Today, Goracle is launching its Price-Pair Mainnet-Beta to the Algorand community.
It will be launching with a trusted group of third-party runners. The goal of this beta is to enable builders within the Algorand ecosystem. With access to secure, accurate, and real-time data through Goracle Price-Pair feeds, smart contract developers will be able to build innovative DeFi applications. The ability to pull pricing data from feed providers means that developers now have another reason to be a part of a growing DeFi ecosystem on Algorand that has grown over 400% from the beginning of 2022 to over $100M.
In order to build a truly decentralized and permissionless future, crucial infrastructure such as wallets and RPCs should remain free to access. Oracles are no exception. Oracles should be a public good provided to all without profit, and Goracle will follow that ethos by allowing the price oracle to be accessed freely.
Over time, Goracle aims to become the ecosystem standard for trusted data feeds. Goracle wants to ensure that both new and seasoned developers have a base class of key DeFi data to build their products on.
What can you expect
For example, with recent exploits leaving protocols like AAVE and Mango Markets with bad debt, a reliable oracle price feed is needed more than ever. With accurate price feeds, money markets will be able to price collateral to issue new loans and liquidate undercollateralized debts, thus allowing the protocol to provide stable lending & borrowing services while ensuring protocol health. Using Goracle price feeds, partners such as Glitter Finance will be able to build out a capital-efficient cross-chain bridge that allows users to redeploy a portion of locked collateral on one chain into yield-generating vaults on another chain. With over 50K+ weekly active wallets, Algorand is seeing immense demand for DeFi, and a great oracle is key.
In the future, another exciting use case is evident in Goracle’s partnership with OddsJam, a sports data provider. OddsJam will enable protocols to access sports results through a decentralized sports betting API. This opens the door for innovative ideas such as sports betting and fantasy leagues that build off real-time sports data. Sports betting is expected to be a $129B market by 2028, and Algorand has the opportunity to become the on-chain home of that powered by Goracle.
To ensure the accuracy of the price feeds, Goracle relies on a few mechanisms. From the source, Goracle only partners with institutional-grade data providers, such as their partner Amberdata, to deliver high-fidelity digital asset data. Then, Goracle node runners, including their strategic partner Infstones, will actively monitor data that is transferred on/off the chain and only propose and vote on honest blocks in return for GORA token rewards. As Goracle onboards more node runners outside the development team, we will rigorously test how external node runners perform on a few metrics, such as uptime and % of honest blocks proposed.
For Goracle, the success of the Price-Pair Mainnet-Beta will be measured by the Total Value Secured by the oracle feeds. Both of these should signal increased utilization of the oracle feeds as they confidently embark on future phases of the road to decentralization.
This is just the beginning for Goracle. Price-Pair Mainnet-Beta is the first phase out of four to achieving a fully decentralized protocol. In early Q1 2023, Goracle will be launching Phase 2: an incentivized testnet.
During the incentivized testnet, the protocol will be opened up to include custom request responses on aggregated data feeds. This means that, for example, instead of having to take the mean of the price from all of the feed providers, users can make custom requests to only include the price from a certain feed providers if they think others are inaccurate. More importantly, phase 2 will enable the Goracle team to test a large group of node runners, including retail (which is important for diversification and decentralization of the network).
Price feeds are just the tip of the iceberg. Goracle will provide various feeds so that developers can start using alternative datasets such as sports, weather, flights and even blockchain metadata.
Get in touch
If you are a smart contract developer and want to integrate Goracle Price Feeds, check out their documentation, ask a question in Discord, or Telegram. To speak with a member of their team, they can be contacted via their website.
Goracle is the leading Oracle and data services provider for the Algorand Ecosystem. Goracle unlocks the limits to what decentralized applications can provide for everyday users by bring the best data, on-chain in the most secure and efficient way. By creating a flexible and modular oracle infrastructure Goracle can deliver on the promise of an oracle that is fast, can support frequent upgrades, is scalable while maintaining decentralization. Learn more about Goracle here.