OptionRoom, the user-governed self-sustainable oracle and forecast protocol built on the Polkadot chain, has signed a strategic partnership with Bounce Finance. Bounce Finance is a leading decentralized auction protocol that offers fixed-swap IDOs, NFT trading, OTC trading, and certified IDO launchpad sales. Its partnership with OptionRoom will take auctions on the Polkadot
protocol to the next level.
As Decentralized finance (DeFi) started gaining momentum, it is becoming increasingly important for various crypto projects to keep up with the pace of the latest technologies. With Oracle playing a vital role for many Dapps, OptionRoom’s potential to serve as an Oracle as a Service (OaaS),
will help in leveraging the latest technologies of other Defi concepts. OptionRoom makes use of its self-sustainable mechanism, where oracle requests are solved by user governance. OptionRoom users are allowed to create and participate in event derivatives pegged to real-world outcomes with the help of governance consensus.
With this partnership, the decentralized auction participants will be provided an OaaS verification trust score layer that is based on OptionRoom’s oracle, thereby leading them to a more secured DeFi environment consisting of IDOs, OTC activities, and NFT Auctions. Anyone who wants to request the oracle would be provided with the Oracle-as-a-service verification trust layer.
This can be achieved by using OptionRoom’s OaaS to give a trust score to auctions participants and then giving a rating to products that are offered on the Bounce Finance platform. The user who wants oracle services needs to allocate ROOM (a native token of OptionRoom) as rewards.
OptionRoom is built on the Polkadot platform that helps to seamlessly communicate with other blockchain networks. This partnership would go a long way in making DeFi transactions secure.