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eOracle and Hexagate announce the Gate Protocol Security Oracle for a ‘DeFi Firewall’

source-logo  finbold.com 09 July 2024 10:39, UTC

Hexagate, a Web3 security frontrunner, is launching The Gate Security Oracle, a decentralized security protocol built on the eOracle stack, the leading Actively Validated Service (AVS) on EigenLayer, as per the latest updates disclosed to Finbold on July 9.

The collaboration introduces the first decentralized, machine learning-based security protocol to enhance trust within the decentralized finance (DeFi) community.

Yaniv Nissenboim, Co-Founder and CEO at Hexagate, commented on the groundbreaking innovation the partnership would bring, stating:

“In the past two years, we pioneered real-time proactive security and built a battle-tested ML and invariant monitoring engines that today protects over $50 billion in TVL across various protocols, chains, bridges, and asset managers. But a decentralized space also needs decentralized security. As a first move in this direction we decided to partner with eOracle as the OVS model represents a groundbreaking innovation to enable modularity in the middleware layer. We’re really excited about this, and fully believe it will spark a new wave of innovation in the space.”

Addressing challenges in decentralized protocols

Trust and security are paramount in developing secure decentralized protocols, but many projects are forced to choose between decentralization and robust infrastructure.

The advent of EigenLayer’s AVSs, supported by billions of dollars worth of staked Ethereum (ETH), seeks to resolve these issues by leveraging the inherent security of staked Ethereum.

eOracle, a leading AVS protocol, utilizes re-staked ETH to ensure the security of its oracle network.

With over $5 billion in staked ETH and the support of over 120,000 stakers and 110 globally distributed validators, eOracle is the most resilient crypto oracle solution.

Matan Si, founder of eOracle, commented on eOracle’s role in addressing these issues, stating:

“When we started building eOracle, we aimed to closely follow Justin Drake and Vitalik Buterin’s enshrined Oracle EIP proposals. However, we soon realized that while Ethereum provides an ideal architecture, it is not practical for most use cases. Heavy computation and fast connectivity require a dedicated, immutable layer. To address this, we developed eOracle as a modular and programmable layer designed for both data and computation. This system leverages Ethereum validators and staked ETH to ensure shared security. The future is modular and not just for blockchains but for middleware as well. Just as Layer 2 solutions have significantly broadened the scope of scalable applications, AVS will usher in a similar wave of innovation in the coming years. AVS are the new L2s.’’

eOracle’s DeFi Firewall

Built on the eOracle stack, The Gate Protocol Security Oracle leverages the Oracle Validated Service (OVS) model to help developers integrate Hexagate’s ML models and protect their on-chain protocols.

This creates a native ‘DeFi Firewall’ that preemptively mitigates risks.

OVSs enhance blockchain modularity via fast connectivity and computational bandwidth, which allows protocols to maintain decentralization without sacrificing security.