Kaiko, a provider of 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, available for use in smart contracts.
Decentralized oracles play a major role in the DeFi economy, and robust oracles are the key to the growth of a blockchain such as Algorand. Oracles enable real-world data to be used in smart contracts on a blockchain, a requirement for executing financial processes that rely on external price data.
Even though layered smart contracts can be immensely 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 offerings for use in smart contracts.
Kaiko has deep expertise in providing oracle solutions with cryptocurrency market data and has been a major provider to the Ethereum network since 2019.
Algoracle CEO Abdul Osman said: “We believe data providers should be able to offer their services directly to Algorand based applications, and we are excited to begin testing the infrastructure to allow institutional-grade providers like Kaiko to connect with Algorand applications.”
Algoracle started as a winner in Encode’s Algorand fall hackathon, before going on to receive the Algorand foundation’s Price Oracle Supa Grant to build out the service.