KEY ($0.00) TAKEAWAYS
- DIA ($0.56) partners with Contango to deploy a price feed for the TANGO token on the Arbitrum blockchain.
- The integration of DIA’s oracle is crucial for converting oTANGO to TANGO within the Contango protocol.
- Contango enables users to engage in various on-chain activities, including leverage positions and arbitrage.
- DIA’s custom oracle solutions provide reliable data feeds, enhancing blockchain ecosystem transparency.
DIA has announced a new partnership with Contango to deploy a robust price feed for the TANGO token on the Arbitrum blockchain. This collaboration aims to facilitate the seamless conversion of oTANGO to TANGO within the Contango protocol.
The integration of DIA’s oracle into the Contango protocol is a critical step in enabling the conversion process. The oracle provides the necessary TANGO/USD price feed, which determines the discount at which oTANGO can be redeemed for TANGO. This functionality is essential for users looking to leverage the options token within the Contango ecosystem.
Understanding Contango’s Role in On-Chain Transactions
Contango is a protocol designed to allow users to loop various on-chain activities. It enables the creation of leverage positions, arbitrage rate differentials, and farming points, among other functions. Users can also go long or short with low funding costs, similar to perpetual contracts.
oTANGO, the options token for TANGO, allows users to redeem the underlying TANGO token at a discount. The discount is contingent on the TANGO price, necessitating a reliable oracle feed to provide accurate pricing information.
DIA’s Custom Oracle Solutions
DIA’s infrastructure is known for delivering custom oracle solutions tailored to the specific needs of its partners. This is achieved through DIA’s unique data sourcing architecture, which collects raw data from over 100 centralized and decentralized exchanges.
The TANGO price feed is part of DIA’s broader mission to provide transparent, trustless, and reliable data feeds across blockchain ecosystems. The partnership with Contango reinforces this commitment, as detailed in their announcement here.
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