CDR #042: Silo Finance | Price Feeds

INTRODUCTION

Protocol: Silo Finance

Website: https://www.silo.finance/

Integration: Arbitrum native assets price feeds for Silo Finance Lending Protocol.

REQUEST INFORMATION

Assets

Following assets will be included in the Oracle:

Asset Ticker Asset Blockchain Asset Address Asset Markets Overview Trades Aggregation Window Size
Grail Arbitrum 0x3d99…82d8 Grail markets 120 sec
Jones Arbitrum 0x3d99…82d8 Jones markets 120 sec
ETH Ethereum 0x0000…0000 ETH markets 120 sec

Methodology

  • Moving Average Price with Interquartile Range (MAIR) will be used to calculate the price for the assets. Learn more about it here
  • 0.5% deviation threshold for updates trigger will be applied for each asset
  • 120 sec updates frequency check will be applied
  • The feed will be updated every 24h period if there are no deviation-based updates

DELIVERY INFORMATION

  • Delivery Method: Oracles on Arbitrum network
  • Is testnet deploy required: No
  • Delivery Estimate: 14 days (or as soon as conveniently possible)

NOTES

Additional relevant information: N/A

INTRODUCTION

Protocol: Silo Finance

Website: https://www.silo.finance/

Integration: Arbitrum native assets price feeds for Silo Finance Lending Protocol.

REQUEST INFORMATION

Assets

Following assets will be included in the Oracle:

Asset Ticker Asset Blockchain Asset Address Asset Markets Overview Trades Aggregation Window Size
Sperax Ethereum 0xB4A3…9008 Sperax markets 120 sec
Plutus Arbitrum 0x5131…A67F Plutus markets 120 sec

Methodology

  • Moving Average Price with Interquartile Range (MAIR) will be used to calculate the price for the assets. Learn more about it here
  • 0.5% deviation threshold for updates trigger will be applied for each asset
  • 120 sec updates frequency check will be applied
  • The feed will be updated every 24h period if there are no deviation-based updates

DELIVERY INFORMATION

  • Delivery Method: Oracles on Arbitrum network
  • Is testnet deploy required: No
  • Delivery Estimate: 14 days (or as soon as conveniently possible)

NOTES

Additional relevant information: N/A

Thank you for requesting a DIA CDR. We confirm the CDR specifications were requested correctly. Find the oracle / API endpoint below:

Markets

By querying for blockchain and asset, the API provides the markets used for calculating this feed.

API endpoint

By querying for blockchain and asset, the API provides the asset quotation for each asset in the feed.

Oracle

The oracle is deployed and can be accessed here.

You can query for assets by calling the read function getValue() with parameters such as “ETH/USD”. It will return two values:

  • The price of the asset queried with 8 decimals
  • The timestamp of the last update

Please make sure to top up the gas wallets very soon, as we only put in some gas to deploy and start the oracle.
Gas wallet: 0x7e8b0cba7bd44c897526efcda3e80ccffe77bdeb

Also make sure it always has sufficient funding.

The requested assets from both posts have been deployed into this oracle.

Hi Samuel,

Please change deviation threshold for updates from 0.5% to 2% for 4 assets.

PS: Please keep 0.5% deviation threshold for ETH

Assets

Asset Ticker Asset Blockchain Asset Address Asset Markets Overview Trades Aggregation Window Size
Sperax Ethereum 0xB4A3…9008 Sperax markets 120 sec
Plutus Arbitrum 0x5131…A67F Plutus markets 120 sec
Asset Ticker Asset Blockchain Asset Address Asset Markets Overview Trades Aggregation Window Size
Grail Arbitrum 0x3d99…82d8 1 Grail markets 2 120 sec
Jones Arbitrum 0x3d99…82d8 1 Jones markets 1 120 sec

Updated Methodology

  • Increase deviation threshold from 0.5% to 2% for the four aforementioned assets.

Hi Silo team,

we deployed the updates.
ETH deviation threshold remains at 0.5%
Deviation thresholds for Sperax, Plutus, Grail and Jones are on 2%.

1 Like

Thank you very much,

INTRODUCTION

Protocol: Silo Finance

Website: https://www.silo.finance/

Integration: Arbitrum native asset price feeds for Silo Finance Lending Protocol.

REQUEST INFORMATION

Asset

Following assets will be included in the Oracle:

Asset Ticker Asset Blockchain Asset Address Asset Markets Overview Trades Aggregation Window Size
rDPX Arbitrum 0x32eb7902d4134bf98a28b963d26de779af92a212 RDPX market 120 sec

Methodology

  • Moving Average Price with Interquartile Range (MAIR) will be used to calculate the price for the assets. Learn more about it here
  • 2% deviation threshold for updates trigger will be applied for each asset
  • 120 sec updates frequency check will be applied
  • The feed will be updated every 24h period if there are no deviation-based updates

DELIVERY INFORMATION

  • Delivery Method: Oracles on Arbitrum network
  • Is testnet deploy required: No
  • Delivery Estimate: 14 days (or as soon as conveniently possible)

NOTES

Additional relevant information: N/A

RDPX/USD is now also available in the deployed oracle.

