The newly launched CF BIRC product aims to provide “a reliable and transparent base rate” for Web3 market participants.
“CF BIRC is a replicable, market-representative, and manipulation-resistant base rate that will help remove uncertainty around crypto asset valuations while enabling increased capital efficiency and more predictable lending and borrowing across digital markets,” Chainlink’s announcement details.
“With this data delivered reliably onchain through the Chainlink Network, all market participants will be able to engage with the Web3 economy with greater certainty and in exciting new ways,” co-founder of Chainlink Sergey Nazarov said on Wednesday. Moreover, Chainlink Labs is working with Coinbase Cloud as the two firms plan to provide non-fungible token floor price feeds in real-time. This means NFT proponents and traders can get real-time floor value stats tied to NFTs like Bored Ape Yacht Club , and the Cryptopunks.
The CF Bitcoin Interest Rate Curve product aims to bolster transparency for lenders and borrowers, consistency, and better clarity for Web3 market participants. Sui Chung, the CEO of CF Benchmarks believes CF BIRC is a “major milestone for the crypto industry as a whole.” “This base rate will help unlock innovation across lending and borrowing platforms, asset valuation models, swap markets, and other financial primitives,” Chung added.
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