A popular DEX Synthetix, which has around $660 million in TVL has announced that Brent Crude oil is now a tradable asset on their exchange with the ticker sOIL.
sOIL prices will mirror the price of Brent Crude oil using the price feeds of Chainlink oracle. The were will be two versions of this token:
sOIL to open long positions and iOIL to take short positions. It is not the first time that a real world asset has been made available for trading on a crypto exchange. FTX has listed popular stocks like Tesla, Apple, Amazon, Google, Netflix and many more but this is unique as Synthetix is the first DEX to list a real world asset.
Together with Synthetix, we have developed a novel pricing mechanism to power a new synthetic derivatives product that gives users on-chain exposure to oil. This innovation is one in a growing number of examples of how Chainlink is bringing synthetic assets from traditional markets to DeFi through the provisioning of secure oracles with access to high-quality data.”, stated Chainlink.
While the traditional Brent crude oil market was only open on weekdays, sOIL will be available to trade 24×7 on Synthetix.
FTX opened the door and it looks like everyone else will follow through. The time may be near when we are all able to trade in these non crypto assets 24×7 without any national boundaries or restrictions.
Read all the details about how it will function by clicking here.