The Decentralized Finance (DeFi) ecosystem has rapidly accelerated in growth in recent times, with now over $40B in user funds locked in decentralized exchanges, on-chain money markets, yield aggregators, and more. Alongside this growth, we are seeing an increasing demand from developers that need high-quality API data available directly on the blockchain. Being a leading South Korean cryptocurrency trading plaform specializing in user-created trading strategies, Pluto aims to play a direct role by making the trading data and market insights generated on our platform accessible to smart contract developers.
In pursuit of this goal, we are proud to announce that Pluto will be launching a Chainlink node to bring our aggregated trading strategy analytics on-chain for usage by the DeFi ecosystem. Through the Pluto Chainlink node, we can broadcast our analytics data directly onto any blockchain network, as well as sign that data using a unique cryptographic signature to definitively prove its origin as being from Pluto. Not only does this advance our goal of being a highly trusted and reliable data provider in the blockchain ecosystem, but the data we provide will directly expand the types of DeFi applications that can be created.
Our initial focus will be supplying smart contracts with buy and sell signals on various crypto assets, which have been generated from internal analysis of the trading strategies being bought and sold by users on the Pluto platform. This opens up the opportunity for smart contract developers to create a wide array of advanced DeFi applications that are executed using our highly refined trading analytics data, such as automated trading strategies and exotic derivatives contracts.
Making Pluto Data Available to DeFi Through Chainlink
Pluto is a leading South Korean cryptocurrency trading platform that supports the trading of a wide variety of crypto assets. It is one of the only exchange platforms that allows traders to buy and sell their proprietary trading strategies to other users. This has allowed our community to directly monetize their ability to profit from market movements and generate additional income. With all of these trading strategies aggregated on the Pluto platform, this data can be refined into general analytics that are useful as predictive performance indicators of various crypto assets.
With the exponential growth of the DeFi ecosystem, we see a large opportunity to make our aggregated trading analytics data available to smart contract developers. The data can be used as refined market indicators that power more advanced DeFi products, such as autonomous on-chain asset managers that utilize Pluto analytics data to regularly rebalance user funds in a trust-minimized and non-custodial manner. Beyond automated trading strategies, we foresee many more applications being possible using Pluto data, such as prediction markets on the performance of different trading strategies or insurance products that cover underperforming strategies.
However, due to the strong determinism and security properties of blockchains, the smart contracts powering DeFi applications are unable to natively connect with external APIs (off-chain), such as the Pluto platform. This creates what is commonly known as the blockchain oracle problem. In order to overcome this issue, we required an additional piece of middleware known as an “oracle” to bridge the gap between the on-chain applications and our off-chain API data. Through the oracle, our API data can be made available to smart contracts in a secure, reliable, and tamper-resistant manner.
- Data Quality — The Chainlink node cryptographically signs all the data we broadcast on-chain, preventing manipulation by providing definitive proof of the data’s origin.
- Blockchain Agnostic — Chainlink nodes can integrate into any blockchain network, serving as a single, future-proof gateway for supplying and/or selling data to any current and future blockchain.
- Trusted Infrastructure — The Chainlink Network is powered by thoroughly audited open-source software built upon strong academic research and maintained by a large and growing developer community, ensuring high levels of security and reliability.
- Network Effect — Chainlink is the most widely used oracle network in the DeFi ecosystem and already secures over $10B in value for various blockchain applications, providing us a large consumer base that is rapidly growing.
We look forward to leveraging our Chainlink node to bring high quality and cryptographically signed trading analytics data on-chain, empowering new types of DeFi applications built around refined trading strategies data. We are confident that our data will make a real impact on the DeFi ecosystem, further adding to the large and high-quality data provider ecosystem emerging on the Chainlink Network.
“We are excited to launch a Chainlink node to provide DeFi developers with direct access to refined trading analytics data aggregated from across the Pluto exchange,” stated Mingeon Park CEO of PLUTO . “Through these unique and cryptographically signed data insights, developers can create numerous innovative smart contract applications that provide value to users, such as automated crypto-asset management products with proven performance.”
About the Chainlink Network
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains and real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink introduces a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
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플루토는 쉬운 투자를 모토로 투자의 다양성과 투명성을 위한 블록체인 프로젝트로 개발되었으며, Node profit reward, Social Trading, Trade data forecasting 등 다양한 투자방식과 서비스를 Cryptomanager를 기반으로 Coinsurf Platform에 서비스할 예정입니다.
Website — http://www.plutochain.io
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