Quick take:
Switchboard is also introducing a new UI to enhance security and reduce the threat of future Oracle attacks.
Price manipulation attacks increased to $500 million last year from $403.2 million in 2022 according to Chainalysis.
The Switchboard UI increases the number and type of data sources users can query, thus making it easy to create hardened data feeds.
Switchboard, the customisable Oracle network and the world’s first aggregator network has unveiled its new Oracle aggregator network with enhanced security features. According to the announcement shared with NFTgators, users will be able to aggregate data across multiple Oracle networks including Chainlink and Pyth, thus gaining access to thousands of data sources.
The company is also introducing a new UI, which increases the number and type of data sources users can query, thus making it easy to create hardened data feeds.
The launch is part of Switchboard’s mission to reduce the number of Oracle attacks, which last year resulted to losses of $500 million, up from $403.2 million, accounting for 33% of the total crypto lost to hacks.
Explaining to NFTgators how the new improvements in Switchboard UI work, co-founder and chief technology officer Mitchell Gildenberg said in a statement: “Beyond improving the reliability of data feeds, Switchboard’s new oracle aggregator further enhances the customization options available to Web3 builders. We’ve seen high demand from developers for more granular control over data feeds and the ability to tailor feeds to fit niche applications.”
According to Gildenberg, standard templates are often inefficient for applications like dynamic NFTs, which may require specific data. “With Switchboard’s aggregator, developers can reliably pull the exact data they need at the exact moment they need it, regardless of whether they are performing a common task or exploring new technology,” Gildenberg added.
With Switchboard’s new aggregator, developers can select the exact data sources they would like to pull from, enabling them to handpick the sources that they trust and eliminate those that don’t meet their standards.
“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,” said Switchboard CEO Chris Hermida. “By allowing developers to aggregate sources from multiple Oracle networks, we allow for Oracle modularity and redundancy, setting a new industry standard around as the first generalized Oracle aggregator.”
According to the announcement, Switchboard is utilising Trusted Execution Environments (TEEs) to reduce the number of additional operations required to execute the new model, thus making sure gas costs do not increase dramatically.
Data is aggregated completely off-chain and shared with users on a single on-chain transaction. “This reduces the need for gas-intensive on-chain operations while maintaining data integrity,” Switchboard wrote in a statement.
Launched in 2021, Switchboard has onboarded over 180k users since June 2023, while its TVL has surpassed $1.7 billion, according to DeFiLlama.
Stay on top of things:
Subscribe to our newsletter using this link – we won’t spam!
Follow us on X and Telegram.
The post Switchboard Unveils New Oracle Aggregator With Enhanced Security Features appeared first on NFTgators .