Brent Crude Oil Futures Now Available on DeFi Trading Platform Synthetix
Brent Crude Oil Futures has been listed on the famous decentralized finance (DeFi) trading exchange Synthetix. The listing of this product will allow traders to gain exposure to the global oil markets through their portfolio of decentralized finance. Brent is considered as a major futures contract for world oil markets in addition to West Texas Intermediate (WTI).
As reported by CoinDesk, Brent Crude Oil Futures went live on the Synthetix’s trading platform on November 12 utilizing Intercontinental Exchange (ICE)’s syndicated data which means users are now allowed to trade this product on a DeFi exchange. The venture capital company Framework Ventures’ sister firm Framework Labs has assisted in syndicating the data. Cryptocurrency data provider Chainlink will be providing pricing data for this product and the ICE exchange will further source this data.
In a statement, the Co-Founder of Chainlink Sergey Nazarov said that it is a key step in the evolution of the decentralized finance ecosystem to connect “financial infrastructure to next-generation smart contracts”. Nazarov said that they are looking forward to collaborating with Framework Labs for onboarding more and more traditional players to the decentralized finance industry and assisting Synthetix to strengthen its support for more assets.
With the addition of Brent Crude Oil Futures on Synthetix, this product has become one of the first real-world assets to step into the world of decentralized finance trading. The founder of Synthetix Kain Warwick said that a lot of interest is there in the community for the addition of more commodities.
In addition to this, he said that it was difficult to craft a tradable decentralized finance contract for oil:
“There were a number of issues around governance and formulating the algo for the price feeds, but the main reason was needing to ensure we have the most robust price feeds for the aggregator network possible. The team at [cryptofinance firm] XBTO helped construct a formula that took all of the current futures contracts and rolled them into a proxy for a spot price.”
Synthetix offers a range of trading products including digital currencies, fiat currencies, cryptocurrency indices, etc. There are 24 trading pairs in total offered by this decentralized trading exchange.
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