Near ShibaSwap launch, there was a lot of hype around a token called xFUND. Not everyone understood what’s the deal with this. xFUND helps Shiba to make use of an oracle.
Oracles are what connect crypto projects with the real world. Without them, each and every project would exist in a vacuum without a real world connection. Thus, they serve as bridges between blockchains and the various sources, and most importantly, to the price of assets. These assets can theoretically be anything, including currencies, other crypto tokens, information about natural resources such as oil & gas, and even “chaotic” phenomena, such as the weather report.
All this information is received by oracles. And they decide the final “truth”.
Not all is perfect,and even oracles can be manipulated! But counting with one certainly makes things safer.
What’s the purpose of an oracle?
Broadly put: the role of an oracle is to gather a particular price, from different places.
With this, we can have many sources that can be then analyzed. You can see an example here.
In this, we have two sources for a particular price: xFUND vs ETH.
But sometimes, things are not so simple:
By analyzing many different sources, we can have a way to decide if one of them is compromised or manipulated.
Even with some of the largest oracles which provide data from multiple sources, the choice of sources is often not left to the end users, still allowing a singular point of weakness/failure to occur.
An Oracle-of-Oracles (OoO) like the one powered by xFUND, allows people to go on to create another level of security on top of the multiple Oracle options to negate a singular compromised source, thereby making “flash loan” hacks near impossible.
The xFUND DeFi Kit provides permission-less tools including:
- Oracle of Oracles (OoO) — secure & tunable price data feeds
- Verified Open Randomness (VOR) – provable on-chain randomness
xFUND is open access. No application forms or business development processes are required to utilize the DeFi Toolkit–simply connect to the xFUND Oracle contracts and voilà!
Secondly, a cost comparison between oracle providers will show requests to xFUND to be much cheaper in comparison with other leading oracles technology.
Thirdly, the Shibaswap and XFUND teams found themselves aligned in matters regarding decentralized finance, so a collaboration started naturally between the two teams. This has now gone beyond just the pure oracle functionality, and XFUND team and Shibaswap’s team are working together in the design of Shibarium., our upcoming blockchain for the Shiba ecosystem.
What is the role for xFUND in Shiba?
xFund will be Shiba’s oracle provider. When it comes to ensuring top data quality regarding prices and other data sources, an OoO is strongly advised
With this technology, not only is possible to resist oracle manipulation, but can rely on robust data. For future developments, this powerful toolset will open the door to many opportunities and developments, being Shibarium one of them.
What track-record does xFUND have in the field?
For answering that, is better to use the words from members of their community. When asked about that, I got this answer from one of their members.
xFUND was designed as a utility token to serve the needs of the DeFi sector.
We’ve already had great initial success with the development of OoO as the first tool in the xFUND ecosystem and have already followed up with our second offering into the sector with Verified On-Chain Randomness (VOR). SHIB has already dabbled in the NFT space, and hinted at future NFT offerings–given the established SHIIB-xFUND partnership, integration with VOR may prove to be the next move forward
These toolkits are the first of many that our team will continue to roll out to meet the needs of the rapidly evolving Blockchain and DeFi market.
We remain dedicated to providing utility for DeFi as a whole, including the enthusiastic Shib Community. As the needs of communities such as Shib develop, we will continue to explore additional tools such as Layer 2 scaling solutions such as ZK-Optimistic roll-ups (which are currently among the most effective in balancing security incentives and mathematical efficiency for running transactions on the public Ethereum network). xFUND is proud to lead the way in releasing solutions that are more economical/faster/more secure, and simply better.
The Shiba Inu (SHIB) team is a fully decentralized project embodying the full ethos of DeFi and rolling out a suite of blockchain technologies.
Given the timing, we do feel a special qualification of our experience, as we have been good at giving birth to new tools and allowing the next generations to blossom. With the decentralized nature of our tools, anybody is able to utilize them without restriction. However, there is a good balance to be found between the needs of the Shiba ecosystem’s future and the services we offer.
Although we are decentralized, the team supporting the development and architecture of Unification’s products have experience across some of the largest internet data structures of the last 20 years, including Governmental projects in the UK and Brazil, as well as insurance, mail services, government development banking, and designing architecture for some of the biggest internet companies during the genesis of the internet. In addition, our team has worked in analytics and logistics which adds an additional layer to the operational efficiency of the support we can provide for a large decentralized community such as Shiba.
xFUND Listing in ShibaSwap.
Recently, xFUND became listed and “Woofable” in ShibaSwap.
If you provide XFUND-ETH liquidity, you will receive not only $BONE tokens, but a reward of xFUND, at a much higher rate that if you stake somewhere else. This will last for 20 weeks, and started just last week!
XFUND-ETH is now a double-reward woofable pair! One of the first of this kind, and probably this will mark the way many other projects will follow.
It is worth to mention, that this is a scarce token, at a maximum supply 8.88K, and 6.5K circulating, so even a fraction of one xFUND can be worth to hold.
I would like to thank to people from the xFUND community for their help gathering information about their tokens and software. xFUND is just one aspect, and the one that involves the Shiba team the most, but this is just the tip of the iceberg for Unification. It is great to be working with them in this adventure on financial evolution.