Fetch Oracle Service on PulseChain: Revolutionizing Decentralized Applications

PulseChain, a mere eight months into its existence, has already marked a significant milestone in the world of blockchain and decentralized finance (DeFi). The introduction of Fetch, its first oracle service, not only signifies rapid development but also lays the foundation for a new realm of possibilities within its ecosystem.

What is Fetch Oracle Service?

Fetch Oracle Service is a groundbreaking addition to the PulseChain network. A fork of the Tellor oracle service, Fetch has been developed by the original Tellor team, ensuring that it inherits a robust and well-tested framework. Oracles are essential in the blockchain environment as they bridge the gap between off-chain data and on-chain smart contracts, enabling decentralized applications (dApps) to interact with real-world information.

Fetch, in particular, plays a crucial role in securely relaying external data, such as prices of assets and commodities, to the blockchain. This service is indispensable for many DeFi applications, which require real-time and accurate data to function correctly.

How Does Fetch Work?

Fetch operates through a network of decentralized data providers, known as "reporters." These reporters are incentivized to submit accurate and timely data to the blockchain. The data is then aggregated and verified to ensure reliability before being made accessible to smart contracts on the PulseChain network.

One of the key features of Fetch is its decentralised nature, which aligns with the ethos of blockchain technology. Unlike centralized oracles, where data comes from a single source, Fetch's decentralised approach mitigates the risks of manipulation and single points of failure, enhancing the overall security and integrity of the data.

Impact on PulseChain Ecosystem

The introduction of Fetch has catalysed significant developments within the PulseChain ecosystem. One notable application is LiquidLoans, a decentralized borrowing protocol that is a fork of the Liquity protocol. Thanks to Fetch, LiquidLoans can accurately and securely fetch collateral prices, ensuring the stability and reliability of its lending platform.

Moreover, Fetch's integration has facilitated the launch of a stablecoin on the PulseChain network. Stablecoins are a crucial element in DeFi, providing a stable value asset in a typically volatile cryptocurrency market. This addition enhances the utility and appeal of PulseChain, attracting more users and developers to the platform.

Conclusion

The launch of Fetch Oracle Service is a testament to PulseChain's rapid growth and its commitment to building a robust DeFi ecosystem. By providing secure and reliable real-world data, Fetch not only empowers existing applications like LiquidLoans but also paves the way for future innovations on the PulseChain network. As the blockchain world continues to evolve, the synergy between oracles and smart contracts will undoubtedly play a pivotal role in shaping the future of decentralized finance.

Where to learn more about the PulseChain Ecosystem

If you are looking to explore the PulseChain ecosystem further and what it has to offer, check out PulseCoin List which features the entire PulseChain ecosystem guide to get you started on your jounrey. PulseCoin List also offers on-chain stats and is the best place to visit to check the PulseChain price.