Alpha Finance Launches Alpha Oracle Aggregator with Data from Band Protocol and Chainlink
Alpha Finance Lab is excited to announce the launch of Alpha Oracle Aggregator, with data from two of the largest data oracles providers, Band Protocol and Chainlink, to ensure scalability, flexibility, and security.
This launch will prepare Alpha for the upcoming growth stage.
A data oracle is a platform that aggregates and connects real-world data and APIs that power smart contracts.
Oracle is one of the most important aspects in operating DeFi protocols safely and efficiently. The rapidly changing and growing DeFi landscape has increased requirements that DeFi projects have to fulfill and significantly impacted how we think about and adopt oracle solutions.
Enhancing scalability, flexibility, and security with Alpha Oracle Aggregator
With Alpha Oracle Aggregator, Alpha Finance Lab will enhance scalability, flexibility, and security for the suite of Alpha products in a number of ways.
1) Expanding cross-chain in a scalable way
2) Expanding on Ethereum with more security
3) Supporting more assets with more flexibility
Expanding cross-chain in a scalable way
Previously, decentralized applications (dApps) that expand cross-chain might have to integrate with multiple data oracles across multiple blockchains, which is inefficient and requires dApps to build and maintain multiple infrastructures.
The Alpha Oracle Aggregator will enable Alpha Finance and its ecosystem of Alpha products to access verified data aggregated from up to three data oracles for a single asset in one location, as well as the flexibility to access data from different oracles for different assets.
Once Alpha Oracle Aggregator is integrated with multiple data oracles, Alpha Finance can take Alpha Oracle Aggregator to deploy on other chains and continue to work with Band Protocol and Chainlink seamlessly on the new chain without needing to set up new infrastructure.
Expanding on Ethereum with more security
dApps operating on one chain using one data oracle do not have a backup if the oracle they are working with is temporarily unavailable or suffers from manipulation.
By aggregating data from multiple oracles, Alpha Oracle Aggregator ensures the output price is guaranteed to remain within a predetermined threshold of at least two sources, ensuring a consistent and reliable price feed at all times.
Supporting more assets with more flexibility
The growth of crypto space, which leads to many new tokens entering the market, makes it difficult for a single data oracle to quickly accommodate dApps’ requests to support more tokens.
Thus, Alpha Oracle Aggregator will allow Alpha Finance to access data for all desired assets from multiple oracle providers simultaneously.
Alpha Oracle Aggregator ensures security, scalability, and flexibility for the Alpha ecosystem.
We are only scratching the surface of what is to come. Be ready for the next growth stage at Alpha starting this month.
About Alpha Finance Lab
Alpha Finance Lab is a DeFi Lab and on a mission to build an ecosystem of DeFi products (the Alpha ecosystem), consisting of innovative building blocks that capture unaddressed demand in key pillars of the financial system. These building blocks will interoperate, creating the Alpha ecosystem that will be an innovative and more capital efficient way to banking in DeFi.
Alpha Homora is Alpha Finance Lab’s first product and DeFi’s first leveraged yield farming product that captures the market gap in lending, one of the key pillars of the financial system.
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