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Hexagate leverages eOracle to launch ‘The Gate Security Oracle’ to enhance overall security for dApps in the DeFi space.
Web 3 security firm Hexagate announces the launch of ‘The Gate Security Oracle’, built on the eOracle stack. The security oracle aims to advance security across the decentralized finance (DeFi) space, allowing builders to take advantage of Hexgate’s battle-tested machine-learning models.
Announced Tuesday, The Gate Security Oracle marks the first-of-its-kind security protocol to secure on-chain protocols from hacks and other external threats. The security protocol leverages the Oracle Validated Service (OVS) model, which provides developers with a ‘DeFi firewall’ that mitigates any security risks and threats before any damage occurs.
Speaking on the launch of The Gate Security Oracle, Yaniv Nissenboim, Co-Founder and CEO at Hexagate, explained the need for the decentralized ecosystem to move towards decentralized security.
“As a first move in this direction, we decided to partner with eOracle as the OVS model represents a groundbreaking innovation to enable modularity in the middleware layer,” Nissenboim said. “We’re really excited about this, and fully believe it will spark a new wave of innovation in the space.”
OVSs expand the existing concept of modularity for blockchains into the middleware space, providing fast connectivity and computation bandwidth for the infrastructure uses that need it.
Decentralized security: Solving the blockchain trilemma
While blockchain technology promises trust and security for DApps, most platforms have to sacrifice decentralization to ensure security and scalability, or any of the three for the other two. This current design trade-offs often see projects sacrificing decentralization to benefit from infrastructure that lets them function effectively.
However, the launch of EigenLayer, the staking protocol that introduces a new rudimentary in crypto-economic security, mitigated the trade-offs between centralization and security. EigenLayer includes Actively Validated Services (AVS), blockchain-based applications outside the EVM, including middleware, services, chains, networks, and PoS systems, which are secured by restakers who use billions of their staked ETH to secure them.
eOracle, the leading AVS on EigenLayer allows developers to overcome the tradeoffs by utilizing restaked ETH to guarantee that modular oracle networks remain secure due to its massive effective security budget.
Currently, eOracle boasts over $5B of staked ETH backing its oracle network, with over 120,000 stakers and more than 110 validators distributed globally, making it the most resilient crypto oracle solution by crypto-economic security.
Moving from Ethereum’s Oracle EIP proposals, eOracle founder Matan Si believes the launch of eOracle has enhanced the practicality of Ethereum’s security architecture, allowing developers to easily tap into the leading EVM blockchain’s security.
“Heavy computation and fast connectivity require a dedicated, immutable layer. To address this, we developed eOracle as a modular and programmable layer designed for both data and computation,” Si added. “This system leverages Ethereum validators and staked ETH to ensure shared security. The future is modular and not just for blockchains but for middleware as well. Just as Layer 2 solutions have significantly broadened the scope of scalable applications, AVS will usher in a similar wave of innovation in the coming years. AVS are the new L2s.’’
