Thursday, Aug. 1
Switchboard Releases ‘Oracle Aggregator’ to Help Prevent Price-Manipulation Attacks
Switchboard, a permissionless and customizable oracle network, has made a significant advancement by unveiling its new Oracle Aggregator. This innovative tool is designed to enable users to effortlessly aggregate data from multiple oracle networks, including prominent players such as Chainlink and Pyth Network. The primary goal of the Oracle Aggregator is to enhance the resilience of decentralized applications (dApps) against price manipulation attacks, which have become increasingly prevalent in the blockchain ecosystem.
The development team at Switchboard emphasizes that by aggregating data off-chain, their new user interface (UI) significantly reduces the necessity for gas-intensive operations, which can be a burden for developers and users alike. Moreover, this aggregation increases the overall integrity of the data being utilized. One of the most empowering features of the Oracle Aggregator is that it allows developers greater autonomy in selecting the precise data sources they wish to use. This means they can easily eliminate any sources that do not meet their desired standards, ensuring a higher level of accuracy and reliability in the data they integrate into their dApps.
Pichi, Crypto Points-Trading Protocol, Raises $2.5M
Pichi Finance, a groundbreaking protocol focused on trustless points trading, has successfully completed a $2.5 million seed funding round. This funding round was led by UOB Venture Management, Signum Capital, and Mantle Network, showcasing strong investor interest in the innovative approach Pichi is taking in the crypto space. The primary objective of Pichi Finance is to provide price discovery for tokens both before and after their Token Generation Events (TGEs).
The team at Pichi Finance has indicated that the investment will be strategically utilized to target new points programs, which will help broaden their market reach. Additionally, the funds will be directed towards creating vaults that allow users to earn yield and points simultaneously, as well as expanding their operations to other Ethereum Virtual Machine (EVM) compatible chains. The project aims to unlock the intrinsic value of points through a trustless marketplace, enabling users to trade these rewards securely and efficiently. Their ERC-6551 account solution addresses the prevalent issue of points being tied to individual accounts, ensuring that users can trade points without the risk of losing their benefits.
Daylight, Aiming to Enable ‘Virtual Power Plants,’ Launches Testnet and Raises $9M in Fundraise Led by A16z
Daylight has taken a significant step towards revolutionizing the energy sector by launching a testnet for its decentralized protocol, which will eventually facilitate the creation of “virtual power plants” using distributed energy resources (DERs). This initiative is particularly timely given the growing demand for sustainable energy solutions. Along with the testnet launch, Daylight has announced a successful $9 million funding round led by the renowned venture capital firm a16z, with participation from Framework Ventures and existing investors such as Lerer Hippeau, Lattice Fund, and Escape Velocity.
The investment from a16z is indicative of the strong belief in Daylight’s potential to disrupt traditional energy models. According to a blog post from a16z crypto, the Daylight ecosystem is designed to incorporate three core components that will facilitate the integration of DERs into a cohesive energy network. This structure aims to empower users and communities to optimize their energy usage and contribute to a more sustainable future.
In summary, the advancements made by Switchboard, Pichi Finance, and Daylight are reflective of the ongoing innovation in the blockchain space. Each of these projects addresses unique challenges within their respective fields, whether it be enhancing data integrity in dApps, enabling trustless trading of points, or facilitating decentralized energy production. As these technologies continue to evolve, they hold the promise of creating more efficient, transparent, and sustainable systems in the future.
Protocol Village is a regular feature of The Protocol, our weekly newsletter exploring the tech behind crypto, one block at a time. Sign up here to get it in your inbox every Wednesday. Project teams can submit updates here. For previous versions of Protocol Village, please go here. Also, please check out our weekly The Protocol podcast.