1 Like

We kindly request the removal of the following asset from the oracle:

Asset Name: SPA
Asset Address: Sperax: SPA Token | Address 0x5575552988a3a80504bbaeb1311674fcfd40ad4b | Arbiscan
Action: Remove from oracle.

The requested update has been executed, SPA is no longer part of the oracle updates.

1 Like

INTRODUCTION

Protocol: Silo

Integration: Arbitrum native asset price feeds for Silo network.

REQUEST INFORMATION

Assets

Following assets will be included in the Oracle:

Asset Ticker Asset Blockchain Asset Address Asset Markets Overview Trades Aggregation Window Size Comments
Silo Arbitrum Silo Finance: Silo Token | Address 0x0341c0c0ec423328621788d4854119b97f44e391 | Arbiscan Silo Governance Token 120 sec

Methodology

  • Moving Average Price with Interquartile Range (MAIR) will be used to calculate the price for the assets. Learn more about it here
  • 0.5% deviation threshold for updates trigger will be applied for each asset
  • 120 sec updates frequency check will be applied
  • The feed will be updated every 24h period if there are no deviation based updates

DELIVERY INFORMATION

Delivery Method Oracle on Arbitrum network
Is testnet deploy required? No
Delivery Estimate 14 days

Dear Silo team,
the Silo asset is now queriable in the deployed oracle.

1 Like

Hello team DIA:

We no longer have plans to launch lending markets for PLS and GRAIL in the foreseeable future due to lack of liquidity on major AMMs. Therefore, we would like to remove them from our oracle.

Asset details:

1 Like

The two assets from the request have been removed from the oracle.

1 Like

Thank you so much, Samuel, we appreciate it.

Hello team DIA:

We’re planning to launch lending markets for PLS and GRAIL and would like to have both assets included in the current oracle.

Asset details:

Both assets have been deployed and can be queried in the oracle.

1 Like

Thank you sir for deploying the two assets.

1 Like

Data Source Update Report
The Silo oracle experienced a deviation from the perceived market value of GRAIL. This happened in conjecture with a hack on one of the centralized exchanges that this feed uses as a source. This exchange (HTX, formerly known as Huobi) has been delisted in the process of the mitigation.

Recap of events
This hack lead to systematic deviations in some assets from the perceived market value shortly after noon UTC on Oct 22nd 2023.
GRAIL was also affected from such deviations, with some trades going down to price ranges of under 600 USD / GRAIL. The actual perceived market price at the time was around 1200-1400 USD / GRAIL.

Filters and methodologies
Most of the deviating trades were mitigated by an interquartile range outlier filter in the price calculation layer leading to the dismissal of the trades. However, in some affected time ranges the number of trades in the overall market was quite low, so that the HTX trades were considered as possible actual trades, respectively the number of HTX trades was the majority of trades we saw and the average price was close to their reported prices. It should be noted that the other sources for GRAIL prices include DEXes that usually have lower number of trades, which can lead to situations where in the 120s window of trade evaluation all or almost all trades come from the centralized exchange source.

In most of these cases the second deviation mechanism in the oracle feeder prevented updates to the oracle: The comparison to the published price from other data providers in the Silo feeder. However, as the deviation threshold in this feeder is 20% to the perceived market price, some prices were published to the oracle that were influenced by HTX prices but still close enough to the perceived market price.

For some long-tail assets the market rates are fluid and can deviate strongly under normal market conditions. This market rate deviation mechanism only triggers in extreme cases where an actual error in the price evaluation layer leads to prices that are completely unrepresentative of the overall market. False positives arising from too tight deviation thresholds should be avoided, otherwise it could happen in genuine market conditions that changes could be prevented from being reported in a timely manner.

Immediate actions
At around 1:40 pm UTC our system shut down the HTX data source entirely identifying an unusual high number of deviations overall.
Altogether, this aberration was not unfounded (these trades on HTX existed at that time after all), but regarding the hack we think that these can be considered of lesser data quality.

Follow-up actions
In coordination with the Silo team the deviation threshold will be lowered to 7.5% for all assets except RDPX, as deviations in the range of up to 20% can frequently be observed, backed by actual DEX trades from pools with reasonable liquidity.
Historical data shows that the assets are usually within these 7.5% and do not deviate out of this window.

The live composition of available markets can always be seen in the DIA app for any asset. This is also why we link this information in any CDR so that it is always transparent which data sources are involved in an oracle price.

We kindly request the removal of the following asset from the oracle:

Asset Name: rDPX
Asset Address:
0x32eb7902d4134bf98a28b963d26de779af92a212

Action: Remove from oracle.