Binance has implemented an oracle network in its BNB Chain blockchain, the crypto exchange company announced. Ten popular BNB Chain projects were given an early chance to begin using the oracle, including Venus, Alpaca Finance, and Ankr.
Oracles enable smart contracts to access information outside the blockchain itself, such as the price of securities or macroeconomic factors, which allows for more sophisticated protocol functionality. As of now, Binance’s oracle shows price indexes for the most popular cryptos, with more to follow. The company is looking for its recovery time to be practically nonexistent, and is taking care of security thanks to the Threshold Signature Scheme monitoring.
While this is good news, oracles are vulnerable to exploits, which is what hackers are frequently taking advantage of. For instance, this month only we reported about the Mango Markets $100 million exploit, as well as about QuickSwap $220,000 oracle-related flashloan attack.
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