Umee, a cross-chain borrowing lending platform built on the Cosmos SDK, announced today the development of Orion, the first decentralized price oracle native to the Cosmos blockchain ecosystem.
The price oracle will allow applications to accurately determine the price of a Cosmos IBC (Inter-Blockchain Communication) asset at any given time, which is crucial to the smooth and secure operation of network applications.
Built on the Umee blockchain, Orion will ensure that interchain DeFi apps are able to access real-time price data from both on-chain and off-chain sources.
Until now, Cosmos builders have only had access to limited price information, which has generally been concentrated in smaller feeds on select protocols. This can make real-time asset prices imprecise and pose a threat if any of the limited price feeds are overwhelmed or breached.
As a decentralized oracle service, Orion will address these vulnerabilities and shortcomings by using a permissionless set of validators that collect and aggregate price data. The protocol will synchronize price information between chains while computing volume-weighted average prices via a commit-reveal schema that penalizes validators for submitting incorrect data.
“We are excited to spearhead the effort to build out the critical infrastructure for a decentralized price feed that can be utilized by everyone across 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 CEO of Umee