Unchained

Oracles: Does the Backbone of DeFi Need Fixing? - Ep. 537

Aug 29, 2023
Guest
Mike Cahill
Mike Cahill, CEO of Douro Labs and an expert in both traditional finance and crypto, shares insights into the evolving world of oracles in decentralized finance. He discusses Pyth Network's innovative solutions for delivering real-time data and its upcoming Perseus upgrade. The conversation covers the challenges of oracle reliability, the significance of institutional data providers, and the remarkable growth of Pyth amidst the changing crypto landscape. Cahill also emphasizes Douro Labs' role in enhancing the network and the future potential of decentralized finance.
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ANECDOTE

Crypto Discovery

  • Mike Cahill's colleagues at Virtu explored crypto arbitrages during the ICO boom.
  • This led him to appreciate the potential of decentralized wealth management.
INSIGHT

Oracle Problem in Crypto

  • Oracles bridge off-chain data to blockchains, crucial for DeFi applications like lending protocols.
  • Challenges include data source reliability, latency, and cost.
INSIGHT

Pyth Network Model

  • Pyth Network is a first-party oracle network prioritizing low latency and trustworthy financial data.
  • It incentivizes data providers like trading firms and exchanges, similar to Spotify's model.
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