Copenhagen, July 05 – In the fast-paced world of decentralized finance, breakthroughs occur at an astounding rate. But every so often, a development so significant emerges that it demands our attention; one such leap forward is the collaboration between ARYZE and Chainlink. As leaders in their respective domains, ARYZE, with its stablecoin platform and Digital Cash solutions, and Chainlink, with its unparalleled decentralized oracle networks, are combining their efforts to solve real-world issues for digital asset conversion with the introduction of ARYZE reBase.
What is ARYZE reBase?
ARYZE reBase is a mechanism designed to mimic traditional financial systems by providing stability to the value of tokens. In a broader context within the cryptocurrency world, it enables automatic adjustments of a token’s supply (expansion or contraction) based on specific market conditions or price targets.
The fundamental mechanism of ARYZE's reBase lies in its ability to stabilize cryptocurrency pairs, bridging the gap between the blockchain and real-world forex markets.
The essence of this process begins when users interact with ARYZE’s decentralized exchange (DEX), MAMA DeFi. As users initiate swaps on the DEX, it is natural for the pools to skew. At this point, the AYZE reBase mechanism, fully automated and reliant on Chainlink’s Market Feeds, detects the skew and compares the skewed pool price with the actual forex price between the paired tokens. If it identifies a discrepancy, reBase then swings into action, adjusting the pool price to align with the real-world forex price.
This operation is similar to a self-correcting scale, continuously seeking equilibrium and ensuring the MAMA DeFi DEX stays in sync with the forex market.
The Integral Role of Chainlink Market Feeds
Chainlink is globally known for its decentralized oracle networks, offering reliable price data for a myriad of assets. With its Market Feeds, Chainlink supplies tamper-proof, accurate, and up-to-date price information for a broad range of assets, including forex pairs.
Providing real-world data, Chainlink’s Market Feeds are an essential component in this process. This data forms the foundation of decisions made by ARYZE reBase, ensuring the mechanism operates with the highest precision.
In essence, Chainlink’s Market Feeds act as the eyes and ears of the reBase system, providing the data necessary to keep the DEX and forex markets aligned.
Briefing on the importance of their collaboration with Chainlink, ARYZE CTO Jodi Usama Husain said:
"The worlds of ARYZE and Chainlink coming together is like the meeting of the earth and the sky at the horizon. Chainlink brings the vast sky of off-chain data, while ARYZE provides the solid ground of on-chain operations. Our collaboration creates that beautiful horizon, a seamless blend of stability and innovation in the evolving landscape of financial technology."
A Closer Look at ARYZE
Beyond reBase, ARYZE is also introducing another innovative solution, bringing an industry-first to the world of decentralized finance. ARYZE reForge is a pioneering on-chain trading system that enables the conversion of Digital Cash variants into other blockchain assets and forex into other digital pairs.
In the case of reforge, Chainlink’s Market Feeds are once again crucial, as they provide on-chain forex prices that allow ARYZE to conduct transactions at true market value.
Consequently, users are able to effortlessly transition assets between different blockchains and forex pairs, while having confidence in the fairness and accuracy of the prices they receive.
ARYZE's vision is a world where financial transactions, whether they take place on the blockchain or in traditional forex markets, are seamless, transparent, and accessible to all, irrespective of their technological prowess.
By utilizing Chainlink’s decentralized oracle networks, ARYZE is taking strides toward this future, making it possible for any generation to navigate and understand the evolving landscape of financial technology.
Conclusion
ARYZE and Chainlink’s journey of uniting their expertise to push the boundaries of financial technology exemplifies the power of collaboration. With their combined strengths and industry acumen, ARYZE and Chainlink are shaping the future of finance, showcasing innovation and a relentless pursuit of delivering stability, trust, and precision to users worldwide.
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About ARYZE
ARYZE is a Copenhagen-based fintech enterprise pioneering the development of blockchain, Web3, and digital asset solutions. ARYZE aims to solve the biggest problems within financial systems by developing blockchain-based solutions and ultimately making dumb money smart. The ARYZE ecosystem is anchored by its multi-currency stablecoin series, Digital Cash (eEUR, eUSD & eGBP), state-of-the-art Digital Assets Exchange MAMA DeFi, and a unique conversion tool, reForge, for on-chain transfers and conversions. Learn more about ARYZE by visiting aryze.io or reading the documentation at docs.aryze.io
About Chainlink
Chainlink is the industry-standard Web3 services platform connecting the people, businesses, and data of today with the Web3 world of tomorrow. Chainlink has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. With its decentralized metalayer of oracle networks, Chainlink allows smart contracts to seamlessly use and create decentralized services that accelerate dApp development, enable cross-chain functionality, and harmonize disparate technologies. Learn more about Chainlink by visiting chain.link or reading the documentation at docs.chain.link