Switchboard Launches Oracle Aggregator to Enhance Data Integration and Security in DeFi Sector
Switchboard, a leading oracle network, has unveiled its new Oracle Aggregator, allowing seamless data integration across multiple oracle networks, including Chainlink and Pyth Network. This innovative tool aims to protect developers against oracle attacks by increasing the diversity and volume of data sources without significantly raising operational costs.
The decentralized finance (DeFi) sector has been plagued by security challenges, with over $500 million in losses due to price manipulation attacks in 2023. Switchboard’s Oracle Aggregator seeks to address these issues by providing access to a wide range of data sources, enhancing the resilience of data feeds against malicious activities.
CEO Chris Hermida emphasized Switchboard’s commitment to empowering developers, stating, “We’re breaking down barriers and giving developers the freedom to design bespoke feeds with data from multiple oracle networks. This level of customization is crucial for projects looking to enhance their security measures.”
One of the key features of the Oracle Aggregator is its customizable nature, allowing developers to hand-pick trusted data sources and eliminate those that do not meet their standards. Additionally, Switchboard’s use of Trusted Execution Environments (TEEs) ensures that data aggregation occurs off-chain, reducing gas costs associated with on-chain operations.
CTO Mitch Gildenberg highlighted the platform’s developer-centric design, stating, “Switchboard understands the needs of developers and provides them with the tools to fine-tune every data feed. This level of control is essential for maintaining data integrity and security.”
The introduction of the Oracle Aggregator is expected to standardize data and strengthen Switchboard’s permissionless architecture. With over 180,000 users and $1.6 billion in total value secured (TVS), Switchboard continues to drive innovation in the Web3 ecosystem.
Earlier this year, Switchboard raised $7.5 million in a Series A funding round, demonstrating strong support from prominent backers in the industry. As the DeFi sector evolves, tools like Switchboard’s Oracle Aggregator will play a crucial role in building secure and robust decentralized applications.
