Dear dForce community, I have a proposal for you all to consider for improving our protocol’s oracle infrastructure. As the premiere lending/borrowing protocol on Evmos, I believe it is very important for dForce to provide support for the $Evmos Token. Additionally, as no other lending/borrowing hubs support this asset to my knowledge, this will further dForce’s visibility and success in the Evmos ecosystem.
While researching various oracle solutions to provide an on-chain price feed for the $Evmos token, I realized it is very difficult and limited, because the majority of markets where $Evmos is traded is on DEXes which are not included in most oracles sources.
I was able to identify one highly reputable oracle which would be able to successfully provide a resilient, production-ready price feed for $Evmos upon request, which is DIA Data.
Here are some key reasons why I believe DIA Data is an excellent choice for the provision of an $Evmos market on dForce, and for improving the positioning of our community and dForce within the Evmos ecosystem.
Transparency and reliability: DIA Data is a decentralized Oracle platform that provides reliable and 100% transparent data feeds, with a strong reputation of success since 2018. Their data is verifiable, open-source, and up-to-date, which is crucial for making informed decisions in the DeFi ecosystem.
Sourcing: DIA’s asset data is sourced on the individual trade level directly from over 80 DEXs and CEXs, enabling them to support assets like $Evmos. Whereas other oracles mostly rely on off-chain data from trusted third-party sources, DIA gets its reliable trade data directly from the source. This enables them to support over 3,000 crypto tokens, which to my knowledge is the largest data library of any oracle.
Customizable data feeds: DIA Data provides custom data feeds tailored to our specific protocol needs. This flexibility will allow us to access the data in the format which is most relevant to our operations and aligned with our current oracle architecture. The parameters and assets held in these feeds can also be adjusted after the oracle is deployed, making our reliance on DIAs oracles future-proof.
Competitive pricing: DIA does not charge for their oracles. The only cost they ask is to cover the gas costs of pushing the updates on-chain. Simply the operational expense of the oracle.
By using DIA Data, we can ensure that the data we rely on for our decentralized applications and smart contracts is 100% transparent, credibly neutral, and verifiable. It is my belief and proposal that DIA Data’s services will provide us with a competitive advantage in our industry with the provision of an $Evmos market, and help us achieve our business objectives.
If the community is interested in exploring this, here are the rough steps we would take:
- Once enough interest is expressed, dForce will request an $Evmos price feed from DIA on the DIA Forum
- DIA will deploy the $Evmos price feed for dForce
- dForce will fund the gas wallet for covering the gas costs of the custom $Evmos oracle
- dForce will integrate and access the oracle using the steps provided on the following documentation: https://docs.diadata.org/documentation/oracle-documentation/access-the-oracle
- To learn more about DIA, check out this link:
- DIA Documentation: Get Started - DIA Documentation