ChainLink Oracle ‘malfunction’ starts $ 500,000 in Defi qualifiers, Rignites Oracle Debate ⋅ Crypto World Echo
A ChainLink The alleged PRICE FEED malfunction led to more than $ 500,000 of liquidation on May 29, which sparked a new discussion about the reliability of Oracles in Defi.
according to ReportsThe price of the Oracle for the Chainlink for Deusd Stablecoin is inaccurately reached $ 1.03. The incorrect data that led to users operating users who hold Deusd debts CollapseAwler financing Endowment protocol.
The effect was severe, especially for those who benefit from the assets supported by assets in the real world (RWAS) known for its highly yield capabilities.
Deusd, issued by ElixirThe number of a total of $ 185 million, with a circular of $ 42.7 million on collapse. Due to its profile of the return, it has been widely used as a guarantee, allowing traders often to take advantage of the situations of up to 10x to chase the huge returns.
However, the same leverage turned into catastrophic when the wrong data in the forced qualifiers was.
The industry interacts with the alleged chainlink error
The accident sparked an audit about the Awrakles in the series. Critics argue that these systems are vulnerable to manipulation and errors, especially when working in non -liquid markets.
Omar Goldberg, founder of Chaos Labs, has been to X to criticize Chainlink, Claim Oracle has delayed the basic price update of 25 minutes.
He also suggested that the price feeding may be largely dependent on applications such as Coingecko, which he said is inappropriate for Stablecoin’s pricing.
Goldberg also claimed that the use of the average price of the weighted size (VWAP) in non -liquid complexes displays protocols for exploitation. He added:
“The goal of Oracle is to secure value and protect users. If Oracle is” stupid “and only collects billiards, so why even use Sainlink at all?”
However, not all sounds are in line with criticism.
The ChainLink community, Zach Reigns, has reached the allegations. He explained that Chainlink reflects the merely collected market activity and that it is up to individual protocols to explain or liquidate data.
Reigns added that a single curve group represented half of the daily size on that day and paid the price temporarily over $ 1, which was accurately captured in VWAP. he books:
“Chainlink puts the data that users want on onchain in the coordination they want, the protocols are responsible for ensuring that the data meets their requirements and implement any additional checks or boundaries they want.”
Meanwhile, Mark Ziller from AAVE The Chan’s initiative said that the error lies in the protocols that address volatile or non -liquid assets, such as mature guarantees. He warned against classifying risk shortcuts as innovation, saying that she finally exposes users.
Ziller conclude:
“Chainlink did them.”
Pamphlet ChainLink Oracle ‘Itilfuncion’ SPARKS $ 500,000 in Defi References, Reigns Oracle discussion First appear on Cryptoslate.
