Claim BonusNot a Competition to Chainlink, Coinbase Oracles to Add to the DeFi Movement
Coinbase announced the launch of a ‘DeFi Price Oracle’ which to serve the crypto DeFi movement. According to Coinbase, the oracle is not a competitor, but an ‘additive’ to DeFi oracles like Chainlink.
Coinbase has launched a price oracle for BTC-USD and ETH-USD. The price feeds available via the Coinbase Pro API and can be used for a variety of decentralized applications.
Currently, the Chainlink price reference oracle is leading oracle service which is composed of independent nodes which are run by blockchain DevOps and security teams. It offers price oracles for more than 26 pairs of cryptocurrencies. These are composed of security reviewed, and sybil resistant.
However, price is largely dependent on markets and cannot be sourced from ‘trustless’ sources. This is essential even for regulatory compliance to rule out market manipulation claims. Now, Coinbase is proposing a way to make their market data on-chain in a trustless manner. The blog post notes,
Anyone can publish the prices on-chain and since the data is already signed by Coinbase’s private key, there is no need to trust the publisher. Using the Coinbase Price Oracle public key, anybody can verify the authenticity of the data.
Many blockchains and crypto-related services like exchanges aggregate their price references from other sources. Decentralized Exchanges (also a DeFi) will find great use of this application. Compound, a lending based DeFi platform has already signed up with the Coinbase Price Feeds.
An off-chain verifiable price oracle from trusted sources will add to the autonomy in DeFi space. Justin Mart, Data Scientist and Corporate Development head at Coinbase tweeted,
Very excited to see this step in DeFi oracles.
Now we need @krakenfx @binance@Gemini@Bitstamp and others to add their signed price oracles as well! Let’s all buidl together
Even Chainlink can make use of these exchange driven price nodes to offer a new set of price oracles for trading pairs.
Do you think other exchanges will join Coinbase with signed oracles? Please share your views with us.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Breaking: Supreme Court Does Not Rule on Trump Tariffs; May Issue Ruling On January 14
- XRP Gains Regulatory Foothold as Ripple Secures UK FCA Approval
- Breaking: U.S. Jobs Report Comes In Below Expectations, Bitcoin Climbs
- BlackRock Moves $294M in BTC, ETH to Coinbase as $2.2B in Crypto Options Expire Today
- UK Crypto Firms Face New Licensing Rules as FCA Sets 2026 Application Window
- Ethereum Price Prediction Ahead of U.S Unemployment Data Drops Today
- Solana Price Prediction if Bitcoin Holds Above $95,000
- Dogecoin Price Eyes $0.20+ Following Massive 218M DOGE Whale Buying Spree
- How CLARITY Act Could Impact Bitcoin, Ethereum, and Dogecoin Prices?
- Tesla Stock Price Prediction for Jan 2026 Ahead of Q4 Earnings Report
- Ethereum Price Eyes a 30% Surge as Vitalik Buterin Names it the ‘World’s Heartbeat’
