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eOracle, Hexagate Introduce Gate Security Oracle to Establish 'DeFi Firewall'

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Tue, 9/07/2024 - 14:30
eOracle, Hexagate Introduce Gate Security Oracle to Establish 'DeFi Firewall'
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Hexagate, a leading real-time Web3 security firm, is launching the Gate Security Oracle, built on the eOracle stack, the leading AVS on EigenLayer. The novel product is expected to significantly enhance the security and decentralization of staking (restaking) segments and DeFi as a whole.

Gate Security Oracle by eOracle and Hexagate kicks off

According to the official statement of eOracle and Hexagate, its joint solution, Gate Protocol Security Oracle, will be setting new standards in security for the ETH staking scene. eOracle, the leading AVS protocol in terms of staking and validators' network, utilizes restaked ETH to guarantee that modular oracle networks remain secure due to its massive and effective security budget.

With the launch of EigenLayer Actively Validated Services (AVSs), which benefits from the security of billions of dollars worth of ETH locked in for the restaking protocol, the trade-offs of centralization and security can be overcome by deploying services that tap into the inherent security of staked ETH.

Currently, eOracle hits over $5 billion of staked ETH backing its oracle network, with over 120,000 stakers and more than 110 validators distributed globally, making it the most resilient crypto oracle solution by crypto-economic security.

Matan Si, founder of eOracle, highlights that the introduction of such a service is a natural step in the evolution of restaking infrastructure:

When we started building eoracle, we aimed to closely follow Justin Drake and Vitalik Buterin's enshrined Oracle EIP proposals. However, we soon realized that while Ethereum provides an ideal architecture, it is not practical for most use cases. Heavy computation and fast connectivity require a dedicated, immutable layer. To address this, we developed eOracle as a modular and programmable layer designed for both data and computation. This system leverages Ethereum validators and staked ETH to ensure shared security.

He also stressed that mainstream future decentralized solutions will be modular and will overcome major shortages of the existing L1/L2 infrastructure.

New product showcases opportunities of Oracle Validated Service (OVS) model

Yaniv Nissenboim, cofounder and CEO at Hexagate, is enthusiastic about the role of the new development in advancing the level of decentralization in the DeFi segment:

Decentralized space also needs decentralized security. As a first move in this direction we decided to partner with eOracle as the OVS model represents a groundbreaking innovation to enable modularity in the middleware layer. We’re really excited about this, and fully believe it will spark a new wave of innovation in the space.

OVSs expand the existing concept of modularity for blockchains into the middleware space, providing fast connectivity and computation bandwidth for the infrastructure uses that need it.

Related

As covered by U.Today previously, SSV Network hit the $1 billion in staked Ether (ETH) milestone and released an updated ambitious roadmap for the coming months.

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