Switchboard Unveils Enhanced Oracle Aggregator Network

Switchboard has launched a new Oracle aggregator network with enhanced security features.

The network enables users to aggregate data from various Oracle networks, including Chainlink and Pyth.

This new development offers access to thousands of data sources.

Improved User Interface

The company has introduced a new user interface that allows for a broader range of data queries.

This update simplifies the creation of reliable and specific data feeds.

Mission to Reduce Oracle Attacks

The launch aligns with Switchboard's mission to minimise Oracle attacks, which accounted for significant losses in the previous year.

In 2022, Oracle attacks led to $500 million in losses, up from $403.2 million in 2021.

These attacks represented 33% of the total cryptocurrency lost to hacks.

Customisation for Web3 Builders

Mitchell Gildenberg, Switchboard's co-founder and CTO, explained the benefits of the new UI.

He highlighted the high demand from developers for more control over data feeds.

The new system allows for customisation to meet specific needs, such as dynamic NFTs.

Gildenberg emphasised that the aggregator lets developers access precise data when needed, enhancing efficiency.

Plug-and-Play Approach

Switchboard's CEO, Chris Hermida, noted the platform's modularity and redundancy.

The plug-and-play model enables users to choose trusted data sources while avoiding less reliable ones.

This flexibility supports a more secure and dependable data ecosystem.

Utilisation of Trusted Execution Environments

The platform employs Trusted Execution Environments (TEEs) to streamline operations.

This approach reduces additional operational requirements, helping manage gas costs effectively.

Data aggregation occurs off-chain, with results shared via a single on-chain transaction.

This method maintains data integrity while reducing gas-intensive operations.

Platform Growth

Since its launch in 2021, Switchboard has gained over 180,000 users.

The platform's total value locked (TVL) has exceeded $1.7 billion as of June 2023.