Alpha Finance Lab Launches New Oracle Aggregator

Share Article
In Brief
  • Alpha Finance Lab's new oracle aggregator is set to address prominent issues preventing it from adjusting to the expanding DeFi landscape.

  • Product was developed using data from Band Protocol and Chainlink oracle providers.

  • Aggregator "ensures the reliability and security of data sourced while increasing flexibility and scalability for the Alpha ecosystem", says Alpha CEO.

  • promo

    Free Cloud Mining Providers to Mine Bitcoin in 2021

The Trust Project is an international consortium of news organizations building standards of transparency.

The decentralized finance (DeFi) focused Alpha Finance Lab has announced the launch of the Alpha Oracle Aggregator.

Sponsored



Sponsored

This new product was developed using data from two of the largest data oracles providers. Namely, Band Protocol and Chainlink. Its primary purpose is to confront obstacles that are preventing the expansion of the DeFi landscape. As such, it developed the Alpha Oracle Aggregator in a bid to ensure scalability, flexibility, and security.

Tascha Punyaneramitdee, co-founder of Alpha Finance Lab, commented:

Sponsored



Sponsored

“The speed at which the DeFi landscape is growing has impacted how Alpha Finance thinks about building and scaling our products. The Alpha Oracle Aggregator ensures the reliability and security of data sourced while increasing flexibility and scalability for the Alpha ecosystem.”

What issues will the Aggregator address?

More specifically, the new aggregator will allow Alpha Finance Lab to access verified data, aggregated from up to three data oracles for a single asset in one location. In addition, the product allows users to access data from different oracles for different assets.

Before, decentralized applications (dApps) needed to integrate with multiple oracles across multiple blockchains. A requirement that led the dApps to build and maintain several infrastructures at once. Alpha Finance’s new aggregator hopes to negate this requirement.

Soravis Srinawakoon, CEO and co-founder of Band Protocol, elaborated:

“The way we aggregate and supply data must adapt to facilitate growth and add a strategic edge with security to the decentralized projects that use it.”

Other issues include the lack of backup for dApps operating on a single chain, using a single data oracle. This leads to problems in the event of manipulation or unavailability. Furthermore, as the crypto space grows, it brings a variety of new tokens with it. This expansion causes difficulties for data oracles trying to cater to dApps’ requests to support more tokens.   

Big year for Alpha Finance Lab

The aggregator is not the first big launch Alpha Finance Lab has made this year. Back in March, its leveraging protocol, Alpha Homora, announced the launch of staking opportunities and a new tokenomics model. In the reveal made on March 28, Alpha Finance said holders of the native ALPHA token could benefit from its product expansion. Specifically, ALPHA holders could stake tokens for fee-earning opportunities, and also unlock unique features.

At the time, reports indicated that this was one of the first times tokenomics were directly integrated with core underlying protocol usage.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

Follow Author

Crypto predictions with the Best Telegram Signal with +70% accuracy!

Join now

Free Cloud Mining Providers to Mine Bitcoin in 2021

Go

How To Mine Cryptocurrency: Beginner’s Guide

Let's Go