Beets is a blockchain oracle that enables the integration of real-world data into smart contracts. It was founded by Lasse Clausen and Simon Jentzsch in 2015 as part of a larger decentralized autonomous organization called the Slock.it project. The name "Beets" is an acronym for Blockchain Enabled Token System. Its purpose is to ensure the accuracy and reliability of off-chain data used in blockchain applications.
Beets is a blockchain oracle that offers several benefits compared to its direct competitors. Firstly, Beets provides reliable and verified external data to smart contracts on the blockchain. This ensures the accuracy and integrity of the data used in decentralized applications (dApps) and eliminates the need for trust in the data source. Competitors like Chainlink and Band Protocol also offer similar services, but Beets has gained popularity for its simplicity and user-friendly interface.
One key benefit of Beets is its cost-effectiveness. It offers competitive pricing models and low transaction fees, making it an attractive option for developers and businesses looking to integrate external data into their smart contracts. Its streamlined processes and efficient data retrieval mechanisms allow for faster and more efficient data updates.
Another advantage of Beets is its flexibility and interoperability. It supports multiple blockchain networks, allowing developers to easily integrate it into different platforms. This makes it a versatile choice for projects across various blockchain ecosystems.
Additionally, Beets focuses on security and transparency. It employs advanced cryptographic techniques and rigorous auditing processes to ensure the integrity and authenticity of the data it provides. This is crucial for smart contracts that rely on accurate and tamper-proof information.
Overall, Beets offers a competitive alternative to its direct competitors, providing reliable, cost-effective, and secure external data for smart contracts on the blockchain. Its simplicity, flexibility, and focus on security make it a preferred choice for many developers and businesses in the blockchain space.
Beets is a blockchain-based platform that utilizes the Solana blockchain to enable decentralized finance (DeFi) functionalities. Built on Solana's fast and scalable network, Beets leverages the power of smart contracts to provide users with a seamless and secure DeFi experience.
At its core, Beets operates as a yield optimization platform. Users can deposit their digital assets into various liquidity pools, which are automated market-making protocols. These pools facilitate decentralized trading and provide liquidity for different tokens.
When users deposit their assets into liquidity pools, they receive tokens representing their share in the pool. These tokens, known as LP tokens, are then used within the Beets ecosystem for yield farming and staking.
Yield farming involves leveraging these LP tokens to earn additional tokens as rewards. Users can stake their LP tokens in different yield farming pools, where they are allocated a proportionate share of the generated yield. This allows users to passively earn additional tokens simply by providing liquidity to the platform.
Beets also introduces a governance model through its native token, BEETS. Token holders can participate in the platform's decision-making process, such as voting on proposals and protocol upgrades.
One notable feature of Beets is its integration with external data sources through blockchain oracles. Oracles ensure that reliable and verified real-world data, such as asset prices, are integrated into the platform. This allows for accurate calculations, pricing, and risk management within the Beets ecosystem.
Overall, Beets utilizes the Solana blockchain, smart contracts, liquidity pools, yield farming, governance tokens, and blockchain oracles to provide users with a secure and efficient DeFi platform, enabling them to optimize their yield generation and participate in decentralized finance.
DIA takes a comprehensive approach to fetching trade data from various sources, including both DeFi and NFT exchanges. The process differs depending on the type of exchange we are referring to.
For centralized exchanges like Coinbase, Kraken, and Binance, DIA utilizes scrapers that directly collect trades from the exchange databases. This is achieved using Rest APIs or WebSocket APIs, allowing DIA to retrieve trade data in real-time. The frequency of data collection varies from 1 to 7 seconds, depending on the exchange. By fetching data as close to the source as possible, DIA ensures high precision and accuracy.
In the case of decentralized exchanges (DEXs), DIA collects trade data from multiple blockchains by subscribing to swap events in liquidity pools. This approach allows DIA to retrieve trade data directly from the blockchain itself, providing enhanced data accuracy. Some examples of decentralized exchange sources that DIA integrates with include Uniswap, curve.finance, and PancakeSwap.
When it comes to NFT marketplaces, DIA captures live trading data by interacting with the smart contracts of integrated marketplaces. The retrieval period for NFT trade data ranges from 20 seconds to 1 minute, ensuring real-time coverage of all NFT transactions. By relying on data directly from the NFT marketplaces' smart contracts, DIA can maintain data precision without relying on potentially unreliable bids and offers. Notable NFT integrated exchange sources include Blur, X2Y2, OpenSea, and TofuNFT.
Overall, DIA's comprehensive data management strategy, leveraging scrapers for centralized exchanges, blockchain subscription for DEXs, and direct integration with NFT marketplaces, enables the provision of highly accurate and customizable price feeds.
When it comes to building price oracles with Beets trade data, DIA follows a specific process depending on the type of exchange being referred to, whether it's DeFi or NFT.
For DeFi exchanges, DIA begins by cleaning and detecting outliers in the trade data. This is crucial to ensure that the price estimation process is resilient against irregularities such as market manipulation or flash crashes. The data points that fall outside an acceptable range, as determined by an Interquartile Range (IR) filter, are excluded. Only the trades falling within the middle quartiles are retained for further processing.
To calculate the final price, DIA applies trade-based price determination methodologies. One example is the Volume Weighted Average Price (VWAP), which considers the different volumes of trades. All trades from a specific time range are weighted by their volume, and the accumulated volume-price-products are divided by the sum of all volumes combined to obtain the final price.
On the other hand, for NFT exchanges, DIA takes a different approach to determine the floor price. The on-chain trade data is first subjected to cleansing filters to exclude outliers and manipulation techniques. Then, a pricing methodology is applied. The simplest mechanism is the Floor Price, which provides the lowest sale price recorded on the blockchain within a given time window. However, this method is susceptible to manipulation.
To provide more reliable NFT floor prices, DIA offers advanced methodologies such as the Moving Average of Floor Price. This calculates the moving average of a collection's floor price, with customizable parameters for specific use cases. An interquartile range outlier detection filter is also applied to filter out malicious behavior like wash trading.
DIA is open to discussing custom filters and methodologies to cater to specific use cases beyond the implemented techniques mentioned above. Their aim is to provide realistic and reliable price data for various applications in the blockchain ecosystem.
Instead of distributing pre-calculated data feeds, DIA covers the whole data journey from individual trade collection, and computation to the last mile of the feed delivery.