On Wednesday, ChainLink, a decentralized oracle network platform, announced the launch of a market-wide interest rate product for the Web3 protocol and decentralized financial (defi) economy, the CF bitcoin interest rate curve (CF BIRC), which is a market-wide interest rate product for the Web3 protocol and decentralized financial (defi) economy, is now available for sale. Chainlink revealed the new product at Smartcon 2022 in New York, where the newly launched CF BIRC product aims to provide a “reliable and transparent reference interest rate” for Web3 market participants.
Chainlink and CF Benchmark Launch Operationally Resistant Base Rate CF BIRC
Chainlinkmade a number of announcements during theSmartcon 2022 eventin New York City. For example, on Wednesday the Smart Contracts and Oracle Network Projectrevealed a program called Sustainable Chain Link Access for Layer 1&2 enablement, a program also called SCALE, was revealed.
“SCALE is a holistic, win-win economic model for both the blockchain and the ChainLink network.” Chainlinktweetedon September 28.” As the “Layer 1 and Layer 2″ user base expands, the fees from [decentralized applications] will eventually fully cover the on-chain costs of the Chainlink oracle nodes and promote long-term viability across different ecosystems,” the project’s team added.
Additionally, at the Smartcon 2022 event, Chainlink furtherrevealed the “CF Bitcoin Interest Rate Curve-in association with Chainlink.” Chainlink has partnered with crypto benchmark pricing and index providerCF Benchmarksto launch the CF BIRC product.
“CF BIRC is a replicable, market-representative, manipulation-resistant reference rate that removes uncertainty about the valuation of crypto assets and enables capital efficiency and more predictable lending and borrowing across digital markets.” Details of Chainlink’s announcement follow.
“The reliable on-chain delivery of this data through the Chainlink network will enable all market participants to engage in the Web3 economy in new ways that are more certain and exciting,” Sergey Nazarov, co-founder of Chainlink, Inc. stated on Wednesday.
In addition, Chainlink Labs is working with Coinbase Cloud, and the two companies plan to provide a real-time floor price feed for non-fiat tokens (NFTs). This means that NFT supporters and traders will be able to get real-time floor value statistics related to NFTs such as Bored Ape Yacht Club (BAYC), Cryptopunks, etc.
The CF Bitcoin Interest Rate Curve product aims to enhance transparency, consistency, and better transparency for lenders and borrowers, Web3 market participants Sui Chung, CEO of CF Benchmark, said CF BIRC is ”
“We believe it is a major milestone for the entire crypto industry.
“This reference rate will help unlock innovation across lending and borrowing platforms, asset valuation models, swap markets, and other financial primitives.” Chung further added.
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