Proposal #42
Passed on 21 Sept 2023 with 100.0% of the votes for yes.
Yes
100.0%
100.0% without abstain
Veto
0.0%
of votes cast
Ended
21 Sept 2023
100.00%
of votes cast
0.00%
of votes cast
0.00%
of votes cast
0.00%
of votes cast
As the total value locked (TVL) within the Nolus protocol continues to increase, ensuring the robustness and security of the systems becomes more critical than ever. One vital component that requires enhanced redundancy is the oracle price feeders.
Oracle market data price feeders are an essential part of the Nolus core architecture which uses its own Oracle system. Each price feeding service is an independent lightweight off-chain component that retrieves prices from configured price providers for a set of denomination pairs. Currently, Nolus utilizes Osmosis as a primary DEX of choice for opening, repaying, closing, liquidating the lease (borrow) positions, so for the time being it is the sole price provider. The price feeders utilize a variant of the Exponential Moving Average (EMA) algorithm for the price calculation of any given cryptocurrency pair. Through the use of this algorithm, one can put additional weights on more recently observed prices for a given period. To read more about the role of the price feeders in Nolus, have a look at the [Hidden link].
The current architecture relies on four price feeding services. While this redundancy has served well, the growing TVL and our commitment to ensuring maximum security means we must consider further enhancement of the infrastructure. It is imperative that users and stakeholders can trust the continuous and accurate operation of the platform. Each price feeding service is located in a different geolocation and is configured to push a price every 60 seconds.
By voting YES on this proposal, you agree to whitelist the fifth price feeder for the Oracle smart contract that will provide continuous price feed and act as an additional redundancy measure in the unlikely event of inactivity or failure of any of the existing price feeds.
Each price feeding service is built from the [Hidden link] repository. You can find the configuration for a feeder running on mainnet [Hidden link].