Oracle

The Oracle module serves as a critical component within our system, responsible for fetching real-time prices of major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and others. These price data serve various critical purposes within our platform.

Key Functions and Use Cases:

Stablecoin Creation:

The value of cryptocurrencies burnt determines the amount of stablecoins generated. For example, burning one BTCU valued at $60,000 enables the creation of 60,000 USDU in stablecoins.

Deposits and Withdrawals:

The Oracle's price data is essential for processes such as deposits and withdrawals. For instance, when a user deposits $100 worth of BTC, the Oracle helps calculate the appropriate amount of wrapped assets to mint based on the current price of BTC.

Token Redemption:

During token redemption, the Oracle's price data aids in determining the correct amount of wrapped assets to return to the user, based on the token's current market price as determined by the exchange.

Significance:

The Oracle module plays a vital role in ensuring accurate and efficient operations within our platform by providing real-time price precision for major cryptocurrencies. This functionality enhances the reliability and effectiveness of various processes, including stablecoin creation, asset transfers, and token redemption.