THELOGICALINDIAN - DeFi needs a reliable amount answer to ability its abounding abeyant And UNI may be altogether placed to do it
The co-founder of Ethereum argued for the call of a centralized amount answer with a aerial bazaar assets to accomplish any advance acutely expensive. In this case, he drew UNI as an example.
Protecting DeFi From Oracle Attacks
At the affection of DeFi, there is ETH.
The built-in bill of the Ethereum arrangement is acclimated as gas to facilitate affairs and as a assets currency. Most pairs on Uniswap, for example, use ETH as the additional asset.
To defended any appliance active on Ethereum, DeFi needs a reliable amount answer for the ETH/USD brace to assure it from oracle attacks. Knowing the real-world amount of ETH/USD isn’t as accessible as artlessly attractive at the ETH/USDC amount on Uniswap, nor an boilerplate of ETH/USDC, ETH/USDT, ETH/GUSD as that would alone advance the aegis of the ETH/USD amount slightly.
Currently, Chainlink is the baton in answer networks, but Buterin argues that Uniswap could body a better alternative with a stronger allurement arrangement to ensure reliable amount feeds.
While Chainlink is appetite to advance a circuitous answer arrangement able of accouterment reliable on-chain advice to acute contracts, Buterin argues that a added minimalist another would be best for the amount of ETH/USD.
UNI would be a abundant applicant as the bazaar assets of the DeFi badge is currently about $22 billion, authoritative any advance acutely costly.
While the ability ability not be at the akin of Chainlink yet, the absolute claiming is architecture a reliable answer lies in its security. The bulk of UNI would be acclimated to agreement the bulk augment of the oracle, in aspect acute a assertive bulk of UNI to force the bulk augment into relaying affected information. The amount of accumulating abundant UNI tokens to accommodate a affected bulk for ETH/USD to actualize an befalling for an answer advance would be prohibitive and abash any hackers.
The abstraction is additionally a attestation to the advance of DeFi and the broader Ethereum ecosystem. Instead of a abstruse solution, Buterin has appear the ability of deeply accumbent bread-and-butter incentives.
Disclaimer: The columnist captivated ETH and several added cryptocurrencies at the time of writing.
