Unveiling of Oracle Aggregator by Switchboard, Boasting Improved Security Measures
In a groundbreaking move, Switchboard has unveiled its new Oracle aggregator network, setting a new industry standard as the first generalized Oracle aggregator. This innovative approach promotes Oracle modularity and redundancy, providing a robust solution for the decentralized finance (DeFi) sector and beyond.
The new network offers a suite of features designed to enhance data security, customization, and efficiency for Web3 builders. At the heart of this enhancement is a modular Software Development Kit (SDK) and runtime, coupled with a visual no-code editor. This setup allows builders to assemble and control data workflows flexibly, with configuration options available via JSON or native languages.
One of the key benefits of this new system is the significant reduction in gas costs associated with data aggregation across multiple Oracle networks. By efficiently aggregating and processing data through its SDK layers, Switchboard minimizes on-chain computations and leverages off-chain runtime execution. This approach allows for the aggregation of data from various Oracles with fewer on-chain transactions, directly reducing gas fees for Web3 applications that rely on aggregated Oracle inputs.
The new network supports integration across multiple platforms, enabling efficient data aggregation without redundant on-chain operations. Users can now aggregate data from a variety of sources, including popular networks such as Chainlink and Pyth.
Switchboard's commitment to enhancing data security is evident in its use of Trusted Execution Environments (TEEs) to further reduce gas costs in the new model. The network provides access to thousands of data sources, ensuring that users can reliably pull the exact data they need at the exact moment they need it.
The launch of this new aggregator network is part of Switchboard's mission to reduce the number of Oracle attacks, which accounted for 33% of the total crypto lost to hacks last year, resulting in losses of $500 million, up from $403.2 million in 2022. With the new network, developers can now select the exact data sources they would like to pull from, enabling them to handpick the sources that they trust.
Since June 2023, Switchboard has onboarded over 180k users, demonstrating strong adoption of its services. The network's Total Value Locked (TVL) has surpassed $1.7 billion, according to DeFiLlama.
In a statement, Switchboard's CEO, Chris Hermida, highlighted the plug-and-play approach, stating that it allows users to break free from siloed sources and leverage multiple Oracle networks. The new UI introduced by Switchboard also increases the number and type of data sources users can query, providing a more comprehensive data solution for the Web3 community.
In conclusion, Switchboard's new Oracle aggregator network offers a significant step forward in enhancing data customization and reducing gas costs for Web3 applications. By providing a modular, efficient, and secure solution, Switchboard is set to play a pivotal role in the future of decentralized data services.
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