Proposal for $OUSD Oracle

Dear community, I have a proposal to consider for improving the utility and reach of $OUSD across multiple ecosystems and DeFi Protocols. As the one of the premiere stablecoins in the industry, I believe it is imperative for $OUSD to exist not only natively for yield-generation on Origin Protocol, but also to be supported by various DeFi applications across multiple chains.

For this, of course, we would need to generate a price oracle for the $OUSD token. After researching various oracle solutions to provide an on-chain price feed for the $OUSD, I realized it is difficult and that the oracles who provide support for $OUSD are limited.

I was able to identify one highly reputable oracle which would be able to successfully provide a resilient, production-ready price feed for $OUSD upon request, which is DIA Data.

Here are some key reasons why DIA Data is a strong choice in utilizing an oracle provider for the $OUSD token to be supported on various DeFi Protocols.

Transparency and reliability: DIA Data is a decentralized platform that provides reliable and 100% transparent data feeds, with a strong reputation of success since 2018. Their data is verifiable, open-source, and up-to-date, which is crucial for making informed decisions in the DeFi ecosystem.

Sourcing: DIA’s asset data is sourced on the individual trade level directly from over 80 DEXs and CEXs, enabling them to support assets like $OUSD. Whereas other oracles mostly rely on a limited amount of asset’s price data from off-chain data from trusted third party sources, DIA gets its reliable trade data directly from the source. This enables them to support over 3,000 crypto tokens, which to my knowledge is the largest data library of any oracle.

Customizable data feeds: DIA Data provides custom data feeds tailored to our specific protocol use case and needs. This flexibility will allow us to access the data in the format which is most relevant to our operations and ensure longevity in the ever-changing DeFi ecosystem. For example, a stablecoin price oracle need not update every 1 minute, because price fluctuations are limited, but instead it is more optimal to have a stablecoin price feed update per a specified deviation threshold. The parameters and assets held in these feeds can also be adjusted after the oracle is deployed, making our reliance on DIA’s oracles future-proof.

Competitive pricing: DIA does not charge for their oracles. The only cost they ask is to cover the gas costs of pushing the updates on-chain. Simply the operational expense of the oracle.

By using DIA Data, we can ensure that the data we rely on for our decentralized applications and smart contracts is 100% transparent, credibly neutral, and verifiable. I believe that DIA Data's services will provide us with a competitive advantage in our industry with the provision of an $OUSD markets across various DeFi protocols, further improving the utility and visibility of $OUSD and the Origin Protocol.

If the community is interested in exploring this, here are the rough steps we would take:

1. Once enough interest is expressed, Origin Protocol will request an $OUSD price feed from DIA on the DIA Forum
2. DIA will deploy the $OUSD price feed for Origin Protocol
3. Origin Protocol will fund the gas wallet for covering the gas costs of the custom $OUSD oracle
4. Origin Protocol will share word of the $OUSD oracle through marketing channels, and leverage their existing ecosystem of partners as well as the DIA ecosystem to connect with DeFi protocols which are interested in using the $OUSD price oracle.

This is a proposal to request an $OUSD oracle from DIA

There are two options on which to vote: Option 1: YES – Create an $OUSD and create additional utility for $OUSD across various DeFi Protocols Option 2: NO – Do not create an $OUSD oracle

For more resources on DIA, I found these links to be informative:

• Website: https://www.diadata.org/
• DIA Documentation: https://docs.diadata.org/introduction/readme
• DIA Twitter: https://twitter.com/DIAdata_org
• How to access the oracle: https://docs.diadata.org/documentation/oracle-documentation/access-the-oracle

disclaimer - I am a contributor and supporter of the DIA DAO (: