Key Takeaways
- Switchboard has launched a new Oracle Aggregator that allows seamless data integration across multiple oracle networks, including Chainlink and Pyth Network.
- The new tool helps developers protect against oracle attacks by increasing the number and diversity of data sources without substantially increasing operational costs.
Switchboard, the fully permissionless and highly customizable oracle network, has launched a new Oracle Aggregator. It allows users to seamlessly integrate data across multiple oracle networks, including industry giants Chainlink and Pyth Network, thereby unlocking access to thousands of new data sources.
The Oracle Aggregator aims to address critical security and cost challenges in the decentralized finance (DeFi) sector. The Web3 industry experienced over $500 million in losses due to price manipulation attacks in 2023, up from $403.2 million in 2022, with these attacks constituting 33% of the total value lost to hacks. By increasing the diversity and volume of data sources, Switchboard aims to bolster the resilience of data feeds against such malicious activities.
“Our philosophy has always been to empower, not constrain, developers. We have no gatekeepers, our platform is completely permissionless, and we let developers fine tune every feed to their exact needs. Until today, developers only had wielded this power over native Switchboard data, but with the launch of our new oracle aggregator, we’re throwing open the flood gates,” Switchboard CEO Chris Hermida, told AlexaBlockchain. “Developers can now design bespoke feeds with data gathered from beyond the Switchboard platform, including sources available on Pyth and Chainlink. We’re helping thousands of developers break free from templates and embrace customized feeds for their next project.”
“Switchboard’s plug-and-play approach empowers users to break free from siloed sources and leverage multiple oracle networks to boost data security and reliability. By allowing developers to aggregate sources from multiple oracle networks, we introduce oracle modularity and redundancy, setting a new industry standard as the first generalized oracle aggregator,” Chris added.
One of the key benefits of the Oracle Aggregator is its customizable nature. Developers can now hand-pick trusted data sources, enhancing security by eliminating those that do not meet their standards. This level of control is pivotal for projects looking to safeguard their operations against data manipulation and other vulnerabilities.
Moreover, Switchboard’s innovative use of Trusted Execution Environments (TEEs) ensures that data aggregation occurs entirely off-chain, sharing the aggregated data with users in a single on-chain transaction. This approach minimizes gas costs associated with on-chain operations while maintaining the integrity of the data.
Switchboard CTO Mitch Gildenberg highlighted the platform’s developer-centric design, stating, “No one understands what developers need better than developers. Switchboard hands over the reins to any developer that wants them, letting them fine-tune every data feed.”
The introduction of the Oracle Aggregator is expected to standardize data and further enhance Switchboard’s permissionless architecture. Since its launch in 2021, Switchboard has grown to over 180,000 users and achieved $1.6 billion in total value secured (TVS). The company’s commitment to user autonomy and inclusion continues to drive its rapid expansion in the Web3 ecosystem.
Earlier this year Switchboard raised $7.5 million in a Series A funding round co-led by Tribe Capital and RockawayX, with additional participation from Solana Foundation, Aptos Labs, Mysten Labs, Subzero Ventures, Starkware, and several other prominent backers.
As the DeFi sector evolves, tools like Switchboard’s Oracle Aggregator will be crucial in building robust and secure decentralized applications.
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