Euler introduces a whole new on-chain price oracle design and improves improve upon the Uniswap V3 TWAP (time-weighted average price) oracle design. - oraclesummit uniswap
As the big surprise in Doug’s presentation, Euler’s new oracle design was introduced. The new design includes improvements to the Uniswap V3 oracle which Euler has been using for some time. Some of the goals for Euler’s new oracle include increasing the oracle’s resiliency to attacks as well as improving on gas fees inefficiencies faced by the Uniswap V3 oracle.
In his presentation, Doug discusses how the Euler oracle was tested. Using real event data, the Euler oracle was tested against Uniswap V3’s. These simulations compared each oracle’s price reports to real prices, as well as the gas usage of the two oracles.on 12th May 2022, extreme volatility in the price of USDC/WETH led to the Euler oracle’s gas usage being higher than Uniswap V3’s. While Doug described this as the “worst case scenario” for the Euler oracle, this only refers to gas usage.
”. Doug elaborates on Euler’s use of QuickSelect, the limitations of the algorithm, as well as Euler’s plans on how to deal with those shortcomings.by Doug Hoyte. Euler was a Platinum Sponsor at the world’s first Blockchain Oracle Summit, the only conference to focus solely on oracles’ importance and design. Building a truly decentralized, next-generation DeFi protocol led the Euler team deep down the rabbit hole of oracle security. The team’s wealth of wisdom about TWAP oracles and how to manipulate them was a crucial part of our research process for BOS22.
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