A blockchain oracle network is targeting what it calls a structural flaw in DeFi’s price infrastructure, one that contributed to nearly $19 billion in liquidations last October.
DIA, an oracle network serving over 250 decentralized applications across 60+ blockchains, launched a product Monday called DIA Value, designed to price digital assets that don’t trade on active secondary markets. The launch targets a segment of the crypto market that has quietly grown to over $100 billion in onchain capital: tokenized treasuries, yield-bearing stablecoins, and liquid staking tokens.
The October 10 Problem
On October 10, 2025, $19 billion in leveraged DeFi positions were liquidated in a single 24-hour period. The cause, according to DIA, wasn’t just market volatility; rather, it was oracles feeding stressed market prices into automated liquidation systems that weren’t designed to handle illiquid assets.
The issue is structural. When an asset doesn’t trade frequently, its last recorded price can be stale, manipulated by thin order books, or simply disconnected from what the asset is actually worth. Standard market-based oracles weren’t built for that scenario, and DeFi protocols have largely been left to either accept the risk or refuse to support those assets altogether.
How DIA Value Works
Rather than asking “what did this asset last trade for,” DIA Value asks “what can this asset actually be redeemed for.” For a yield-bearing token like stETH, for example, it reads the redemption rate directly from the protocol’s smart contract. The same logic extends to stablecoin reserve verification and tokenized securities.
The methodology draws from frameworks long used in traditional finance — NAV calculations, mark-to-model approaches, reserve verification — but executes them onchain with real-time availability.
“Traditional finance solved illiquid asset pricing decades ago,” said Zygis Marazas, DIA’s Head of Product. “Blockchain makes it possible to execute those same methodologies with full transparency and 24/7 availability.”
Already Deployed
DIA says Value is already live with protocols including Euler, Morpho, Silo, and Hydration across lending, stablecoin, and tokenized securities use cases. Notable integrators include Hemi Network, whose hemiBTC token lets Bitcoin holders deploy BTC into DeFi, and Cooper Labs, which operates the USDp stablecoin across four chains.
“When you operate a stablecoin across four chains, pricing fragmentation becomes a real engineering problem,” said Noah Boisserie, CEO of Cooper Labs. DIA Value, he said, solved it by computing fair value directly from onchain redemption data.
The Bigger Picture
DIA Value sits alongside DIA’s existing product, Market, which handles pricing for more than 3,000 liquid assets. Together, they’re positioned as a full-spectrum pricing layer — one that can handle both ends of the liquidity spectrum as institutional capital continues flowing into DeFi.
Whether the infrastructure holds up under real stress remains to be seen. But with $100 billion in illiquid onchain capital and a fresh memory of last October’s carnage, the appetite for a better answer is clearly there.
With over half a decade of experience commentating on the cryptocurrency market and even more as a trader and investor, Jay has developed a robust knowledge base that enables him to dive deep into the inner workings of crypto platforms and the broader market to deliver unique, user-focused insight.
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