Pendulum To Use Acurast’s Trustless Oracles For Verifiable Price Feeds

Pendulum and Acurast are collaborating to bring trustless and verifiable price feeds to Pendulum (and its canary chain, Amplitude) through Acurast.

Why are trustless and verifiable price feeds important?

Many DeFi projects have to rely on off-chain data to get access to, for example, price feeds for their applications. Often they have to resort to a solution they either build on their own or put their trust in rather centralized, intransparent oracles. Often these oracles are black boxes, which return results without the consumer of the feed being able to independently verify that the expected code was actually executed to produce that result.

The Acurast solution: show, don’t tell

Acurast has built a solution that does not require trust but one that is verifiable and secured through technology and cryptography — just the way Web3 intended.

  • A developer writes a price fetching script (a “job”)
  • The job is executed by a so-called Data Transmitter in a Trusted Execution Environment (“TEE”)
  • The result of running the job is then brought to the desired destination of the developer (for example, through the Acurast Pallet to the Pendulum chain… more about that later)
  • The on-chain output is now verifiable by anyone. It’s an open system that enables everyone to become a Transmitter and participate.

Getting fiat prices on Pendulum

Our goal at Pendulum is to unleash the full potential of stablecoins and give developers all the tools they need to develop the next generation of DeFi-fiat applications. Getting accurate, secure, and variable price feeds on-chain is absolutely key to this.

  • Verifiable oracles: by having transparent, open oracle services, it is possible to mitigate some of the security risks of blackbox data feed providers.
  • Flexible oracles: Acurast’s flexible platform allows Pendulum to write feed-specific price fetching jobs and run them according to the agreements with the Data Transmitters — if a certain application requires faster price feeds or special feed update rules, they can be adjusted directly.

An Example: fetching from the Binance API

A simple example of a customized fetching mechanism is the following code sample which simply retrieves the current BNB-BTC price:

The Acurast-Pendulum prototype

The first step of integration is a joint prototype which will integrate the Acurast pallet on Foucoco (Pendulum’s Rococo testnet). The goal is to allow the creation of trustless, custom-made, and verifiable oracles that fetch both crypto and fiat prices.

The future of oracles

Oracles are one of the most critical infrastructure pieces in the crypto ecosystem, and one that deserves much attention. With Acurast approach, which allows scripts to execute in a verifiable manner, oracles are no longer necessarily opaque services that data consumers simply have to trust without any recourse to independent verification. With this step, the entire industry can make a great leap forward towards increased trustlessness.

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