Alpha Finance Lab announced the news in a blog post on Monday, May 10. The developer of Alpha Hamora DeFi protocol said that with Alpha Oracle Aggregator, it would prepare itself for the upcoming growth stage by enhancing scalability, flexibility, and security for the suite of Alpha products in several ways.
Alpha Finance Lab is a development platform focused on innovating decentralized finance (DeFi). Alpha Homora is the first leveraged yield farming and leveraged liquidity providing product in DeFi and the first product by Alpha Finance Lab. Alpha Oracle Aggregator will be the second product by the Lab.
This oracle aggregator product will aggregate data from two of the largest data oracles providers, Band Protocol and Chainlink, to ensure scalability, flexibility, and security. Its primary purpose is to confront obstacles that are preventing the expansion of the DeFi landscape.
Alpha Finance Lab team said:
“The Alpha Oracle Aggregator will enable Alpha Finance and its ecosystem of Alpha products to access verified data aggregated from up to three data oracles for a single asset in one location, as well as the flexibility to access data from different oracles for different assets.”
According to Alpha Finance, this new aggregator will allow it to expand Dapps’ cross-chain capability in a scalable way. Currently, decentralized applications (DApps) needed to integrate with multiple oracles across multiple blockchains that led the DApps to build and maintain several infrastructures at once. The newly launched oracle aggregator hopes to negate this problem as it could be deployed on other chains without needing to set up new infrastructure.
Other issues include the lack of backup for DApps operating on a single chain, using a single data oracle. These Dapps can suffer in the case of temporary data unavailability or manipulation. According to Alpha Finance Lab:
“By aggregating data from multiple oracles, Alpha Oracle Aggregator ensures the output price is guaranteed to remain within a predetermined threshold of at least two sources, ensuring a consistent and reliable price feed at all times.”
Furthermore, it will the Alpha Finance products to support the ever-increasing number of tokens entering the DeFi market by accessing data for all desired assets from multiple oracle providers simultaneously.