MeFi serves as the Bloomberg on blockchain, MDT Co-Founder said.
Decentralised data exchange ecosystem Measurable Data Token (MDT) announced the launch of Measurable Finance (MeFi), a new blockchain oracle for capital market financial data in a press release yesterday.
MeFi is designed to act as a bridging force between the traditional financial markets and the Decentralised Finance (DeFi) sectors.
Built for the DeFi ecosystem, MeFi allows access to off-chain external financial data feeds with reliable on-chain data.
The first version of MeFi integrates stock trading data from financial markets like Nasdaq, New York Stock Exchange (NYSE) and Hong Kong Stock Exchange (HKEX) with the DeFi world. Further, MDT plans to offer access to more varieties of financial data via MeFi going ahead by harnessing the potential of MDT tokens on-chain.
Heatherm Huang, co-founder of Measurable Data Token explained that access to data is at the core of capital markets and decentralised applications must be able to connect with the external context if the DeFi sector plans to go mainstream.
“MeFi serves as the ‘Bloomberg on blockchain’ – its secure connections between blockchain smart contracts and capital markets help developers access reliable external financial data on-chain,” Huang explained.
To showcase the utility of MeFi, the MDT team accompanied Oracle’s launch with a dApp that allows DeFi users to access live stock prices and is available on both Ethereum and Testnet.
A blockchain oracle is a third-party service provider that allows the blockchain sphere to verify smart contracts using external data sources like stock market prices and global inflation rates. It is an essential infrastructural tool for the DeFi market and enables integration and interoperable communication between blockchains.
Addressing its position as a veteran in both the financial and the blockchain world, the press release stated that “MDT endeavours to be a pioneer in bridging the capital markets and the blockchain world with MeFi, therefore propelling developers to build more powerful decentralized innovations.”
MeFi is open-sourced on Github and decentralised app developers can access the blockchain oracle to extract data from the capital markets and execute hybrid smart contracts.