Shido Network made significant progress in the decentralized financial industry by reaching an agreement with CoinMarketCap for technological integration. CoinMarketCap, being the premier price tracking and data service provider in DeFi, provides Shido with a distinct advantage in terms of Layer-1 Ecosystem integration. Shido and CoinMarketCap will be able to index Shido’s entire ecosystem, from its native DEX to its mainnet tokens, in real time, allowing CMC’s active community of users to monitor and discover Shido’s services and products.
Streamlining the On-Chain Discovery Process
This integration serves as the vital link at the “protocol level,” allowing CoinMarketCap‘s software database for Web3 to seamlessly access and index on-chain metrics directly from the Shido Network. Historically, new projects on emerging blockchains have faced severe hurdles, including the need to manually submit listing requests to major tracking platforms. They had to wait through lengthy verification queues before appearing on those sites.
Shido has removed those impediments through its implementation of a “deploy-to-track” pipeline that allows developers to deploy any verified token contract on the Shido Network as an on-chain asset. This type of automation has reduced development costs and given developers immediate access to millions of potential investors relying on CoinMarketCap for accurate information about their respective markets.
Enhancing Liquidity and Institutional Trust
The Shido DEX now integrates CoinMarketCap’s DexScan platform to offer more than simple token listings. Through this integration, Shido can accurately monitor full trading activity, including liquidity and pricing, for major stablecoins such as USDC and USDT. This level of transparency into Shido’s pool of liquidity serves the institutional community’s need for accurate records and reporting.
The trend of “data-first” growth models for blockchain companies is becoming increasingly popular. Shido is concentrating on developing partnerships focused on infrastructure that will allow it to demonstrate the full extent of the utility and reach of the Shido network.
Shido’s Position in the Layer-1 Race
With Shido’s newest addition, the platform is now at home among the higher tier Layer-1 blockchains and boasts a complete indexed performance, as well as being an analytically friendly platform. The platform and the Shido ecosystem emerge as the definitive “source of truth” for advanced DeFi projects that depend on trustworthy data feeds for seamless operation.
There has been a massive rise in real-time DEX tracking data from CoinGecko. This trend reflects the movement to decentralized exchanges by users, who also want higher levels of on-chain transparency.
Conclusion
CoinMarketCap’s inclusion with Shido’s Network brings a huge marketing advantage to both, as well as better consumer access and usability to the network. Shido has lowered the barriers for developers and retail investors to use its infrastructure by simplifying its method of indexing assets, as well as giving real-time updates on subject asset conditions. Shido’s fundamental technology is still developing, but this agreement should indicate that it is ready for large-scale Web3 adoption.
Source: https://blockchainreporter.net/shido-network-achieves-protocol-level-integration-with-coinmarketcap-to-bolster-web3-data-transparency/
