Alpha Finance Lab launches oracle aggregator with data from Band Protocol and Chainlink
Alpha Finance Lab, a DeFi Lab and on a mission to build an ecosystem of DeFi products, today announced it has launched the ‘Alpha Oracle Aggregator’ with data from two of the largest data oracles providers, Band Protocol and Chainlink, to ensure scalability, flexibility, and security.
Previously, decentralized applications (dApps) had to integrate with multiple data oracles across multiple blockchains; which is inefficient and requires dApps to build and maintain multiple infrastructures.
Additionally, 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. The growth of crypto space leading to many new tokens makes it difficult for a single data oracle to quickly accommodate dApps’ requests to support more tokens.
“The speed at which the DeFi landscape is growing has impacted how Alpha Finance thinks about building and scaling our products. The Alpha Oracle Aggregator ensures the reliability and security of data sourced while increasing flexibility and scalability for the Alpha ecosystem.”
– Tascha Punyaneramitdee, Co-Founder of Alpha Finance Lab
A data oracle is a platform that aggregates and connects real-world data and APIs that power smart contracts.
“The DeFi landscape is changing rapidly and the way we aggregate and supply data must adapt to facilitate growth and add a strategic edge with security to the decentralized projects that use it.”
– Soravis Srinawakoon, CEO and Co-Founder at Band Protocol
The Alpha Oracle Aggregator enables the Alpha ecosystem to access verified data from up to three oracles for a single asset in one location as well as the flexibility to access data from different oracles for different assets. Aggregating data from multiple oracles ensures the output price is guaranteed to remain within a predetermined threshold of at least two sources; ensuring a consistent price feed at all times.
Once Alpha Oracle Aggregator is integrated into multiple data oracles, Alpha Finance can take this tool 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. Ultimately, as one oracle provider may not supply price feeds for every asset, Alpha Oracle Aggregator will allow Alpha Finance to access data for all desired assets from multiple oracle providers simultaneously.