Hexagate, a leading real-time Web3 security firm, is launching The Gate Security Oracle, built on the eOracle stack, the leading AVS on EigenLayer. Gate is the first-of-its-kind decentralized ML-based security protocol.
The issue of trust and security remains the top priority for developing secure and decentralized protocols. The current design trade-offs often see projects sacrificing decentralization in order to benefit from infrastructure that lets them function effectively, including external market data. At the same time, this hurts the project’s overall security and makes it harder to acquire users and reputation to grow.
With the launch of EigenLayer Actively Validated Services (AVSs), which benefit from the security of billions of dollars worth of ETH locked in for the re-staking protocol, the trade-offs of centralization and security can be overcome by deploying services that tap into the inherent security of staked ETH. eOracle, the leading AVS protocol in terms of stake and validators network utilizes re-staked ETH to guarantee that modular oracle networks remain secure due to its massive effective security budget.
Currently, eoracle boasts over $5B of staked ETH backing its oracle network, with over 120,000 stakers and more than 110 validators distributed globally, making it the most resilient crypto oracle solution by crypto-economic security.
The Gate Protocol Security Oracle, built by Hexgate on the eOracle stack, by leveraging the Oracle Validated Service (OVS) model, Gate’s Security Oracle will enable builders to take advantage of Hexgate’s battle-tested ML models to secure their on-chain protocols from hacks and other threats. This allows protocols to integrate a native ‘DeFi Firewall’ that mitigates threats before any damage occurs.
OVSs expand the existing concept of modularity for blockchains into the middleware space, providing fast connectivity and computation bandwidth for the infrastructure uses that need it.
“When we started building eoracle, we aimed to closely follow Justin Drake and Vitalik Buterin’s enshrined Oracle EIP proposals,” said Matan Si, founder of eoracle. “However, we soon realized that while Ethereum provides an ideal architecture, it is not practical for most use cases. Heavy computation and fast connectivity require a dedicated, immutable layer. To address this, we developed eOracle as a modular and programmable layer designed for both data and computation. This system leverages Ethereum validators and staked ETH to ensure shared security. The future is modular and not just for blockchains but for middleware as well. Just as Layer 2 solutions have significantly broadened the scope of scalable applications, AVS will usher in a similar wave of innovation in the coming years. AVS are the new L2s.’’
“In the past two years, we pioneered real-time proactive security and built a battle-tested ML and invariant monitoring engines that today protects over $50 billion in TVL across various protocols, chains, bridges, and asset managers,” said Yaniv Nissenboim, Co-Founder and CEO at Hexagate. “But a decentralized space also needs decentralized security. As a first move in this direction we decided to partner with eOracle as the OVS model represents a groundbreaking innovation to enable modularity in the middleware layer. We’re really excited about this, and fully believe it will spark a new wave of innovation in the space.”
About eoracle
eOracle is a modular and programmable data layer that extends Ethereum’s security to the oracle space. Launched in April 2024, it has quickly reached over $5 billion in staked ETH and over 120,000 stakers. Built by a team of 32 from Meta, Google, Ethereum Foundation, Cosmos– eoracle is revolutionizing oracles as we know them through shared security.
About Hexagate
Hexagate was established with the purpose of elevating the trust in smart contracts code and providing Web3 organizations the power to protect their users from cybersecurity threats. Since its inception in 2022, Hexagate has successfully shielded chains, protocols, bridges and asset managers against financial, economic, governance, and cyber threats, and currently protects over $50 billion in digital assets. Hexagate offers a real-time threat prevention and risk intelligence platform powered by machine learning. Today, the Hexagate Security Platform provides coverage akin to ‘run-time’ security for Web2 applications, specifically for smart contracts and digital assets. For more information, visit www.hexagate.com.
This post was last modified on Jul 09, 2024, 13:21 BST 13:21