#defi odnośnie mojego ulubionego szitcoina ( ͡º ͜ʖ͡º)

Phase 0: Chainlink

In Phase 0 we will use Chainlink to provide reference prices. If there is an excessive deviation between the price quoted for a DEX trade and the Chainlink reference price, the transaction reverts. We believe that Chainlink represents one of the best decentralized oracle solutions on the market. Each critical price feed is secured by numerous independent nodes, which collectively source data from over 7 independent data aggregators. We understand that no source is infallible and that there is value in diversifying the risk across multiple oracle providers rather than relying on one.

The subsequent phases are tenatative and subject to additional research:

Phase 1: #chainlink + #band

In Phase 1 we will incorporate both Chainlink and Band protocol oracles. Band’s nodes are geographically distributed in a way that tends to favor Asia, geographically and jurisdictionally diversifying our oracle risk. This is the oracle design that will be featured in the full re-release of the protocol. We will continue to use Chainlink price feeds as a reference price. We will supplement the price feed with Band Protocol, using time-weighted price information that takes slippage and liquidity into account. If there is disagreement between the Chainlink price, the Band price, and the actual quoted rates, then the transaction reverts.

This design “fails closed”. If something goes wrong, everything stops. If one of the oracles fail or becomes malicious, this has the capacity to censor the protocol, disallowing further trades, and potentially putting funds at risk by halting liquidations. In order to mitigate these risks, governance will have the emergency ability to switch to a single primary oracle for a period of time. This will allow all the benefits of using multiple oracles while severely limiting the downsides.

Even more tentatively and subject to additional research:

Phase 2: Chainlink + Band + #uniswap v 2.0

The final form of the oracle system will be to include price information from Chainlink, Band, and Uniswap v2.0. The prices will be medianized, and that median price will be used as the reference rate. The next generation of Uniswap price feeds will allow contracts to query time-weighted Uniswap prices; Uniswap is expensive to manipulate a large amount over a period of time. Uniswap also has the benefit of existing purely on-chain instead of being concentrated in a few geographic regions, making it perfect for further diversifying oracle risk.

#kryptowaluty #ethereum