Switchboard, the fully permissionless and highly customizable oracle network, has unveiled its innovative Oracle Aggregator that allows users to seamlessly aggregate data across multiple oracle networks, including Chainlink and Pyth Network, unlocking access to thousands of new data sources.
The introduction of the Oracle Aggregator helps developers fortify their projects against oracle attacks while reducing costs and offering total customizability. In 2023, the Web3 industry lost over $500 million to price manipulation attacks, up from $403.2 million in 2022, accounting for 33% of the total value lost to hacks. By significantly increasing the number and type of data sources users can query, Switchboard’s new oracle aggregator makes it easy to create hardened data feeds.
“Switchboard’s plug-and-play approach empowers users to break free from siloed sources, and leverage multiple oracle networks to boost data security and reliability,” said Switchboard CEO Chris Hermida. “By allowing developers to aggregate sources from multiple oracle networks, we allow for oracle modularity and redundancy, setting a new industry standard around as the first generalized oracle aggregator.”
The new oracle aggregator allows developers to select the exact sources they’d like to pull from. This grants experienced developers greater autonomy over security by letting them hand-pick trusted sources and eliminate those that don’t meet their standards.
Critically, Switchboard’s model doesn’t require significantly more operations or dramatically increase gas costs. By utilizing Trusted Execution Environments (TEEs), Switchboard’s unique architecture aggregates data completely off-chain, sharing the aggregated data with users in a single on-chain transaction. This reduces the need for gas-intensive on-chain operations while maintaining data integrity.
The Oracle Aggregator also gives developers more granular control of their expenses, allowing them to design bespoke feeds that are perfectly tailored to their projects. “No one understands what developers need better than developers,” said Switchboard CTO Mitch Gildenberg. “Switchboard hands over the reins to any developer that wants them, letting them fine tune every data feed.”
The new aggregation features will help standardize data and further enhance Switchboard’s fully permissionless architecture, which allows any developer to provide data or set up a feed. The company’s steadfast commitment to the Web3 ideals of user autonomy and inclusion has helped it skyrocket to over 180k users since June 2023 and $1.6B of TVS since launch in 2021.
About Switchboard
Switchboard is the world’s largest customizable oracle network and the first oracle aggregator, helping secure nearly $1.6 of value across a number of different ecosystems including Solana, Aptos, Sui, Ethereum, Arbitrum, Starknet, Core and others. With Switchboard on-demand, Switchboard enables just in time data feeds – allowing latency sensitive users securely bring the exact customized data they need, exactly when they need it on chain.