Mettalex to Use DIA Oracles to Expand Markets Offering

May 12, 2021

Fetch.ai and Mettalex integrate DIA Oracles to get access to essential on- and off-chain financial data.

Fetch.ai has successfully completed a mainnet integration of DIA (Decentralised Information Asset) – an open-source data and oracle platform that enables market participants to source, supply, and share trusted financial data. 

The “Wikipedia for Financial Data” will be used to expand the range of markets offered on the Mettalex DEX. DIA’s various data feeds are being used by a number of actors in the DeFi and CeFi space and contribute to the proper functioning of a wide range of financial dApps. 

DIA allows for data analysts, data providers and users coming together and building transparent and reliable data feeds. Each dataset request submitted to the DIA platform gets voted on and, once validated, the data gets published and stored in an immutable, open-source database.

Some of the DIA feeds that Mettalex is looking to incorporate include:

  • the Crypto Volatility Index;
  • DeFi lending and borrowing rates;
  • trade volume for various assets;
  • farming pool rates;
  • prices for newly launched tokens.

The DIA-sourced data can then be used for launching unique markets that pair, for example, the volume of BTC and its price, the crypto volatility index and the price of Gold, or farming pool rates with the price of ETH.

“Our cooperation with the oracle professionals from DIA will enable the Fetch.ai and Mettalex ecosystems to incorporate reliable price feeds unavailable anywhere else in the DeFi space,” said Humayun Sheikh, CEO of Fetch.ai & Mettalex. “We are looking forward to implementing DIA’s open-source oracles into Mettalex to offer traders and physical commodity holders a wider range of markets to speculate or hedge on.”

“Fetch.ai’s technology has a great potential to optimize financial services through its AI/ML based infrastructure,” said Michael Weber, Co-Founder, and President of DIA Association. “We are very excited to launch this new partnership and support Mettalex by providing accurate and transparent data feeds and continue fostering the development of the DeFi ecosystem.”

Apart from Fetch.ai and the Mettalex DEX, DIA’s data feeds will be gradually made available to all projects that integrate with the Fetch network.