Dopex.io Partners with DIA to Power its Launch on Metis

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Blockchain
Dopex.io Partners with DIA to Power its Launch on Metis

Dopex is a decentralized options protocol that aims to maximize liquidity, minimize losses for option writers and maximize gains for option buyers. Dopex uses option pools to allow anyone to earn a yield passively. Offering value to both option sellers and buyers by ensuring fair and optimized option prices across all strike prices and expiries. This is thanks to the inbuilt innovative and state-of-the-art option pricing model that replicates volatility smiles. 

DIA, the open-source oracle platform for Web3, will provide price feed oracles to Dopex to enable the launch of a single staking option vault and the listing of Metis as a token. With the new integration, Dopex users will be able to write call options on METIS or buy call options on METIS. The vault will be deployed on Metis Andromeda Layer 2 Rollup Platform.

To ensure a smooth launch, Dopex required an accurate and reliable price feed for the asset pair METIS/USD, running on Metis’ Andromeda Network. To effectively fulfill the requirements, DIA built a unique and tailor-made price feed oracle for Dopex. The specific processing requirements were transferred to DIA by submitting a DIA Custom Delivery Request (CDR) via the DIA DAO Forum.

Witherblock, Lead Dev at Dopex.io says, “We’re very excited to partner up with DIA and make use of their crowd-sourced price feed for our Metis SSOV on the Metis network. Also, a shout-out to the DIA team, our onboarding and set-up experience with them was very smooth and professional.” 

Some of the sources include CEXs Okx, KuCoin, Gate.io, LBank and DEXs UniSwap, SushiSwap, Netswap and Quickswap.

DIA’s end-to-end oracle capabilities will ensure high quality and resilient data feed for Dopex. Instead of distributing a pre-calculated data feed, DIA built the feed from the ground-up, by simultaneously sourcing trade data directly from CEX and DEXs. Some of the used sources to build the feed include CEX Okx, KuCoin, Gate.io, LBank and DEXs UniSwap, SushiSwap, Netswap and Quickswap, among others. 

To come up with the final price points, the aggregated trade data is computed and sanitized based on fully transparent filters and methodologies, previously defined in the Dopex CDR. This grants Dopex and its user base with transparency on the data as well as full control and clarity over the data they depend on.

Michael Weber, DIA Association President comments: “We are thrilled to start a new collaboration with the Dopex team to extend their product offering to the Metis Network. DIA’s crowd-sourced price feed will, besides ensuring an accurate and tailor-made oracle for Dopex’s operations, also provide the reliability and transparency to both Dopex developers and protocol users.”

Aisshwarya Tiwari

Aisshwarya is currently working as the Chief Editor at crypto.news and holds more than 4 years of experience in the digital assets industry. He holds an undergraduate degree in Commerce with Honours and a post-graduate diploma in Liberal Studies. Before entering the crypto industry, Aisshwarya worked as an SAP Consultant for a global IT firm. He also cleared the CFA Level 1 exam before pivoting to the crypto industry due to its novel and exciting propositions.