GAUGECASH Unlocks Novel Stable Asset Price Data Through Chainlink Price Feeds
Last year, we announced that GAUGECASH was upgrading its oracle mechanism to Chainlink. Today, we’re excited to announce that the GAU/USD Chainlink Price Feed is now available on Polygon mainnet alongside the GAUGECASH launch. By leveraging the industry-leading decentralized oracle network, our users can have high assurances that GAU price data is accurate, reliable, and secure.
GAUGECASH is a novel DeFi system pushing the boundaries of what’s possible in the blockchain space. We created a new kind of token that references a basket of real-world FX data to generate a price feed protocol that protects against hyperinflation.
Put simply, we have built a stable asset built upon a basket of widely adopted currencies, enabling users to price goods and services worldwide through a decentralized stable asset. Users can check the historic average volatility against major fiat currencies and see that it is the less volatile currency no matter what.
Chainlink has unlocked a wide design space for GAUGECASH. Because GAUGECASH uses a unique indexing mechanism based on Forex data, Chainlink Price Feeds was the best option to help ensure that GAU price data used by external parties or users is reliable and tamper-proof. Additionally, because Chainlink Price Feeds are a widely adopted standard in the blockchain ecosystem, the GAU/USD Price Feed stands to benefit from increased adoption given the ease of implementation.
As a blockchain-agnostic decentralized oracle network, Chainlink also made it easy for us to seamlessly transition our oracle-reliant functionality, such as implementing Chainlink Keepers to Polygon — which offers advantages in speed, cost, and more.
“Chainlink continues to provide GAUGECASH with the reliable and secure oracle functions it needs to become a prominent stable asset in Web3.” — Manuel Blanco, Founder of GAUGECASH.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
GAUGECASH is a Decentralized Monetary System that will be available to anyone anywhere. We have created an Index of Fiat currencies representing a new value that contains sensible worldwide Monetary Policy to pay for goods and services or store wealth. The protocol ensures stability and liquidity for the current and next generations using properties of the new “blockchain asset class” born when Bitcoin was successfully deployed.
“For the first time in modern history, we have the tools to compete with the largest Financial Market in the World: the EUR/USD, and come as a broader, reacher and better solution, and yet, Decentralized.” — Manuel E. Blanco, Founder at GAUGECASH.