The era of lightning fast DeFi is here.
The latest round of the Arctic Games is coming exclusively to Arbitrum Goerli.
In preparation, we’ve made user transactions 20 times faster!
We’re shipping a new decentralised oracle integration using Gelato’s powerful new Web3 Functions and RedStone’s high speed, on-demand price oracles. Here's how.
Introducing Float Arctic#
Float lets users mint long and short leveraged tokens with no liquidations, over-collateralisation or margins in one click.
Float Arctic makes the leap of giving users fixed leverage.
This means that a token minted at 5x leverage will stay there, with no rebalancing needed.
The protocol is designed to make trading leverage simple by abstracting all unnecessary complexity away from the user. You just put collateral in and get leveraged tokens out.
Under the hood, it’s much more complex. Each kind of token is backed by a pool of collateral and the system is constantly receiving new prices for supported assets, and updating pool balances so positions can always be redeemed for their full value.
When users submit trades they get added to batches, and executed simultaneously when the next price arrives. This system creates a novel DeFi primitive, limited only by the speed of its price oracles.
Price updates on demand#
Most oracle services get data from off-chain sources and push it on-chain at regular intervals. This approach works for some use cases, but falls short when fast prices are needed.
Most on-chain oracles have to make a tradeoff between speed and costs. Each time they push data they have to pay for gas, making high frequency updates unsustainable.
That’s not the case with RedStone.
Instead of pushing every price update on-chain, RedStone’s decentralised network aggregates and validates data into an off-chain stream of nodes called the RedStone Cache Layer, where it can pulled on-chain, on-demand.
Because the prices are updated off-chain, they can be very fast. RedStone’s fastest feeds update every ten seconds.
This approach also makes them chain agnostic, so getting their prices onto Arbitrum Goerli for the Arbtic Games wasn’t any harder than getting them on Ethereum mainnet.
However, to use RedStone oracles devs have to automate a function that will call those prices.
This is tricky. If an automation is going to run successfully several times a minute, 24 hours a day, it needs to deal with unpredictable fluctuations in gas prices.
[Gelato entered the chat]
Automating off-chain calls for data#
Gelato is the authority in automating smart contracts and has executed more than 4 million cumulative transactions to date. Float’s Alpha deployment made use of Gelato’s Automation to call our contracts smoothly for months.
Their latest product, Web3 Functions, goes beyond automating smart contract calls to automate off-chain functions that integrate with 3rd party APIs. And they do it without sacrificing decentralisation.
We participated in their Web3 Functions open beta. Here’s how it went:
To call RedStone’s oracles, we wrote our own Web3 Function and deployed it to the Gelato node network on IPFS, where it triggers every 30 seconds.
When executed, the function checks the Float system state to see if new prices are needed. It then queries RedStone’s data access layer for the required prices.
The price data, verified and signed by RedStone’s oracles, will get pushed to IPFS, and then on-chain.
Once on Arbitrum Goerli, it gets read by the Float Arctic contracts, and the protocol updates its system state, executing incoming user transactions and updating pool balances.
Our users don’t have to worry about any of this, and can enjoy seeing their transactions going through in seconds!
The Arctic Games are a series of testnet trading competitions where you can win DAI and NFTs, and help us build Float Arctic. Round 3 is called the Arbtic Games, and will launch on Arbitrum Goerli. To join the games pledge yourself now.
Gelato is web3’s decentralized backend empowering builders to create augmented smart contracts that are automated, gasless & off-chain aware. Leading web3 projects rely on Gelato to power the execution of millions of transactions across DeFi, NFT and Gaming.
RedStone is a data ecosystem that delivers frequently updated, reliable and diverse data for your dApp and smart contracts. RedStone offers a radically different design of Oracles catering for the needs of modern DeFi protocols.
Float creates peer-to-peer markets where you can mint leveraged tokens in a single click. Leveraged tokens allow you to gain exposure to leveraged returns of popular crypto assets without the additional risks of liquidations, margin maintenance and collateralised debt positions. Our latest deployment is Float Arctic.