Umee, a cross-chain borrowing and lending platform based on the Cosmos SDK, today announced the development of Orion, the first native decentralized price oracle of the Cosmos blockchain ecosystem.
The price oracle will allow applications to accurately determine the price of a Active Cosmos IBC (Inter-Blockchain Communication) at any time, which is crucial for the proper functioning and security of network applications.
Built on the Umee blockchain, Orion will ensure that cross-chain DeFi applications are able to access real-time price data from on-chain and off-chain sources.
so far, Cosmos builders only had access to limited pricing information, which was typically concentrated in smaller streams on select protocols. This can make real-time asset prices inaccurate and pose a threat if any of the constrained price feeds are exceeded or breached.
As a decentralized oracle service, Orion will address these vulnerabilities and shortcomings by using a set of permissionless validators that collect and aggregate price data. The protocol will synchronize price information between chains while calculating volume-weighted average prices through a validation-revelation scheme that penalizes validators for submitting incorrect data.
“We are excited to lead efforts to create the essential infrastructure for a decentralized prize feed that can be used by everyone in the Cosmos ecosystem. Orion solves a key problem and will make the Cosmos ecosystem even safer for users and more attractive for builders and developers.
– Brent Xu, Founder and CEO of Umee