ETH/USD Oracle Pool Now on Ergo!

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Ergo Foundation

28 October, 2021

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During ErgoHack II, a community member initiated an ETH/USD oracle connector project!. The ETH/USD oracle pool is now live on the Ergo mainnet and can be seen on Ergo Explorer. The ETH/USD connector is implemented similarly to the ERG/USD connector contract using the Oracle Core - a framework for deploying oracle pools of any asset on Ergo Platform.

Ergo Platform’s Oracle Core design facilitates setting up different oracles. With just 15-20 lines of code, almost anyone can deploy a connector to the Oracle Core. 

Oracles are the messengers between on-chain and off-chain data. Any kind of information verification between two parties will necessitate involving oracles. Therefore, decentralized exchanges, decentralized betting platforms, etc. will have to use the oracle services to get the information.

If you wish to verify the ETH/USD connector, learn about Oracle Core, and possibly launch your own connector, we recommend you check out the GitHub release.

Oracles are the backbones of decentralized finance, and they always need to have more validators. In order for oracles to be even more stable, they need to be more decentralized. As more people deploy their own pools as financial incentives increase, Ergo oracle pools will become more and more commonplace in DeFi ecosystems.

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