On the 21st of October 2022, DIA proposed two governance votes to add Bitforex and Pancake Swap as valid data sources.
🌐 New DIA DAO Vote
In this 38th Community Approval Request (CAR), the DIA #DAO community will be voting to validate @bitforexcom as a #data source for the DIA Platform. $DIA holders can vote on https://t.co/op3tVgEyYK
— DIA | Cross-Chain Oracles for Web3 (@DIAdata_org) October 21, 2022
The proposal to add Pancake Swap was released by Emre Kara, on the 14th of October 2022. With the addition of pancake swap, users would be able to access customizable data for their decentralized apps.
Pancake Swap Is a decentralized finance application that allows users to swap to cleanse and provides liquidity features. users participate in the liquidity pools and earn fees in return.
DIA announced on Twitter, one week after the Pancake Swap proposal #37 was passed, that 100% of their governance community voted in favor of adding Pancake Swap to its verified sources.
🎉 "CAR #037: PancakeSwap" successfully validated!
The #DAO proposal to validate @PancakeSwap as a data source for the #DIA Platform was successfully passed with %100 of the votes in favour.https://t.co/xUUsSdm0iT
— DIA | Cross-Chain Oracles for Web3 (@DIAdata_org) October 21, 2022
In the wake of that positive announcement, Emre Kara presented proposal #38, which requested the addition of Bitforex as a valid data source, citing that this integration aims to provide a broad base of data and Oracle offerings for web3 applications.
Bitforex was founded in 2017 as a global market site that provides 3.5 million users with token deals and derivative services. Thus, its data input would be relevant to DIA’s objective.
DIA’s core objective is to provide valid and decentralized data available to both traditional and decentralized markets. It started on the 3rd of August 2020 by distributing decentralized governance tokens to participant users of DIA’s ecosystem.
But instead of providing the financial data by itself, it’s focused on sourcing and validating data from the different crypto communities. Since the foundation of every financial market is quality, transparent financial data which would ensure users do not make costly financial decisions a trustworthy source of this data is crucial.
In the words of DIA’s co-founder and president Michael Weber. “the DeFi industry is already worth $5 billion, and growing trusted data will become the most crucial building block for the DeFi economy”.
Thus, DIA is being positioned to provide the best possible oracle services, with a community that is properly incentivized, so that its users can share supply and use the virtual data assets.
