Equilibrium’s Genshiro Integrates Price Feed Data From Bluzelle
Genshiro, Equilibrium’s Kusama-based DeFi parachain, has a new partner in reliable price feed data — Bluzelle is the latest oracle provider to integrate its data flow with our newest DeFi playground.
This brings the total number of oracle providers on Genshiro to three. Oracle functionality calls for accurately pricing assets during a market that’s open 24 hours a day, so the best oracles can handle a large volume of data in a highly secure and reliable way. Broadly speaking, the more oracles a DeFi platform has, the more rugged and robust it becomes. The strongest platforms achieve high decentralization and redundancy for sourcing their price data, so this Bluzelle integration instantly makes Genshiro a more reliable platform overall.
There are three primary characteristics that make Bluzelle an ideal partner for beefing up Genshiro’s awareness of live market prices. We have previously described Genshiro as a highly experimental playground for DeFi, and this oracle meets certain specifications that make it very capable to help drive the DeFi networks of the future.
Fast pricing intervals. The crypto market is volatile and any fluctuation can greatly impact the programmatic interest rate of borrowing and lending on Genshiro. We want price data to be as accurate and up-to-date as possible. Bluzelle’s oracle provides real-time prices for crypto assets and refreshes this data every several minutes. New and historical values are stored in Bluzelle’s decentralized database, where they’re easily retrievable and the blockchain is free of congestion issues.
High-quality price data. Bluzelle’s oracle aggregates market data from a wide variety of reliable sources, and is operated by a decentralized network of nodes. They use a five-step process that votes data in and out from reputable sources, runs statistical analysis on prior price to ensure data accuracy and validity, and ultimately arrives at a blended value that can be stored in trustless fashion.
Advanced security triggers. Bluzelle runs statistical analyses of data from different sources and checks it against historical values. It generates warnings when a price point appears out of the ordinary, preventing any bad actors from creating a flash loan attack by altering the price feed. This adds an additional safety net for protecting users’ assets on Genshiro.
Overall we are glad to be teaming up with such a forward-looking team of DeFi developers. We’re excited to see Genshiro pave the way for future platforms and technologies!
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