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Fast take:
Switchboard can be introducing a brand new UI to boost safety and scale back the specter of future Oracle assaults.
Worth manipulation assaults elevated to $500 million final yr from $403.2 million in 2022 in keeping with Chainalysis.
The Switchboard UI will increase the quantity and sort of knowledge sources customers can question, thus making it simple to create hardened information feeds.
Switchboard, the customisable Oracle community and the world’s first aggregator community has unveiled its new Oracle aggregator community with enhanced security measures. In response to the announcement shared with NFTgators, customers will be capable of combination information throughout a number of Oracle networks together with Chainlink and Pyth, thus getting access to hundreds of knowledge sources.
The corporate can be introducing a brand new UI, which will increase the quantity and sort of knowledge sources customers can question, thus making it simple to create hardened information feeds.
The launch is a part of Switchboard’s mission to scale back the variety of Oracle assaults, which final yr resulted to losses of $500 million, up from $403.2 million, accounting for 33% of the full crypto misplaced to hacks.
Explaining to NFTgators how the brand new enhancements in Switchboard UI work, co-founder and chief know-how officer Mitchell Gildenberg stated in a press release: “Past bettering the reliability of knowledge feeds, Switchboard’s new oracle aggregator additional enhances the customization choices obtainable to Web3 builders. We’ve seen excessive demand from builders for extra granular management over information feeds and the flexibility to tailor feeds to suit area of interest purposes.”
In response to Gildenberg, normal templates are sometimes inefficient for purposes like dynamic NFTs, which can require particular information. “With Switchboard’s aggregator, builders can reliably pull the precise information they want on the actual second they want it, no matter whether or not they’re performing a standard process or exploring new know-how,” Gildenberg added.
With Switchboard’s new aggregator, builders can choose the precise information sources they want to pull from, enabling them to handpick the sources that they belief and get rid of those who don’t meet their requirements.
“Switchboard’s plug-and-play strategy empowers customers to interrupt free from siloed sources, and leverage a number of oracle networks to spice up information safety and reliability,” stated Switchboard CEO Chris Hermida. “By permitting builders to combination sources from a number of Oracle networks, we permit for Oracle modularity and redundancy, setting a brand new business normal round as the primary generalized Oracle aggregator.”
In response to the announcement, Switchboard is utilising Trusted Execution Environments (TEEs) to scale back the variety of extra operations required to execute the brand new mannequin, thus ensuring fuel prices don’t improve dramatically.
Information is aggregated utterly off-chain and shared with customers on a single on-chain transaction. “This reduces the necessity for gas-intensive on-chain operations whereas sustaining information integrity,” Switchboard wrote in a press release.
Launched in 2021, Switchboard has onboarded over 180k customers since June 2023, whereas its TVL has surpassed $1.7 billion, in keeping with DeFiLlama.
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