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Oracles

Financiyo supports several oracle providers to enable smart contracts to access off-chain data and interact with the real world (e.g. price feeds or randomness). These oracles serve as a bridge between the decentralized, trustless environment of blockchain and the centralized, traditional internet.

An oracle is a piece of software that retrieves data from external sources and feeds it into smart contracts on the blockchain. This enables smart contracts to respond to real-world events, trigger automated actions, and execute their intended functions.

List of Oracles​

Mainnet​

Service
Description
Links & Features

Pyth

Leverages over 70 first-party publishers to publish financial market data to numerous blockchains. They provide data feeds to various assets classes, such as US equities, commodities, and cryptocurrencies.

Adrastia

Provides a decentralized and permissionless oracle network that is secure, reliable, and easy to use. It uses three types of contracts to provide secure data feeds: Accumulators, Intermediate oracles & Aggregator oracles

  • Financiyo data and contract address can be found here

DIA

Enables the sourcing, validation and sharing of transparent and verified data feeds for traditional and digital financial applications. DIA’s institutional-grade data feeds cover asset prices, metaverse data, lending rates and more. Data is directly sourced from a broad array of on-chain and off-chain sources at individual trade-level

  • DIA feeds are fully customizable with regards to the mix of sources and methodologies, resulting in tailor-made, high resilience feeds

  • Financiyo Mainnet and Testnet contracts available for use. Update frequency is 2 hrs.

  • Link to DIA's API

  • DIA has a custom feed builder and the supported token pairs are located here

  • the DIA team Discord

Redstone

Offers a radically different design of Oracles catering for the needs of modern Defi protocols

  • Data providers can avoid the requirement of continuous on-chain data delivery

  • Allow end users to self-deliver signed Oracle data on-chain

  • Use the decentralized Streamr network to deliver signed oracle data to the end users

  • Use token incentives to motivate data providers to maintain data integrity and uninterrupted service

  • Leverage the Arweave blockchain as a cheap and permanent storage for archiving Oracle data and maintaining data providers' accountability

  • Examples of Redstone EVM Connector can be found here

SEDA Network

A multi-chain-native data transmission protocol built on an entirely decentralized foundation. The SEDA network is a Proof-of-Stake on-chain data provision solution that allows anyone to provide and access high-quality data on all blockchain networks

How do Oracles work?​

   +------------+         +------------+         +-------------+
   | External   |         |   Oracle   |         |  Smart      |
   | Data Source|         | Service    |         | Contract    |
   +------------+         +------------+         +-------------+
        |                       |                       |
        |  API Call             |                       |
        |---------------------> |                       |
        |                       |    Retrieve External  |
        |                       |    Data via API Call  |
        |                       |---------------------->|
        |                       |                       |
        |                       |    Use External Data  |
        |                       |    in Smart Contract  |
        |                       |<----------------------|
        |                       |                       |
        |                       |    Return Result to   |
        |                       |    Smart Contract     |
        |                       |<----------------------|
        |                       |                       |

In this diagram:

  • External Data Source refers to a source of data outside the blockchain network, such as a stock market, weather service, or other external API.

  • Oracle Service is a third-party service that acts as a bridge between the external data source and the smart contract. It retrieves the data from the external source and provides it to the smart contract.

  • Smart Contract is a self-executing contract that is deployed on the blockchain network. It uses the data provided by the oracle to perform certain actions, such as releasing funds or triggering events.

  • API Call refers to the request made by the smart contract to the oracle service, asking for the required external data.

  • Retrieve External Data refers to the process of retrieving the requested data from the external data source via the API call.

  • Use External Data refers to the process of using the retrieved data in the smart contract to perform actions, such as condition checking and state changes.

  • Return Result refers to the process of returning the result of the action performed in the smart contract back to the oracle.

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