DeFi
Web 3 Security Company Hexagate Launches “The Gate Security Oracle” Leveraging EigenLayer’s AVS and eOracle
Hexagate leverages eOracle to launch “The Gate Security Oracle” to improve overall security of dApps in the DeFi space.
Web Security Company 3 Hexagate announces the launch of “The Gate Security Oracle”, built on the foundation of eOracle stack. The security oracle aims to advance security in the decentralized finance (DeFi) space, allowing builders to take advantage of Hexgate’s battle-tested machine learning models.
Announced Tuesday, The Gate Security Oracle marks the first-of-its-kind security protocol to secure on-chain protocols from hacks and other external threats. The security protocol leverages the Oracle Validated Service (OVS) model, which provides developers with a “DeFi firewall” that mitigates security risks and threats before damage can occur.
Speaking at the launch of The Gate Security Oracle, Yaniv Nissenboim, Co-Founder and CEO of Hexagate, explained the need for the decentralized ecosystem to evolve towards decentralized security.
“To move in this direction, we decided to partner with eOracle because the OVS model represents a revolutionary innovation that enables modularity of the middleware layer,” said Nissenboim. “We are really excited about this initiative and are convinced that it will trigger a new wave of innovation in this area.”
OVS extends the existing concept of modularity for blockchains into the middleware space, providing fast connectivity and compute bandwidth for infrastructure uses that require it.
Decentralized Security: Solving the Blockchain Trilemma
While blockchain technology promises trust and security for DApps, most platforms must sacrifice decentralization for security and scalability, or one of the three for the other two. These current design tradeoffs often see projects sacrifice decentralization for the benefit of infrastructure that allows them to operate efficiently.
However, the launch of EigenLayer, the staking protocol that introduces a new rudiment of crypto-economic security, has mitigated the tradeoffs between centralization and security. EigenLayer comprises Active Validation Services (AVS), blockchain-based applications outside of the EVM, including middleware, services, chains, networks, and PoS systems, which are secured by restakers who use billions of their staked ETH to secure them.
eOracle, the leading AVS on EigenLayer, enables developers to overcome compromises by using re-staked ETH to ensure modular oracle networks remain secure due to its huge effective security budget.
Currently, eOracle has over $5 billion worth of staked ETH backing its oracle network, with over 120,000 stakers and 110+ validators spread across the globe, making it the most resilient crypto oracle solution in terms of crypto-economic security.
Building on Ethereum’s Oracle EIP proposals, eOracle founder Matan Si believes that the launch of eOracle has improved the practicality of Ethereum’s security architecture, allowing developers to easily leverage the security of the leading EVM blockchain.
“Heavy computation and fast connectivity require a dedicated, immutable layer. To solve this problem, we developed eOracle as a modular, programmable layer designed for both data and compute,” Si added. “This system leverages Ethereum validators and staked ETH to ensure shared security. The future is modular, and not just for blockchains but also for middleware. Just as Layer 2 solutions have dramatically expanded the scope of scalable applications, AVS will usher in a similar wave of innovation in the coming years. AVS are the new L2s.”