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On Wednesday, the decentralized oracle network platform, Chainlink, announced the launch of a market-wide interest rate product for Web3 protocols and the decentralized financial economy (defi), called CF Bitcoin Interest Rate Curve (CF BIRC). Chainlink revealed the new product at Smartcon 2022 in New York City, and the recently launched CF BIRC product aims to provide “a reliable and transparent base rate” for Web3 market participants.
Chainlink has made a number of announcements during the Smartcon 2022 event in New York City. For example, on Wednesday the smart contract and the oracle network project revealed a program called Sustainable Chainlink Access for Layer 1 & 2 Enablement otherwise known as SCALE.
“SCALE is a holistic and win-win economic model for both blockchains and the Chainlink Network,” Chainlink tweeted on 28 September “As [layer one and layer two] user bases expand, fees from [decentralized applications] can eventually cover the full on-chain costs of Chainlink oracle nodes – driving long-term viability across different ecosystems,” the project’s team added.
Additionally at the Smartcon 2022 event, Chainlink further revealed the “CF Bitcoin Interest Rate Curve – in conjunction with Chainlink.” Chainlink has partnered with crypto benchmark prices and index provider CF Benchmarks to launch the CF BIRC product.
“CF BIRC is a replicable, market-representative and manipulation-resistant base rate that will help remove uncertainty around crypto-asset valuations while enabling increased capital efficiency and more predictable lending and borrowing across digital markets,” announced Chainlink.
“With this data reliably delivered on-chain through the Chainlink Network, all market participants will be able to engage in the Web3 economy with greater security and in exciting new ways,” Chainlink co-founder Sergey Nazarov said Wednesday.
Also, Chainlink Labs is working with Coinbase Cloud as the two firms plan to offer real-time non-fungible token (NFT) floor price feeds. This means that NFT followers and traders can get real-time bottom value statistics related to NFTs such as Bored Ape Yacht Club (BAYC) and Cryptopunks.
The CF Bitcoin Interest Rate Curve product aims to strengthen transparency for lenders and borrowers, consistency and better clarity for Web3 market participants. Sui Chung, CEO of CF Benchmarks believes the CF BIRC is a “major milestone for the crypto industry as a whole.”
“This base rate will help unlock innovation across lending and borrowing platforms, valuation models, swaps and other financial primitives,” Chung added.
What do you think about the CF BIRC product launched by Chainlink and CF Benchmarks? Let us know what you think about this topic in the comments section below.
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