Proposal Idea: Change of BAND oracles to CHAINLINK oracles

Originally posted by OracleExploit

erhaps something that is not discussed as much are the use of oracles securing the price feeds on Venus.

We all worked very hard to earn our money and would like to be able to sleep with peace in mind having our money on venus generating yield for us.

At the moment this is impossible because BAND oracles are used, I am not saying they are easily compromised but why should we use an inferior solution while we can use the market leader Chainlink whom have proven multiple times that they prevent flash loans attacks or exploits on price feeds.

By using Chainlink oracles, the venus community will benefit as well as the community outside of venus. Chainlink twitter will surely retweet this and as you all know they have a big community leading to more exposure of venus and their super platform, which inevitably will lead to a much higher TVL.

I don’t want to mint vai or borrow busd to find out someday that I have been liquidated because someone was able to exploit inferior band oracles. They can change the VAI or Stablecoin value to 2$ and there will be mass liquidations, can you sleep at night knowing this possibility is waiting to happen?

Switch to chainlink oracles and prevent this, for a peace of mind, please. Venus will not be a trusted defi platform if we do not switch from Band to Chainlink oracles.

Proposal: Switch from Band oracles to Chainlink oracles ASAP

2 Likes

So, you really think BAND has much lower performance and likelihood of suffering from the things you mentioned? Has this been demonstrated before?

1 Like

Keep in mind these are migrated posts from the old forum. This was posted by OracleExploit, not by me.

oh damn. will he get a notification to respond then? Would love to know more about it.

Just wanted to pitch in and mention we should probably rely on more than one oracle anyway.

A single point of failure of this nature can cause a cascade of liquidations and a whole lot of panic.

Adding Link as a secondary data source certainly would be good, but I don’t see why we should not use Band.

2 Likes

Would DIA be a good option being as its open source?

DIA is still in too early stage…

Why not DOS? DOS plans in Q1 2021: Deploy Oracle functionality on Binance Smart Chain (BSC) Launch dataflow services on Ethereum and BSC Network Development of Oracle Chain based on substrates

Aggreed. This is important and helpful.

Agree.

But instead of switching, I believe more oracle for price feed accuracy is important.

how do we reach this?