Why Switchboard Oracles?
Switchboard's main innovations and differentiations from its competitors are:
Highly Customisable Data Feeds: Switchboard enables the creation of data feeds that are highly customisable to your project's specific needs. You have full control over update intervals, data weighting from various sources, custom code for bid/ask prices, averaging techniques, and the combination of onchain and offchain inputs. This level of bespoke customisation empowers users to create feeds specific to their particular needs.
Permissionless Data Feed Creation: Switchboard allows anyone to immediately create and deploy new data feeds without permission, waiting for a third party, red tape, or contract requirements. This means that you don’t have to wait for us or someone else to create the feed you desire. Can't find the feed you require, or it does not exist yet? Create it yourself with Switchboard!
On-Demand Oracles: Switchboard is the first project to offer on-demand oracles, meaning data feeds can be created and used on the fly, only when required. This eliminates the need for constant data streaming and significantly reduces latency and costs for users.
Oracle Aggregator: Switchboard offers the first-of-its-kind oracle aggregation feature, allowing users to access aggregated data from any source, including other oracles. This ensures access to the best price and data while providing redundancy and resilience for the protocol.
Speed: Oracle technology has evolved considerably. Other oracles had severe limits or latency issues. Benchmarks showed data staleness of 1–20 seconds with other oracles. Switchboard, however, provides a completely fresh approach. Fetching data directly at the moment of a user’s request, Switchboard delivers oracle updates in ~400 milliseconds. Leading to data feeds that are up to 3x faster than the competition. In the high-speed world of decentralised finance, Switchboard’s near real-time data enables both stronger security and reduced risk – empowering developers to build faster, more performant dApps.
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