Umee, a cross-chain borrowing & lending platform constructed on the Cosmos SDK, introduced in the present day the event of Orion, the primary decentralized worth oracle native to the Cosmos blockchain ecosystem.
The value oracle will permit functions to precisely decide the value of a Cosmos IBC (Inter-Blockchain Communication) asset at any given time, which is essential to the sleek and safe operation of community functions.
Constructed on the Umee blockchain, Orion will be sure that interchain DeFi apps are in a position to entry real-time worth information from each on-chain and off-chain sources.
Till now, Cosmos builders have solely had entry to restricted worth info, which has usually been concentrated in smaller feeds on choose protocols. This could make real-time asset costs imprecise and pose a risk if any of the restricted worth feeds are overwhelmed or breached.
As a decentralized oracle service, Orion will deal with these vulnerabilities and shortcomings through the use of a permissionless set of validators that acquire and mixture worth information. The protocol will synchronize worth info between chains whereas computing volume-weighted common costs by way of a commit-reveal schema that penalizes validators for submitting incorrect information.
“We’re excited to spearhead the hassle to construct out the important infrastructure for a decentralized worth feed that may be utilized by everybody throughout the Cosmos ecosystem. Orion solves a key drawback and can make the Cosmos ecosystem even safer for customers and extra engaging for builders and builders.”
– Brent Xu, Founder & CEO of Umee
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