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KeyTango is a platform where retail investors can discover, explore and invest in DeFi products and services such as crop cultivation and liquidity funds. We believe DeFi should be more inclusive, and it should be
You may be a cryptocurrency veteran, but new to DeFi. Starting today, a series of articles will break down some of the key concepts behind DeFi in simple terms.
•Price oracles in a nutshell•
Oracles are essentially third-party services that allow smart contracts on blockchains to receive external data from outside their ecosystem. The oracles act as a data source that can be incorporated into a smart contract that allows them to access real-time data that is not yet on the chain, which is usually the exact price of an asset.
While the oracles themselves are not data sources, they are layers that validate the data in the chain associated with real-world events, and then send the accumulated data to smart contracts.
Price oracle risk is the risk that such a price flow could be changed and the wrong price entered into a smart contract, leading to a false decrease or increase in the price of an asset, creating an arbitrage opportunity for a manipulator. The effect of this manipulation is further amplified when attackers implement instant loans to take advantage of the arbitrage opportunity created by price manipulation
Most decentralized oracles use the ShellingCoin mechanism, where independent sources report data without verification from other sources. Due to the lack of this contact, these sources / agents are reporting "true" data to the best of their ability and expect other sources to do the same.
This mechanism is vulnerable to various problems, such as collusion between the parties, signaling, and even bribery. In addition, in the event of a hacker attacking the data source, there is no mechanism for retaliation. Even one wrong value can have serious consequences for oracle-dependent applications.
Various DeFi protocols have released pricing oracles to provide users with transparent pricing data. For example, the Compound money market protocol announced its Open Price Feed (OPF) decentralized price oracle in August. At OPF, price informants such as cryptocurrency exchanges, DeFi protocols, and OTC trading desks can send price data using a known public key
Users can obtain reported pricing data by accessing the public pricing reporting API. The pricing oracle is decentralized as price data can be presented and accessed without the use of a composite protocol infrastructure.
•The growing popularity of Oracle decentralized platforms•
Projects like Chainlink offer decentralized oracles that retrieve and deliver financial data for derivatives and loans. For example, Chainlink suggests that its oracles have recovered data on more than 90% of the volume of nonpayment on derivative loans among public blockchains.
This data is received by DeFi derivatives providers such as Synthetix, Nexus Mutual, and MCDEX, among others. Earlier this year, Coinbase launched Price Oracle with the goal of reducing systemic risk across the broader DeFi ecosystem. Coinbase Oracle can be integrated across blockchain networks and once there can be combined with other data sources used by DeFi projects.
Overall, decentralized finance has grown significantly in 2020. Blockchain oracles have played a critical role in the development of DeFi as they have improved the reliability and accuracy of data across various DeFi protocols.
Relying on Oracle's decentralized platforms, DeFi protocols can save time and resources by fostering innovation in other areas of decentralized finance. To reduce risk exposure from a price oracle, investors can use platforms that are not based on a price oracle, use a tamper-proof price oracle like Uniswap V2, or use a price stream from a high volume source, the cost to manipulate its price is very expensive.
Want to know what else is possible with Oracles? Sign up for the beta of keyTango at keytango.io, stay up to date with the latest developments in keyTango, and be whitelisted for our next token sale.
•Market creation (MM)•
Essentially, market makers determine the liquidity and depth of financial markets. They track the value of the assets they make in real time and use the opposite trend of the market, which is often in an advantageous position. Simply put, when most traders in the market try to sell an asset, market makers buy it, and when most traders in the market try to buy an asset, market makers sell it. in asset prices, while avoiding unpredictable price spikes due to low liquidity. #defi #keyTango $defi #deepdefi
•Players in the market•
- Uniswap
- Uniswap was the first truly decentralized AMM to hit the market in November 2019. Uniswap allows anyone to create a pool of liquidity on the network and allows any other seller in the ecosystem to contribute.
- Rocker
- Balancer is considered the pioneer of the recently launched MMA. The balancer works similarly to Uniswap, but also offers industry-first dynamic features that allow the protocol to have a broader arsenal of AMM use cases.
- Curve
- Another new AMM protocol that will enter the DeFi ecosystem in early 2020 is Curve Finance. Curve has manager-only pools where anyone can contribute to these pools, but they have a big difference; Curve Liquidity Funds only support stablecoins.
Want to learn more about DeFi with keyTango? Sign up for our beta at keytango.io, stay up to date with our latest developments and get whitelisted for our next token sale. Do you have friends who don't like reading? You can find the related explanatory video on the official keyTango YouTube channel
If you want to learn more and/or sign up for our limited beta, please reach out to [email protected] or our website at https://www.keytango.io/
[1]Analysis: Most DeFi Tokens Are Concentrated In Hands of Top 500 Holders
[2] https://lindajxie.com/2019/09/25/interoperability-and-composability-within-ethereum/
[3] https://www.coindesk.com/defi-fl
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