Oracle

Empowering Crypto Operations with Real-Time Price Precision

The Oracle module is an essential component within our system, responsible for fetching real-time prices of major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and others. These price data serve various critical purposes within our platform.

For instance, when creating stablecoins, the value of the cryptocurrency burnt determines the amount of stablecoins generated. For example, burning one BTCU valued at $60,000 enables the creation of 60,000 USDU in stablecoins.

Moreover, the Oracle's price data is crucial for processes such as deposits and withdrawals. An example of how the oracle is used: when a user deposits $100 worth of BTC, the Oracle helps calculate the appropriate amount of wrapped assets to mint based on the current price of BTC.

Similarly, during token redemption, the Oracle's price data aids in determining the correct amount of wrapped assets to return to the user, based on the token's current market price as determined by the exchange. Thus, the Oracle module plays a vital role in ensuring accurate and efficient operations within our platform.