Kaiko, provider Institutional-grade cryptocurrency market data, today announced a partnership with Algoracle, the first native oracle service on the Algorand blockchain. Kaiko’s cryptocurrency market data will be integrated with Algoracle’s decentralized oracle network, which can be used in smart contracts.
Decentralized oracles play an important role in the DeFi economy, and powerful oracles are key to the growth of blockchains such as Algorand. Oracles enable real-world data to be used in smart contracts on the blockchain, a requirement for executing financial processes that rely on external price data.
Although layered smart contracts can be very powerful tools, they are still limited to the information provided on the blockchain on which they are built. Once Algoracle completes its decentralized oracle infrastructure, Algorand-based applications will be able to subscribe to Kaiko’s rich suite of cryptocurrency data products for use in smart contracts.
Kaiko has deep expertise in providing cryptocurrency market data for oracle solutions and has been a major provider of the Ethereum network since 2019.
Abdul Osman, CEO of Algoracle, said: “We believe that data providers should be able to serve Algorand-based applications directly, and we are excited to begin testing the infrastructure to allow institutional-grade providers like Kaiko to connect with Algorand applications. “
Algoracle was initially the winner of Encode’s Algorand Fall Hackathon before receiving a Price Oracle Supa Grant from the Algorand Foundation to build the service.