Decentralized finance network Opium has announced an infrastructure upgrade that will change the way oracles are used for price and data feeds.
In a March 30 announcement, the synthetic derivatives Opium Network platform unveiled plans to introduce what it calls optimistic oracles. Working with Gnosis and the Universal Market Access (UMA) platform, Opium is seeking safer oracles for DeFi use-cases that require off-chain data.
Gas Efficient Off-Chain Oracles
One advantage of the new oracles is that they require less gas. This really makes a difference when the average cost of a smart contract operation is almost $60.
“Optimistic oracles are great, not only because they are more gas efficient, but also because they are suited for use-cases that require off-chain data or subjective claims.”
In collaboration with UMA, Opium will implement oracles that can determine whether or not certain events have occurred. This is because information of this nature cannot be solely derived from on-chain data.
Oracles on the Opium Network are smart contracts with an Oracle ID.
For instance, Gnosis’s multi-signature wallets use a system called SafeSnap designed by Gnosis. SnafeSnap is able to verify governance vote outcomes off-chain and also allows anyone to execute proposal transactions.
Optimistic oracles effectively move some of the key decision-making and data determination processes off-chain. Because of this, it allows for faster, more secure, and cheaper operations.
Opium is a synthetic derivatives platform that launched its exchange in May 2020. The protocol allows users to create, settle, and trade decentralized derivatives on Ethereum and can combine any oracle with any financial instrument.
OPIUM Price Update
OPIUM prices have actually dropped 3.3% on the day falling in the opposite direction of the broader crypto markets. The token is changing hands for $7.28 at the time of press according to CoinGecko.
OPIUM has had a solid week, however, surging 25% since the same time last Friday. As a result, it hit an all-time high of $22 on Feb. 4 but has not been able to recover to those levels since then.
DeFi Pulse reports the current total value locked on the protocol is just $3.7 million, making it a minnow in DeFi terms.