Measurable Data Token (MDT) has announced the introduction of Measurable Finance (MeFi), a blockchain-based oracle service that aims to connect traditional financial data markets with the decentralized finance (DeFi) sector.
The project built a decentralized application (DApp) — accessible on both the Ethereum and testnet blockchains — that allows DeFi participants to access stock trading data from some of the world’s largest financial marketplaces, such as the Nasdaq, New York Stock Exchange (NY), and Hong Kong Stock Exchange (HKSE) (HKEX).
Measurable, a decentralized data-sharing network, hopes to bring the DeFi industry into the mainstream by bridging the gap between the real and on-chain worlds with the launch of these services.
Oracles are third-party external data sources that exist outside of the blockchain sector yet can be utilized to verify smart contracts.
Examples include global temperature levels and sports scores. They’re similar to application programming interfaces in that they allow two software entities to communicate with each other.
Chainlink and Band Protocol, for example, are projects in the blockchain sector that use this technology. Heatherm Huang, the co-founder of Measurable Data Token, described data as a capital market superpower, going on to say:
“If DeFi is to go mainstream, DeFi innovations and DApps have to connect with the external context. MeFi serves as the ‘Bloomberg on blockchain’ — its secure connections between blockchain smart contracts and capital markets help developers access reliable external financial data on-chain.”
In addition to this integration, the project has stated that it plans to use its native token MDT to broaden the breadth of financial data to cover derivatives and exchange-traded funds.