DeFi data manipulation is too easy — and current oracle solutions aren’t help...
DeFi exploits are too common for mass adoption. But there are solutions to the oracle problem. It seems like every week we hear news of another DeFi project being hacked or exploited. The latest crop of victims includes such projects as Harvest Finance, Akropolis, Value DeFi, Origin and of course Compound.When exploits do occur, they usually involve manipulating the reference price like ETH/DAI on a data source, such as Curve, Kyber or Coinbase Pro. Sometimes, it’s a mistake, as in the SNX case where the Korean Won was quoted with the wrong decimal place.Related: Finance Redefined: You get....
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On November 9, a writer from the website samczsun.com published a report that shows a number of issues with price oracle manipulation stemming from a few blockchain applications. The researcher notes that price oracle manipulation has resulted in “over $30 [million] in losses so far.” According to the researcher from samczsun.com there’s been a substantial amount of price oracle manipulation in 2020. On Monday, he tweeted: “Price oracle manipulation has resulted in over 30MM of losses so far and it shows no signs of slowing.” The tweet was also retweeted by....
DIA is the first oracle provider to integrate its oracle infrastructure with the Astar Network, running on the Polkadot Relaychain. The oracle deployment will facilitate DeFi applications on Astar to easily connect to the outside world data. The open-source data provider DIA announced today the integration of its decentralized oracle infrastructure with the Astar Network, running on the Polkadot Relaychain. This oracle deployment will facilitate DeFi applications on Astar to easily connect to the outside world data via DIA’s trusted oracles. Astar Network, previously known as Plasm, is a....
Lenders on decentralized finance (defi) protocol Compound on Thursday got liquidated for a massive $103 million, according to analytics provider Loanscan. This happened after what appears to be an oracle exploit on the Dai stablecoin. An apparent error or malicious attack to the Dai-dollar-peg data supplied by the Coinbase oracle pushed the price of the stablecoin to about $1.30 – a premium of 30% – leaving some users on Compound under-collateralized. Compound gets its pricing data from Coinbase Pro. Now, once this happened, and based on the built-in protocol rules, this could....
The open-source oracle provider DIA announced that it is integrating its oracle services with the layer 1 blockchain Solana. This deployment enables developers on the network to leverage DIA’s data to build new decentralized applications. Solana went live with its beta network in March 2020, yet it has already positioned itself as one of the leading blockchain networks, as of today locking a total value of approximately 15 billion USD. Solana already supports a large number of DeFi solutions, including decentralized applications and smart contracts, as well as non-fungibles tokens. Solana....
Chainlink co-founder Sergey Nazarov explains why a decentralized oracle network is needed to ensure trust in the DeFi ecosystem. Chainlink co-founder Sergey Nazarov believes that increasing the decentralization and scalability of oracle technologies are key to ensure trust in the DeFi ecosystem. Oracles play a key role in the correct functioning of DeFI protocols by connecting them to real-world data. However, the trustworthiness of oracles becomes compromised in instances where they rely on a single data source to retrieve information. For instance, according to Nazarov, excessively....