CDR #052: Neokingdom DAO | Asset Price Feed

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Fri, 09 Jun 2023 13:13:43 +0000
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dApp Introduction

dApp name: Neokingdom DAO
dApp website: neokingdom.org
dApp overview: Good day. I am a developer at Neokingdom DAO.
We are building the technical and legal framework to allow companies of all kinds to run as DAOs. You can find more information at our website and on the introductory video of the EVMOS Hackaton we won a few months back Neokingdom DAO | Devpost

One of our use cases is to reward the DAO contributors with tokens at the end of each month. The contributors can decide to keep them as a form of long term investment (to sell later on the market or to gain dividends), or to sell them back to the DAO at the nominal value of 1EUR (we are a European company) in order to pay their bills.

There are no crypto EUR tokens on EVMOS, so we have to use USDC for this type of transaction. For that, it’s legally necessary though that we are able to convert the EUR reward in USDC value, for which we would need an Oracle.

We have build our own custom oracle, which is just a smart contract that we update with a script running on one of our servers, but on the long run it would be necessary that this feed is provided by a trustworthy decentralized entity, such as the DIA app.

For any question, I am happy to answer.

Best,
Nicola

Feed usage

Data type: Price feed
Use case: Reward distribution in USDC (from EUR calculated rewards)

Specifications

Feed specification

Asset pair: EUR/USDC
Sources: All available markets
Methodology: Moving Average
Frequency: -
Window size: -

Oracle specification

Target chain: Evmos
Update mechanism: Time based
Threshold: 60min

Additional information
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3 posts - 3 participants