Web 3 security and risk analytics platform Hexagate announces the launch of ‘The Gate Security Oracle’, a ‘DeFi Firewall’ built on leading EigenLayer AVS, eOracle stack.
Hexagate, a Web 3 security protocol that provides a secure platform for builders in DeFi, has unveiled its premier security oracle – The Gate Security Oracle, in a press release this Tuesday. The security oracle aims to provide a firewall for DeFi projects, securing them from external data risks and threats before they happen.
The platform is built on the eOracle stack, the leading Activated Validated Service (AVS) on EigenLayer, becoming the first-of-its-kind decentralized machine-learning-based security protocol on Ethereum. This follows a two-year building process for the oracle, with Yaniv Nissenboim, Co-Founder and CEO at Hexagate, confirming the platform has helped secure over $50 billion in assets since 2022.
"In the past two years, we pioneered real-time proactive security and built a battle-tested ML and invariant monitoring engine that today protects over $50 billion in TVL across various protocols, chains, bridges, and asset managers," he said.
Leveraging eOracle To Secure DeFi Platforms
The launch of AVSs on EigenLayer marked the start of a new crypto-economic security model that allows DApps not compatible with Ethereum’s virtual machine (EVM) to use staked ETH to secure their platforms. Before, the trust and security of these platforms were compromised, meaning the developers had to design tradeoffs (such as sacrificing decentralization) to ensure their infrastructure was secure from external threats. This hurt the overall adoption of the platforms as they struggled to acquire users and build a strong reputation for themselves.
The launch of AVSs, which benefit from the security of billions of dollars worth of ETH locked in for the re-staking protocol, allowed these non-EVM DApps to ride on the security and trust of Ethereum. eOracle, the leading AVS in terms of staked assets and validators network, utilizes the re-staked ETH to guarantee that modular oracle networks remain secure.
As of writing, eOracle boasts over $5B of staked ETH backing its oracle network, with over 120,000 stakers and more than 110 validators distributed globally, making it the most resilient crypto oracle solution by crypto-economic security.
Enter Gate Protocol Security Oracle
The latest innovation from Hexagate leverages the eOracle stack and Oracle Validated Service (OVS) model to enable builders to secure their on-chain protocols. The Gate Security Oracle will allow developers to take advantage of Hexagate’s machine-learning-based security models to protect their platforms from external threats and security hacks. This allows protocols to integrate a native ‘DeFi Firewall’ that mitigates threats before any damage occurs.
“A decentralized space also needs decentralized security. As a first move in this direction, we decided to partner with eOracle as the OVS model represents a groundbreaking innovation to enable modularity in the middleware layer,” Nissenboim added. “We’re excited about this, and fully believe it will spark a new wave of innovation in the space.”
The OVS models enhance and expand the concept of modularity for blockchains into the middleware space, providing fast connectivity and computation bandwidth for the infrastructure uses that need it.
Speaking on the integration of eOracle to Hexagate’s security oracle and the challenges that Ethereum DApps face, Matan Si, founder of eOracle stated:
“To address this [Ethereum’s security architecture problems], we developed eOracle as a modular and programmable layer designed for both data and computation. This system leverages Ethereum validators and staked ETH to ensure shared security. The future is modular and not just for blockchains but for middleware as well. Just as Layer 2 solutions have significantly broadened the scope of scalable applications, AVS will usher in a similar wave of innovation in the coming years. AVS are the new L2s.’’
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.