PlasmaPay recently announced its partnership with Kylin to take advantage of the latter’s multiple real-time data sources.
PlasmaPay is known globally as a digital payment platform that enables easy adoption and intrusion into decentralized finance. The goal of PlasmaPay is to make DeFi accessible to all interested users.
Besides, PlasmaPay has agreed to partner with Kylin in order to fulfill its mission of creating long-lasting, encompassing solutions for both new and existing blockchain and cryptocurrency users. Kylin is known for providing incredibly fast social data sources and on/off-chain market data. These sources and data are made available through Kylin’s leverage of the Polkadot/Substrate Framework.
Integrating Kylin’s Data Sources Into the PlasmaPay Ecosystem
As a result of the partnership, Kylin will provide many real-time data sources that will be easily integrated into the PlasmaPay ecosystem. Also, PlasmaPay will look into various innovative methods to use and monetize the data. These methods are in line with the decentralized data economy on Polkadot.
Speaking about this new partnership, Kylin Network CEO Dylan Dewdney states, “PlasmaPay is a great project to work with because their platform is extremely strong and comprehensive. We are extremely pleased and excited that they are engaging themselves at the cutting-edge of interoperability and data marketplace innovations through Kylin and Polkadot.”
PlasmaPay CEO Ilia Maksimenka says, “The main vector of hacker attacks is via flashloans and price manipulation in protocols that do not use robust oracle systems. We are deeply convinced that the Kylin Network is one of the most promising players for building a truly secure and decentralized system of oracles, which can minimize the likelihood of new flashloan attacks on prices.”
“Another strong and unique feature of the Kylin protocol is the emergence of a new decentralized data marketplace. With this comes the ability to supply data and buy it. We plan to integrate Kylin to exchange data and to take advantage of their network of oracles for Plasma DeFi protocols, which will provide a high level of security for our users and liquidity providers,” he added.
In line with the partnership, PlasmaPay will look into Kylin’s data marketplace. PlasmaPay’s goal is to find different means through which they can find applicability and synergies between Kylin’s data marketplace and the PlasmaPay ecosystem. This partnership hopes to bring forth more innovations regarding the improvement of the DeFi space.
At the time of publication, PlasmaPay (PPAY) was trading at $0.02392007, with a market cap of $2,944,707 and a 24-hour trading volume of $551,461. The most active market trading PPAY is Uniswap (v2).