Tezos (XTZ) Launches Delegated, Pre-Funded, Self-Sustaining Harbinger Price Oracles

Tezos has announced Harbinger — it’s very own oracle to deliver signed price feeds based on market data from multiple crypto exchanges to its network.

With Harbinger, Tezos is expecting the algorithmic stablecoins, lending platforms, and insurance products to kick off the new use cases.

Initial versions of the contracts are already deployed on mainnet and CarthageNet.

It’s not surprising that the network is delving deep into oracle as oracle projects have been having a lot of attention and gains in the crypto market. The crazy growth of Chainlink (LINK) is evidence of how much traction the decentralized off-chain data feed providers are getting.

Other popular oracles in the market are Band Protocol (BAND) and Augur (REP).

Take on the DeFi World

Now, Tezos, a liquid-proof of stake crypto network, is ready to make the most of the decentralized finance (DeFi) world through its oracle.

Oracles are critical to the fast-growing DeFi space, which has a total value locked (TVL) surpassing $7 billion, in order to have trusted price feed.

In its official announcement, Tezos announced that in Harbinger, “an account that pays for fees to update the price oracle can be delegated and pre-funded with tez,” much like staking.

This, it says, will enable the development of “self-sustaining” price oracles where the block rewards for participating in PoS consensus offset the fees required to keep the oracle data current.

“Having a reliable feed for on-chain price data is critical for DeFi lending platforms. Harbinger is an important building block for the decentralized finance ecosystem on Tezos,” said Robert Leshner, founder of Compound.

After taking inspiration from MakerDAO in StakerDAO, this latest one is based upon Compound’s Open Price Feed.

Harbinger is a set of tools and reference contracts, allowing anyone to become a ‘poster’ who retrieves prices from ‘signers,’ which are crypto exchanges to deploy a price oracle on the Tezos network, which then publishes cryptographically signed prices.

Moreover, Tezos smart contracts use callbacks to receive data to avoid reentrancy attacks.

In the meantime, the 13th largest crypto by market cap of $2.5 billion, XTZ is falling alongside the broad crypto market, trading at $3.43.

Also Read: Is the DeFi Craze Killing Tezos? XTZ’s Main Selling Point “Staking” Is Losing Appeal

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Author: AnTy

Compound Protocol to Roll Out Decentralized Oracles Dubbed ‘Open Price Feed’

Compound, one of the most popular defi protocol, is all set to introduce open price feeds for lending on its platform using a decentralized oracle. This decentralized oracle would offer live price feeds, which would make the lending process more simplified. Open price feeds are being tested across several blockchain network including Ethereum (ETH) Kovan and Ropsten testnet. The open price feed has been live on the mentioned testnet for almost two weeks now.

Compound’s developer community has appealed to the members to come together and test the new open price feeds on the platform so that the developers can integrate it into the protocol as early as possible.

How Does Open Price Feed Work?

Open Price Feed system relies on permissionless price reporters and posters, where exchanges act as a reporter (earlier Coinbase Pro was the only exchange acting as a reporter). The reporter is responsible for signing the price feeds regularly with their public key. After reporters sign the price feed, posters would be responsible for pushing out the signed price feeds. Posters in this system are permissionless, which means anyone can become a poster if they like.

Apart from Coinbase Pro as the reporter, the system also makes use of on-chain Uniswap V2 price feed as a fallback or to verify the price feeds signed by Coinbase Pro. Uniswap is called an anchor in this system and makes sure that the data does not deviate from the market value. If the on-chain data signed by reporter differ by more than 20% for 30-60 minutes, in that case, off-chain data would be ignored.

Many other price data feed providers would join the network via governance token COMP. It is also believed once Compound aggregates enough price feeds from multiple trustworthy sources, the use of Uniswap price feeds would be discarded altogether.

Compound launched its protocol token back in June using which people can participate in the on-chain Protocol decision. 50% of these tokens would be distributed via liquidity mining incentive program. At the same time, the remaining 50% token would be distributed among early investors and developers.

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Author: James W

OKCoin Exchange Debuts Price Oracles for the DeFi Market; Compound to Integrate First

San Francisco based crypto exchange, OKCoin, has launched on-chain pricing feeds for the burgeoning DeFi market. An announcement on July 15, the firm debuted ‘OKCoin Oracle’ which will use API’s to support interoperability with crypto markets for reliable pricing on digital assets.

According to the announcement, the OKcoin Oracle API’s will be verified via public keys, leveraging smart contract infrastructure to integrate more price feeds. On this end, OKCoin is set to kick off this new pricing oracle in collaboration with leading DeFi protocol, Compound.

The former will use Compound’s open oracle smart contracts to harmonize data from various points into finer industry medians. OKCoin’s Communications Director, Will McCormick elaborated on the underpinnings of OKCoin’s Oracle:

“OKCoin Oracle acts as a trusted source of market data, and anyone can publish OKCoin pricing on-chain. Once on-chain, OKCoin is verifiable as the source of the data, using the OKCoin Oracle public key.”

OKCoin Oracle Value Proposition in DeFi Market Pricing

As more traditional assets find their way to decentralized economies, bad actors get a bigger window to swindle off the crypto markets’ contributors. This has been on the rise especially within the DeFi ecosystem.

In Q2 alone, close to $26 million was compromised by malicious players, although most of it was returned in a surprising turn of events. An analysis of these events now reveals that arbitrage has found its way into Decentralized Finance via flash loans. Speaking to Decrypt, OKCoin CEO, Hong Fang, has emphasized on the seriousness of this threat:

“Earlier this year, some bad actors took advantage of fake pricing information guise as exchange pricing posted on-chain, which led to two hackers using flash loans to attack the margin trading protocol bZx, first in a $350,000 attack and later in a $600,000 copycat attack”

Therefore, a pricing feed solution was in line with the market needs according to OKCoin’s latest move. Hang went on to note that.

“Oracle Price feeds ensure accurate pricing, which helps plug this vulnerability.”

OKCoin has been operational since 2013 and grown to over 1,000 employees within this period. This move towards a better pricing feed adds to the firm’s portfolio which includes exposure to a wide range of crypto assets through its exchange and donations to the Bitcoin community like the recently launched ‘Let’s Build Bitcoin Together’ initiative which was allocated $10 million.

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Author: Edwin Munyui