- Improving Web3 Data Integration and Security
Switchboard, a well-known oracle network with a reputation for having fully customisable and permissionless capabilities, has released an innovative Oracle Aggregator. Across several oracle networks, including well-known ones like Chainlink and Pyth Network, this new solution facilitates smooth data integration. This increases the adaptability and dependability of decentralized finance (DeFi) apps by giving users access to a wide range of data sources.
Resolving Cost and Security Issues in DeFi
The Oracle Aggregator is intended to address important security and financial issues in the DeFi industry. Price-manipulation assaults cost the Web3 sector more than $500 million in 2023 compared to about $403.2 million in 2022. A third of the entire value lost to hacking was attributable to these attacks. Switchboard wants to make data feeds more resilient to these kinds of hostile operations by increasing the variety and amount of data sources. This would increase the overall security of DeFi platforms.
Giving Developers Access to Tailored Data Feeds
Developers are empowered by Switchboard’s new Oracle Aggregator, which enables them to create personalized data feeds that pull from a variety of sources inside and outside the Switchboard platform. Instead of using fixed templates, developers can construct custom feeds that meet their unique needs thanks to this flexibility. Because there are no gatekeepers on the platform and it is permissionless, developers have total control over the data feeds they provide.
The CEO of Switchboard, Chris Hermida, stressed that the company’s guiding principle has always been to enable developers rather than limit them. Switchboard is encouraging creativity and customisation in projects by allowing developers to use data from several sources, such as Pyth and Chainlink, by creating the Oracle Aggregator. Hermida emphasized that with this new feature, developers can abandon conventional templates and adopt a more customized strategy for data integration.
A Plug-and-Play Method for Increasing Security
Oracle Aggregator from Switchboard offers a plug-and-play method that enables users to take use of multiple oracle networks, increasing data security and dependability. Developers may improve the modularity and redundancy of their data feeds by combining data from several sources, creating the first generic oracle aggregator and establishing a new industry standard. Projects can reduce risks related to data tampering and other vulnerabilities because to this modularity.
The Oracle Aggregator’s ability to be customized is one of its best qualities. Developers have the ability to weed out data sources that don’t live up to their criteria by selecting just reliable ones. This degree of control is essential for projects that want to protect their operations from possible dangers.
Utilizing Trusted Execution Environments in Novel Ways
Trusted Execution Environments (TEEs) are used by Switchboard to guarantee that data aggregation takes place completely off-chain. This novel method preserves data integrity while reducing gas expenses related to on-chain procedures. After then, users receive access to the combined data in a single on-chain transaction, which streamlines the procedure and lowers operating costs.
The CTO of Switchboard, Mitch Gildenberg, emphasized the platform’s developer-centric architecture. He emphasized that the platform is made to provide developers full control, enabling them to customize each data flow to meet specific needs. Switchboard’s dedication to comprehending and satisfying the demands of developers is seen in this approach.
Growth and Industry Effects
Switchboard has expanded rapidly since its 2021 launch, gaining over 180,000 users and obtaining a total worth of $1.6 billion. The company’s quick growth in the Web3 ecosystem can be attributed to its dedication to user autonomy and inclusivity. Earlier this year, Solana Foundation, Aptos Labs, Mysten Labs, Subzero Ventures, and Starkware were among the notable backers who helped Switchboard earn $7.5 million in a Series A fundraising round headed by Tribe Capital and RockawayX.
In summary
Tools like Switchboard’s Oracle Aggregator will be essential for developing reliable and secure decentralized apps as the DeFi industry develops. Switchboard is a leader in the market, promoting innovation, and strengthening the security of the Web3 ecosystem by giving developers the opportunity to combine and customize data feeds from many sources.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
