What is switchboard?
Switchboard is a versatile, multi-chain oracle protocol that provides developers with permissionless and customizable solutions for integrating real-world data into smart contracts. It supports various blockchain networks, including Solana, Arbitrum, Optimism, Aptos, Core and Sui, with future plans to include Starknet
Switchboards Mission:
The organizations mission is to enhance the reliability, scalability, and transparency of blockchain applications, empowering developers and users to build and interact with decentralized financial systems with confidence. Switchboard is dedicated to revolutionizing decentralized finance by establishing a secure, decentralized oracle network that aggregates and verifies data from diverse sources.
Funds raised?
Switchboard recently completed a Series A funding round, raising $7.5 million. The round was led by Tribe Capital and RockawayX, with additional investments from Mysten Labs, InfStones Global, OtterSec, Bixin Ventures, and various angel investors. This funding aims to enhance Switchboard’s capabilities as a decentralized oracle network, supporting customizable data feeds across multiple blockchains like Solana, Arbitrum, and Optimism (Binance) (GitHub) (Web3 Infrastructure for Everyone).
Why switchboard on demand?
Switchboard On-Demand is a new first-of-its-kind oracle paradigm for aggregating secure information on chain.
Since April 2021, Switchboard has secured billions of dollars of on-chain volume offering high security/ low latency guarantees for it’s pricing data.
Why have people chosen Switchboard? – Customizability
“I chose Switchboard because it’s a fast, reliable and allows me to build my own oracles!” I know exactly how my assets are priced”
Blockchain oracles are NOT one-size-fits-all solutions. While some solutions focus very narrowly on pricing fidelity, other’s focus on risk management, others on flexibility.
Switchboard has been heavily involved in the step-wise evolutions of each of these arch-types and, after viewing market behavior, have seen many pain points remain in oracles as a blockchain primitive.
As such, we looked to start back at the basics and build a new solution built on the principles of:
- Offering the highest data security level to the protocol
- Offering the cheapest solution to maintain data
- Offering the fastest oracle in any blockchain ecosystem
- Making the protocol as easy to use as possible
With these, our design goals have produced Switchboard-On-Demand.
