evolution in Cryptocurrency
The launch of sOIL represents the future of decentralized
!nance — more and more of the traditional market will
soon be accessible through Synthetix, and our integration
with Chainlink allows us to continually tap into high quality
data providers to provision new assets. In the not so distant
future, cryptocurrency traders will be able to access an even
greater range of assets across industries without leaving
their cryptocurrency wallet.
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their cryptocurrency wallet.
Which Asset Should Synthetix Add
Next?
Help us decide which asset we should add next to the avail-
able Synths on Synthetix by !lling out our Synth Request
Form, or join the discussions in Discord.
Get Started and learn more
To purchase sOIL or iOIL, visit Kwenta, the dApp with the
best Synth trading experience. If you have more questions
or need support about how they work, join the Synthetix
community on Discord.
If you’re a developer and want to quickly get your applica-
tion connected to Chainlink Price Reference Data, visit their
developer documentation and join the technical discussion
in Discord. If you want to schedule a call to discuss the inte-
gration more in-depth, reach out to them here. To learn
more about Chainlink, visit their main website or follow
them on Twitter.
Synths Inverse Synths
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Synthetix
© 2020 Synthetix Blog – Published with Ghost & Maxima
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