Introduction
The Silo Protocol serves hundreds of depositors and borrowers on a daily basis. Our lending markets use third-party services to read the market value of token assets. These services are also known as Oracles. Oracles are essential to the functioning of any lending protocol, and Silo Finance is no exception.
I encourage every user to develop a better understanding of oracles to asses risk and protect their funds.
At the moment, our markets use two main oracles:
- Uniswap V3 oracles
- Chainlink oracles
The Silo lending protocol is designed in a modular way to register new oracle providers.
In this proposal I recommend SiloDAO integrate DIA oracles.
What is DIA?
Quoting from DIA’s official docs:
DIA allows the creation of price feeds for over 3,000+ crypto tokens, 18,000+ NFT collections, 20,000+ traditional assets, Liquid Staked Tokens and more, with the ability to customize each feed for specific protocols and use cases.
With a unique architecture that aggregates raw trade data directly from 80+ sources, such as CEXs, DEXs and NFT marketplaces, DIA offers 100% source transparency and bespoke customization. Any data feed that is publicly accessible can be sourced, regardless of its listing conditions and trading volume - there is no dependency on third-party data providers.
This allows DIA feeds to be fully customized with regards to the mix of sources and methodologies, resulting in tailor-made, high-resilience feeds and thereby setting a new paradigm for blockchain oracles.
Proposal
We’ve approached DIA team to create price feeds for the following token assets:
- GRAIL (Camelot)
- JONES (Jones DAO)
- PLS (Plutus)
- SPA (Sperax)
The DIA team has deployed the oracles. Please take a look at the proposal: CDR #042: Silo Finance | Price Feeds - CDRs - Custom Delivery Requests - DIA Forum | Cross-Chain Oracles for Web3
Oracles are experimental
Whilst DIA oracles function similar to Chainlinks’ and garner trust in DeFI, I recommend users use DIA-enabled markets cautiously. If the integration deems secure, we can expand DIA oracles to new markets.
Feedback
Please reply to this thread with your feedback or post it in our Discord server - Proposal Discussion channel.
Resources