Leading DeFi Projects Embrace Oracle Diversity

By API3
Jan 16, 2024, 9:38 AM
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DeFi projects like Liquity Protocol, Synthetix, and Venus Protocol are starting to embrace oracle diversity by incorporating two or even three oracle models.​ This is crucial for scaling DeFi as it provides fallback options in case of events that impact users.​

Sources

We hate it when users of DeFi get impacted by events like today and are glad that the @SiloFinance team was able to prevent any real harm. Every oracle comes with trade-offs, which is why you shouldn’t put all of your eggs in one basket. Leading projects are starting to embrace

Silo Labs
Silo Labs
@SiloFinance

Earlier today, Chainlink wstETH/ETH price feed on Arbitrum reported an inaccurate value, resulting in the liquidation of 5 positions. Our friends at Chainlink are on it. No bad debt accrued, Silo is performing as usual ✅ 🧵

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