Hexagon Launches A New Security Oracle To Enhance Development Across The DeFi Space

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As a seasoned crypto investor with a background in blockchain technology and decentralized finance (DeFi), I’m excited about Hexagate’s latest announcement of The Gate Security Oracle. Having witnessed the challenges that DeFi projects face when it comes to security, especially for those non-EVM platforms, this innovation is a game-changer.

As a crypto investor, I’m excited to share that Hexagate, a pioneering Web 3 security and risk analytics platform, has recently announced the launch of “The Gate Security Oracle.” This innovative solution is dubbed as a “DeFi Firewall,” constructed on the robust EigenLayer AVS and eOracle stack. Essentially, it functions as an advanced protective shield for decentralized finance (DeFi) users, safeguarding their investments from potential threats in the complex DeFi landscape.

As a researcher, I’m excited to share that Hexagate, a pioneering Web 3 security protocol designed for the Decentralized Finance (DeFi) community, announced the launch of its premier security oracle – The Gate Security Oracle – in a recent press release. In my perspective, this innovative security solution serves as a robust shield for DeFi projects, safeguarding them against external data risks and potential threats before they materialize.

The platform is constructed using the eOracle stack, which is the foremost Activated Validated Service (AVS) on EigenLayer, marking it as the inaugural decentralized machine learning security protocol on Ethereum. This development comes after a two-year long creation process for the oracle. Yaniv Nissenboim, Co-Founder and CEO at Hexagate, attests to the platform’s significant contribution in safeguarding over $50 billion worth of assets since 2022.

For the past two years, we have been innovators in implementing real-time, proactive security measures. We also developed a robust machine learning (ML) and invariant monitoring engine that has undergone rigorous testing. This technology now safeguards over $50 billion in total value locked (TVL) across various protocols, blockchains, bridges, and asset management platforms.

Leveraging eOracle To Secure DeFi Platforms

Introducing AVSs on EigenLayer signified the initiation of a novel crypto-economic security system, empowering DApps that don’t align with Ethereum’s Virtual Machine (EVM) to leverage staked ETH for securing their ecosystems instead. Previously, trust and safety concerns for these platforms were a major issue, forcing developers to make compromises like sacrificing decentralization to fortify their infrastructure against external risks. Consequently, user adoption was hindered as they grappled with establishing a solid reputation in the market.

With the introduction of AVSs (Automated Validator Systems), which leverage the security of approximately $XX billion locked in Ethereum for their re-staking protocol, non-EVM (Ethereum Virtual Machine) decentralized applications (DApps) are able to tap into Ethereum’s robust security and trust. The foremost AVS, eOracle, capitalizes on this re-staked ETH to ensure the security of modular oracle networks.

At present, eOracle boasts a substantial backing of over $5 billion in staked Ethereum for its oracle network. With approximately 120,000 stakers and over 110 validators dispersed around the world, eOracle stands out as the most robust crypto oracle solution due to its extensive cryptoeconomic security.

Enter Gate Protocol Security Oracle 

As a researcher exploring the latest advancements in blockchain technology, I’m excited to share that Hexagate’s newest offering utilizes the eOracle stack and Oracle Validated Service (OVS) model for enhanced on-chain protocol security. This innovation enables builders to safeguard their platforms against external threats and hacking attempts.

In the realm of decentralized systems, ensuring security is just as essential as creating the space itself. To initiate this process, we have chosen to collaborate with eOracle. Their OVS (Open Value Systems) model signifies a pioneering advancement, allowing flexibility in the middleware layer. We’re enthusiastic about this collaboration and are confident that it will ignite a fresh wave of innovation within the decentralized space.

OVS models bring modularity in blockchains to the middleware level, offering quick links and enhanced computational capacity for infrastructure requirements that demand it.

Matan Si, founder of eOracle, discussed the process of combining eOracle with Hexagate’s security oracle. He highlighted the complexities Ethereum DApps encounter during this integration and spoke about it.

“We’ve addressed Ethereum’s security architecture challenges by creating eOracle, a versatile and customizable layer for data and computation. This solution relies on Ethereum validators and staked ETH to ensure collective security. The future is headed towards modularity, not just for blockchains but also for middleware. Just as Layer 2 solutions have expanded the horizons of scalable applications, AVS will bring about a comparable surge of innovation in the upcoming years. AVS represent the next generation of Layer 2 solutions.”

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2024-07-09 17:01