Build Your Protocol on Evmos Leveraging Secure Data with Flux Protocol’s Cross-Chain Oracles

Published in

The Evmos Blog

3 min readMay 17, 2022

The DeFi world is all about establishing trustless security through transparent, decentralized foundations, and yet many protocols expose themselves to vulnerability by using centralized and permissioned data providers. Flux Protocol enables smart contracts to reclaim the essence of DeFi by providing a secure, decentralized cross-chain oracle aggregator. With Flux Protocol, data security is built into its open-source infrastructure: validators fulfilling data requests stake Flux Protocol’s native utility token, FLX, which incentivizes honest behavior — and in turn, reliable and high quality data.

At current, Flux has surpassed $1 billion TVS and is partnering with companies like Amberdata and Kaiko to provide any type of data your protocol might need; including crowdsourced, API, historical, and price feed data. Coslend, a lending protocol on Evmos, is also leveraging Flux’s price feeds to guarantee asset security and avoid price manipulation.

All About the First Party Oracle (FPO)

Flux Protocol offers a First Party Oracle (FPO) solution for the EVM. Both newer and more developed DeFi protocols looking to get started with price pairs, lending and borrowing, and other DeFi needs can utilize Flux Protocol’s FPO. With Flux’s open source Provider Nodes, data providers are responsible for the reliability and quality of the data pushed on-chain. The FPO is ready to go with high quality DeFi data providers hand-selected by the Flux team. At the moment, Flux is subsidizing costs for querying data with the FPO, which makes this a great opportunity for newer protocols just getting started on Evmos. Learn more about the First Party Oracle and how it works in the docs here.

Flux is also working on a Third Party Oracle (TPO) for specialized and custom use cases; however, it’s not available on the EVM just yet.

Flux Tokenomics: Building Security with the FLX Token

The Flux Protocol token, FLX, is a utility token designed to ensure security of the network by engaging the DAO and aligning validator incentives. Protocols that wish to create new data requests need to enter a whitelist by submitting a proposal with a FLX token bond to the DAO. Likewise, developers need to apply to the DAO for approval before deploying Oracle modules for different use cases.

FLX tokens also serve to secure the network and thereby the integrity of Flux Oracles by acting as collateral for data requests. This is useful for highly sensitive data requests, where the data requester has the option of specifying the amount of FLX that nodes fulfilling the request need to stake as collateral. Lastly, FLX token holders can vote to participate in upgrades and design changes for the Flux Oracle.

Ready to equip your protocol with data you can really trust? Watch the video on how to learn how to use Flux Oracles, or check out the Flux website to learn more.

About Flux Protocol

Flux allows any smart contract to connect with crowdsourced, API-based, and price-feed data. Flux brings this data on-chain using a sophisticated validation and dispute mechanism that relies on economics principles to keep validators honest.

Flux is backed by world-class investors such as Distributed Global, Coinbase Ventures, Reciprocal Ventures, Coinfund, Maven 11, Flow Ventures, among others.

Join Flux’s community:

📯 Telegram: https://t.me/fluxprotocol

👾 Discord: https://discord.gg/SrWSakxf

🕊 Twitter: https://twitter.com/fluxprotocol

About Evmos

Evmos is the first Ethereum Virtual Machine–based blockchain in the Cosmos ecosystem and enables developers to launch apps that run smart contracts across any number of EVM- and Cosmos-based blockchains. It makes that process as simple and seamless as possible by allowing developers to continue creating apps in Solidity and Vyper like they’re accustomed to in the Ethereum ecosystem. Evmos opens a new frontier for blockchain applications, expanding the functionality of the EVM by enabling cross-chain applications that tap the liquidity and user bases of multiple blockchain ecosystems to provide a more unified experience.