A few days ago @switchboardxyz posted @Backpack_CN and
@armaniferrante's interaction is quite meaningful
#预言机 #backpack空投
In fact, I looked at this project with tinted glasses at the beginning. After all, there were already link and pyth in the oracle track, and I felt that it would be difficult for a new oracle to come out. However, after careful research, I found that I was indeed a bit superficial!
As a representative of differentiated competition, I think it is necessary to explain this project in depth:
Project Introduction
Switchboard is a permissionless, customizable, multi-chain oracle protocol for universal data feeds and verifiable randomness. By allowing anyone to push any form of data, regardless of the data type, it provides a one-stop service for users and helps drive the development of the next generation of decentralized applications.
Financing
Switchboard has completed two rounds of financing, including a seed round of US$3.5 million in 2021.
In May of this year, the company completed a round of financing of US$7.5 million.
The lead investor is Tribe Capital, with very good financing
In fact, the core lies in: Why, in a circle where web3 projects are iterating so quickly, can this project still obtain institutional financing after three years?
Why, in the crowded and competitive oracle field, has this project been able to gain institutional recognition this year?
Project Advantages
Blockchain oracles are not a one-size-fits-all solution. Some oracles prioritize pricing fidelity, others focus on risk management, and still others emphasize flexibility.
Switchboard was deeply involved in the gradual evolution of each prototype. By closely observing market behavior, the project discovered and solved many persistent pain points in blockchain oracles and built new solutions based on the following principles:
1. Provide the highest level of data security for the protocol
2. Provide the cheapest data maintenance solution
3. Provide the fastest oracle in any blockchain ecosystem
4. Make the protocol as easy to use as possible
Core Problem Solving
Traditional “push” oracles continuously send asset price updates to the blockchain, whether or not the data is needed. All of these updates generate network traffic. When many users and protocols rely on the same oracle, it clogs the blockchain, causing delays and increased fees.
Switchboard On-Demand disrupts this paradigm. Applications extract data from Oracle only when needed. Since prices follow user transactions, they are always as real-time as possible. This eliminates the latency inherent in older versions of Oracle, which pushed prices as often as possible. This user-driven approach significantly reduces network load compared to continuous updates of traditional oracles, potentially increasing transaction speeds and reducing costs for DeFi applications on Solana
Pull-based on-demand oracles will solve much of the congestion on Solana. Currently, everyone is locking and sending transactions involving the same SOL or USDC oracle. With each protocol having its own cryptographically verified oracle, the hot spots will disappear and everything will flow smoothly.
in conclusion
1. I personally feel that if this project issues coins, the market capitalization of the leading Link and Pyth will be around 6.6 billion and 1.1 billion, which will correspondingly increase the expectations of this project.
2. I also look forward to in-depth cooperation with Backpack, such as trading airdrops, daily activities, etc. I feel that both parties have a lot of potential for cooperation.
3. As an indispensable oracle track in the web3 world, I will configure some
