We are pleased to announce that Nomics, the API-first crypto asset data provider, has launched a Chainlink oracle node to sell our premium financial data directly to smart contract applications across leading blockchain environments. By joining the Chainlink Network as a node operator, our existing suite of APIs will become blockchain-enabled, empowering us to supply decentralized applications (dApps) with high-quality crypto asset data to support new and existing on-chain financial products. Some of the initial data sets we plan to make available on-chain include historical trade data, live price data, market capitalizations, circulating supply, and open-high-low-close (OHLC) prices for leading currencies and exchanges.
As decentralized finance (DeFi) continues to grow into a parallel financial ecosystem, we identified a significant opportunity to connect our existing data APIs to blockchain environments as a means of supporting DeFi’s ongoing development. Our Chainlink node helps us to achieve this goal by providing us with an easy-to-integrate middleware that cryptographically signs and securely bridges our data on-chain, giving smart contract developers access to premium crypto data and strong assurances that the data is tamper-proof and directly from the Nomics API. Through the Chainlink node, we can greatly expand our business as a professional data provider by accessing new and emerging markets, as well as support the growth of a more fair and accessible global financial system.
Using the Nomics Chainlink Node to Access New Markets
Nomics provides professional-grade market data APIs to institutional crypto investors and exchanges, offering products and services with clean, normalized, and gapless primary source trade and order book data. Our objective is to boost the growth of the crypto economy by making market prices more accessible to data-driven investors. We achieve this by indexing 95% of the trade, order book, and transaction data for blockchain-based tokenized assets, including security tokens, tokenized funds, indexes, derivatives, REITs, and cryptocurrencies.
The majority of our customers rely heavily on data-informed trading strategies, which requires high-fidelity data, support availability, and confidentiality. Our flagship market data API covers over 147,000 markets, 426 exchanges, and 12,672 crypto assets. We combine near real-time latency and gapless raw trade data, with high uptime and response guarantees, world-class documentation, and rapid customer support turnaround times to ensure developers have all the resources they need for their applications. We also offer tailored crypto data services, where our team will design solutions to meet your use case, enabling custom asset pricing methodologies with extremely low latency.
As a market-leading data provider, we wanted to expand our reach and begin providing our premium crypto market data to on-chain financial applications within the DeFi ecosystem. However, due to the inherent security properties of blockchain networks, smart contracts cannot natively call off-chain APIs. Therefore, we required a piece of infrastructure known as a blockchain oracle — secure middleware that bridges the on-chain and off-chain gap by sourcing, validating, and delivering external data to blockchains on behalf of smart contracts.
After examining different oracle solutions, we selected Chainlink as our go-to oracle solution because of its time-tested security, ease of use, and extensive flexibility to support a wide variety of custom and credentialed APIs. Chainlink already secures over $15B for leading DeFi applications such as Aave and Synthetix, serving as a solid track-record that their solution is production-grade quality. As a data provider, some of the unique features of the Chainlink Network that stood out to us include:
- Data Integrity – Our Chainlink node can prove the origin of data delivered on-chain through cryptographic signatures, preventing data manipulation and man-in-the-middle attacks.
- Blockchain Agnostic – Through our Chainlink node, we have a single gateway to sell our data to any public or private blockchain where smart contracts need external data.
- Widely Adopted – Chainlink is the most widely used oracle network in the blockchain industry, providing access to a large addressable market of potential data consumers.
- Provably Secure – The heavily audited Chainlink Network is designed according to leading academic research and is supported by a broad community of open-source developers.
By providing our market data on-chain using Chainlink, we will bolster the amount of professional-grade crypto data sets currently available on-chain across leading blockchain networks. DeFi dApps can use our data APIs to trigger the execution of smart contracts such as the settlement of derivatives contracts, activation of liquidation mechanisms, automation of on-chain trading strategies, and even the minting of new stablecoins and elastic currencies that reference our premium price data. We are excited to power the future of finance with our premium crypto asset data APIs and look forward to working more closely with the DeFi developer community.
“With DeFi continuing to rapidly expand in the amount of total value locked, launching our own Chainlink node will be foundational in allowing us to offer a diverse range of smart contracts access to a professional-grade market data API,” stated Nomics CEO Clay Collins. “Chainlink not only allows us to sell our data across leading public and private blockchain networks, but also cryptographically sign our data to provide strong integrity guarantees for its use in triggering high-value applications. These features offer us a way to securely sell data to a large market of new users, effectively supporting the creation of new on-chain financial products that go on to redefine global economic systems.”
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
Nomics.com is an API-first crypto market cap & pricing data company delivering professional-grade market data to institutional crypto investors and exchanges. We offer products and services to funds, fintech apps, exchanges and investors.