EigenLayer, Polymarket and UMA are collaborating to develop a next-generation oracle system.
The oracle is set to utilize EigenLayer's infrastructure, likely tapping into its restaking mechanism and the EIGEN token.
"We’re working with UMA protocol and Polymarket to research a next-gen oracle utilizing the intersubjective security uniquely enabled by EigenLayer and the EIGEN token," EigenLayer said.
EigenLayer allows users to reuse staked ETH or liquid staking tokens to secure additional services (like oracles or sidechains) while leveraging Ethereum's security.
The announcement could imply ETH stakers would opt to secure this oracle, improving its security with Ethereum's economic backing. EigenLayer said the oracle would make use of "intersubjective" truth — facts that a community agrees upon rather than purely objective data such as mathematical proof. This appears to align well with prediction markets.
The collaboration remains in the research and development phase, with details on technical architecture and launch dates yet to be disclosed.
In blockchain ecosystems, an oracle is a mechanism that brings real-world data (like event outcomes or prices) onto the blockchain for smart contracts to use. Prediction markets like Polymarket rely heavily on oracles to resolve bets by determining the truth of an event.
Polymarket, a decentralized prediction market platform where users trade on the outcomes of real-world events, currently uses UMA's Optimistic Oracle to settle markets but is seeking to enhance its capabilities.
Polymarket has been using UMA's oracle system since its early days. When a market closes, a proposer submits the outcome (e.g., "Biden won"). This is assumed true unless challenged during a dispute window. If disputed, UMA's decentralized voting mechanism kicks in to settle it.
Such a system differs from a decentralized oracle network such as Chainlink and Pyth that proactively fetches and aggregates off-chain data (e.g., prices or weather) from multiple sources, delivering it on-chain via a network of nodes.
This approach has worked well. Polymarket has resolved over 10,000 markets, with the vast majority of outcomes undisputed. But there have been occasions when the community has objected to outcomes. In one instance, Polymarket had said the resolution for a betting market from UMA was "wrong."
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