Switchboard V2 is the first permissionless oracle protocol live on Solana mainnet!
When we set out to build Switchboard the goal was clear: provide permissionless data on Solana such that anyone can contribute and grow the network. Existing oracle solutions rely on whitelisting oracle operators and building custom solutions for new data feeds. We decided to take a much more scalable approach; anyone is free to publish any data feed they wish on-chain and, provided they meet the proper stake requirements, are free to run an oracle as well. Oracles are awarded each time they complete an update request and slashed when they provide incorrect results. This fits in line with the broader web3 vision and …
Today we are happy to announce the launch of Switchboard V2!
Switchboard V2 was rebuilt from the ground up using Project Serum’s Anchor framework and is the first oracle network on Solana that allows permissionless data feeds. To achieve this, we designed a publisher site that streamlines the on-chain workflow and lets developers build and deploy a data feed in under 60 seconds. The publisher site is the culmination of months of working with some of the top Solana projects, anticipating their needs, in order to provide the best experience to support the thriving developer ecosystem. We can’t wait to see what products come out of the next hackathon now that the data developers rely on when building smart contracts is right at their fingertips.
The publisher site is now live: publish.switchboard.xyz
Onchain data in under 60 seconds!
Switchboard V2 introduces the concept of an oracle queue (realm) to manage how oracle resources get allocated, a crank to jump start the system and find data feeds ready for updates, and permission accounts to control who has access to an oracle queue or other onchain resources. We are currently laying the foundation for the Switchboard DAO so an oracle queue can be entirely managed by a DAO. Initially the DAO quorum will consist of oracle operators as they are the most familiar with the network constraints to make informed decisions but soon after we will open up the DAO to anyone growing the Switchboard protocol with us. This will make Switchboard the most decentralized oracle network in crypto.
We are excited to finally release the next iteration of our oracle protocol and look forward to seeing what you build with it!