LiquidApps and Equilibrium are excited to announce their successful collaborative effort to implement LiquidOracles into Equilbrium’s EOSDT stablecoin. After becoming a DSP on the DAPP Network, integrating LiquidOracles enhances Equilbrium’s EOSDT with a reliable, robust price feed that is essential to the smooth functioning of the decentralized stablecoin.
According to Alex Melikhov, CEO of Equilibrium, “Having accurate, reliable price information is extremely important for the EOSDT stablecoin. The system relies on the actual asset prices to do mark-to-market, “bad” debt wipeout, and other operations. With LiquidOracles, we’ve found a solution that is engineered to work seamlessly in any condition and can remain unaffected by congestion or network fees. We look forward to expanding our offering further as DSPs on the DAPP Network.”
Oracles are a crucial component of DeFi dApps like Equilibrium, providing reliable price information that is used in tasks such as dynamic pricing models, risk management and processing margin calls. Equilibrium’s approach to sourcing price feed information involves diversifying via several oracle providers for redundancy and security. Currently, the system uses three different oracles and calculates the median rate based on the data provided by three oracles. LiquidOracles and Provable supply data from the source specified by Equilibrium (it’s CryptoCompare for now — known and robust market data aggregator), while the Delphi Oracle supplies the price from Block Producers. The median value is a final reference price used in all on-chain calculations.
When oracles cease to function as they should, DeFi dApps stop working properly which leaves them vulnerable to various exploits. This was the case on Thursday, March 12, when network congestion and the price of fees on Ethereum caused certain oracles to malfunction. DeFi dApps that relied on these oracles simply ‘froze’ without up-to-date price information, which contributed to the significant losses experienced across the cryptocurrency market on ‘Black Thursday.’
As an oracle solution, LiquidOracles offers a number of advantages that make it a wise choice for DeFi dApps. For starters, both the service level agreement and the data returned by oracles happen on-chain, giving everybody an opportunity to validate the performance of LiquidOracles. Furthermore, LiquidOracles can be combined with additional DAPP Network services — such as vRAM, LiquidScheduler, LiquidStorage and more — to create ‘immortal dApps’ that are end-to-end decentralized.
“LiquidOracles are crucial to supplying data with a high degree of integrity to DeFi dApps,” says Beni Hakak, CEO of LiquidApps. “We are excited that Equilibrium has decided not only to integrate LiquidOracles but to scale their impact by becoming DSPs on the DAPP Network. Now third-party developers can gain access to Equilibrium’s resilient price feeds and seamlessly integrate them within their dApps.”
Want to integrate LiquidOracles into your own dApp? — This walkthrough explains just how you can get started on EOS, Wax or Telos!