Alpha Finance Lab has developed an oracle aggregator with data from oracle providers Band Protocol and Chainlink to address challenges related to scalability, flexibility and security as the decentralized finance landscape continues its rapid evolution.
A data oracle is a platform that combines and integrates real-world data and application programming interfaces that control smart contracts.
“The speed at which the DeFi landscape is growing has impacted how Alpha Finance thinks about building and scaling our products,” Alpha Finance Lab co-founder Tascha Punyaneramitdee said in a statement sent to Forkast.News. “The Alpha Oracle Aggregator ensures the reliability and security of data sourced while increasing flexibility and scalability for the Alpha ecosystem.”
Punyaneramitdee explained the oracle aggregator would allow Alpha Finance and its ecosystem of products to access validated data aggregated from up to three data oracles for a single asset in one location, and the flexibility to access data from different oracles for different assets.
Previously, decentralized applications had to integrate with multiple data oracles across multiple blockchains, which was inefficient and required building and maintaining multiple infrastructures.
“DeFi in Asia is taking off at a rapid pace,” Punyaneramitdee added in a separate email. “DeFi projects based in Asia seem to be focused on creating an ecosystem as opposed to a standalone product. These ecosystems include Alpha Finance, Terra, and dForce. Many incubators/alliances have been setting up over the past couple of months, signaling interest from the wider communities in Asia wanting to start a DeFi project. Many firms have also found a niche in helping Western projects to connect to Asian communities.”