The unit protocol has decided to remove Keep3r oracle as the primary oracle in order to get its pricing data. They announced the decision on Twitter, saying:
“”Since Keep3r has stopped updating the price feed on a regular basis and is unable to use it as an oracle solution for the Unit Protocol, we have decided to completely remove it from the system.“”
Keep3r should provide a time weighted uniswap and sushi swap price feed with a specific time.
Unit protocol switch oracles to chainlink
The team also announced that the Unit Protocol is working on an Oracle upgrade. Therefore, the USDP credit limits are temporarily set to 0 for all collateral except ETH as they get their feed from Chainlink. The upgrade will still take a few days.
During this time, users can close their CDP and repay the debt if they so choose. However, this is not a necessary step as the funds are safe. The units protocol will switch its oracles to Chainlink and add new collateral from the Chainlink price feed. Regarding what the upgrade will bring for the log, the team stated:
“”The upgrade makes the unit protocol more robust and can grow faster. With the company’s own Oracle solution, further security can be added in the future without incurring significant log costs.“”
What are blockchain oracles?
Blockchain oracles (oracles) are third-party services that provide intelligent contracts with external information. Blockchain and smart contracts cannot access data outside of the network, and oracles act as a bridge to fill that void.
Oracles create a connection between off-chain and on-chain data, expanding the scope of the smart contracts they use. The oracle is not the data source, but a layer that forwards information that has been queried, verified and authenticated by external data sources.
The transmitted data can be anything: the temperature measured by a sensor, price information or a successful payment confirmation.
Unit log with community in mind to expand user base
The unit protocol is a decentralized borrowing protocol that allows various tokens to be used as security. Your $ DUCK governance token is the core token. The unity protocol collects stability and liquidation fees, which are then diverted into the $ DUCK ecosystem. In the first year, 100% of the fees go directly to the protocol ecosystem.
The governance pool will play an important role in maintaining the stability of the ecosystem. $ DUCK stakers are incentivized to contribute to the protocol’s decision-making system, and token holders can use their tokens to collect protocol fees.
The infrastructure is still in the works, and before it is operational, the assigned fees will be used to buy and burn $ DUCK. Future changes in fee distribution depend on governance decisions. The unit’s protocol aims to ultimately rely on community engagement to expand the user base and grow faster.
Disclaimer: This article is for informational purposes only. It is not offered or used as legal, tax, investment, financial or other advice.