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Oracles

HyperPaxeer supports several oracle providers to enable smart contracts to access off-chain data and interact with the real world (e.g. price feeds or randomness). These oracles serve as a bridge between the decentralized, trustless environment of blockchain and the centralized, traditional internet. An oracle is a piece of software that retrieves data from external sources and feeds it into smart contracts on the blockchain. This enables smart contracts to respond to real-world events, trigger automated actions, and execute their intended functions.

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List of Oracles

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Mainnet

ServiceDescriptionLinks & Features
PythLeverages over 70 first-party publishers to publish financial market data to numerous blockchains. They provide data feeds to various assets classes, such as US equities, commodities, and cryptocurrencies.
AdrastiaProvides a decentralized and permissionless oracle network that is secure, reliable, and easy to use. It uses three types of contracts to provide secure data feeds: Accumulators, Intermediate oracles & Aggregator oracles
  • HyperPaxeer data and contract address can be found here
DIAEnables the sourcing, validation and sharing of transparent and verified data feeds for traditional and digital financial applications. DIA’s institutional-grade data feeds cover asset prices, metaverse data, lending rates and more. Data is directly sourced from a broad array of on-chain and off-chain sources at individual trade-level
RedstoneOffers a radically different design of Oracles catering for the needs of modern Defi protocols
  • Data providers can avoid the requirement of continuous on-chain data delivery
  • Allow end users to self-deliver signed Oracle data on-chain
  • Use the decentralized Streamr network to deliver signed oracle data to the end users
  • Use token incentives to motivate data providers to maintain data integrity and uninterrupted service
  • Leverage the Arweave blockchain as a cheap and permanent storage for archiving Oracle data and maintaining data providers’ accountability
  • Examples of Redstone EVM Connector can be found here
SEDA NetworkA multi-chain-native data transmission protocol built on an entirely decentralized foundation. The SEDA network is a Proof-of-Stake on-chain data provision solution that allows anyone to provide and access high-quality data on all blockchain networks

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How do Oracles work?

   +------------+         +------------+         +-------------+
   | External   |         |   Oracle   |         |  Smart      |
   | Data Source|         | Service    |         | Contract    |
   +------------+         +------------+         +-------------+
        |                       |                       |
        |  API Call             |                       |
        |---------------------> |                       |
        |                       |    Retrieve External  |
        |                       |    Data via API Call  |
        |                       |---------------------->|
        |                       |                       |
        |                       |    Use External Data  |
        |                       |    in Smart Contract  |
        |                       |<----------------------|
        |                       |                       |
        |                       |    Return Result to   |
        |                       |    Smart Contract     |
        |                       |<----------------------|
        |                       |                       |
In this diagram:
  • External Data Source refers to a source of data outside the blockchain network, such as a stock market, weather service, or other external API.
  • Oracle Service is a third-party service that acts as a bridge between the external data source and the smart contract. It retrieves the data from the external source and provides it to the smart contract.
  • Smart Contract is a self-executing contract that is deployed on the blockchain network. It uses the data provided by the oracle to perform certain actions, such as releasing funds or triggering events.
  • API Call refers to the request made by the smart contract to the oracle service, asking for the required external data.
  • Retrieve External Data refers to the process of retrieving the requested data from the external data source via the API call.
  • Use External Data refers to the process of using the retrieved data in the smart contract to perform actions, such as condition checking and state changes.
  • Return Result refers to the process of returning the result of the action performed in the smart contract back to the oracle.