Orakl Network H1 2024 Summary — Beyond 87M+ Onchain Transactions

87M+ Onchain Transactions

Orakl Network is the first-party oracle service provider for the Kaia chain. We offer Data Feed, Verifiable Random Function (VRF), Proof of Reserve (PoR) and Request-Response (RR) services. Since the launch of the Orakl Network service, numerous chain transactions have contributed significantly to the ecosystem. We have generated a total of 87.3M online transactions, with the following breakdown:

• Off-Chain Aggregation: 135,170+
• On-Chain Aggregation: 85,540,000+
• VRF & RR: 3,000+

*Refer to each aggregator contract addresses for details

Our strength lies in prioritizing Kaia chain onboarding projects. Orakl Network is well-prepared to further develop the network and contribute to the Kaia ecosystem in H2 2024. Let’s explore the key milestones we have achieved so far in 2024!

Key milestones in H1 2024

Goldstation, the First Gold RWA DeFi Platform Outside of Ethereum

Orakl Network operates its Proof of Reserve (PoR) service based on CenGold’s gold holdings, a digital gold exchange in South Korea. The Goldstation project is the first Gold RWA DeFi platform outside of Ethereum.

Expanding FX coverage

Orakl Network now offers five foreign exchange data feeds, including CHF-USD, GBP-USD, EUR-USD, JPY-USD, and KRW-USD.

Partnership with PER project

We have developed a Strategic Partnership with PER project, a DeFi and marketing platform for influencers. Orakl Network will provide Verifiable Random Functions (VRF) for this collaboration.

Certik

To enhance the security of Orakl Network, we engaged Certik to conduct a thorough code audit. Check out the audit webpage on Certik’s Skynet here.

Korea Internet & Security Agency (KISA) 2023 Blockchain Solutions & Companies Handbook

Orakl Network was included in the Korea Internet & Security Agency (KISA) 2023 Blockchain Solutions & Companies Handbook as one of the key infrastructures in Korea. KISA is a government agency that plays a crucial role in the Korean IT industry, with a vision to make South Korea a digitally secure nation.

400 milliseconds off-chain aggregation

The recently launched Data Feed V2 of Orakl Network has been heavily optimized and currently aggregates all our data feeds in less than 400 milliseconds. These rapid updates will soon be available through our Data Availability Layer, enabling high-speed DeFi protocols.

High-frequency DeFi Beyond Off-chain Aggregation

There has been a complete renewal of the service, moving from on-chain to off-chain aggregation. On-chain aggregation is done within a smart contract, while off-chain aggregation is conducted among aggregators, submitting only the aggregated result.

This update has improved scalability, speed, and overall efficiency.

Now, by generating off-chain aggregated data in sub-second (<400 milliseconds) intervals, clients can utilize higher frequency updated price data through the Data Availability Layer. Application builders can pull price data on demand, independently from the previous push pattern where data was regularly updated at certain intervals.

Conclusion

The recently launched Data Feed V2 has been heavily optimized and aggregates all our data feeds in less than 400 milliseconds. These rapid updates will soon be available through our Data Availability Layer, enabling high-speed DeFi protocols.

Future Development

We will further develop Orakl Network by:

• Covering an additional 100+ data feeds to enrich the Data Availability Layer of Kaia.
• Supporting special price pair data focused on Korean exchanges.
• Expanding strategic partnerships with governance councils and project teams in the Kaia ecosystem.
• Supporting more high-speed DeFi protocols, thereby generating over 100M+ on-chain transactions, establishing Orakl Network as the number one transaction generator on Kaia.