Maximizing Efficiency and Security: A Look into Modefi’s Latest Development Updates
Modefi has been making strides to revolutionize the way we access and use data in the decentralized finance and blockchain space. Over the past few months, starting from the private beta launch in September, the team has been working tirelessly pushing over 300 commits a month(SOL averages 239 commits/month with 100+ contributors) to bring you the latest advancements in decentralized data solutions.
From major improvements including the introduction of a soon to be released, optimized consensus algorithm (more on that below), to smaller optimizations and improvements, the team has been dedicated to putting Modefi at the forefront of the Oracle industry.
We are excited to share the progress we’ve made and thank everyone who has participated in our beta program. The feedback and support have been invaluable in helping us refine and improve our platform. So, without further ado, let’s take a closer look at the updates and advancements we’ve made during this time.
We are thrilled to announce that our On-Demand Oracle is undergoing a major upgrade to improve its data validation process. Our team has been grinding every day to implement a new consensus mechanism that will prevent unnecessary slashing and inconsistent data formatting.
This new solution will ensure that users have a seamless experience while providing data and will build more confidence in the ODO as a trusted source of information. Our goal is to provide a platform that is reliable and secure, and this upgrade will bring us one step closer to that goal.
The majority of the back-end and smart contract code has been completed and we are now in the process of testing, then integrating it into the front-end. We are confident that this new mechanism will provide a more efficient, safe and effective solution for our users.
On-Demand Oracle Stats
Since the start of Public Beta till January 31, 2023
$ 2,605,283.00 in Collateral
127,472 $MOD ($25,494.40 USD) in Rewards
Project Earning Stats for Validators
Estimated APY without Compounding
- Organized current off-chain data into a relational database for better data consistency and ease of access to solve current bugs and eliminate the possibility of some others
- Greatly increased the data being stored off-chain for much faster query results when loading pages on the front end(All data in relation to validation and contracts is on-chain)
- Updated the contracts to improved the ease and speed of obtaining the relevant contract data to populate the database
- Implemented function deploy with data type of Decimal
- Updated the progress bar for canceled datasets
- Added lazy load for Dispute, Validate, and Complete tabs, as well as the Dispute Management page
- Expanded on users’ ability to set the time for individual datasets
- Updated UI for datasets of the decimal type
- Updated UI for configuring event
- Implemented Claim and Unlock with new version of smart contracts
- Implemented Dispute function with new version of smart contracts
- Created unit test by parsing value to xxx.sol
- Implemented security scan for data sources
- Fixed bug that caused issues with the data type flow
- Updated test cases for change flow of the data type
- Added new modal for specified outcomes and any value is allowed for Name/Words and Numbers
- Updated logic config single/OLoV string
- Fixed issue with the management dispute
In Testing and Debugging Phase (Smart Contracts):
- Removed requirement for duplicate data to be sent on-chain by allowing users to endorse data that has been sent in already, reducing the chance for human error and reduce gas usage on redundant data
- Upgraded the consensus algorithm to dynamically increase security and solve a potential payout bug in the contracts
- Fixed a bug where users couldn’t claim after withdrawing
- Refactored the data store contracts to make room for the new consensus algorithm and making constraints more flexible
- Made setting the time for an individual dataset more flexible to be independent of the need to set a time for an entire request batch
- Added the ability to move the time for data ahead in time
- Added ability to add new data types after system deployment
- Updated message of tooltip modal
- Updated UI for change Constraints of dataset
- Fixed issue with the UI for security
- Improved the performance of the app
- Cronjob set token price
- Added new button skip setting time
- Changed format of countdown time
- Added whitelist login
Design Work Completed:
- A new timeline that will allow users to see any major events related to a dataset such as staking starting or consensus reach or updates such as a change to the dataset’s description or data source
- A new way to view the history of a dataset or request batch’s text description when the creator updates it to ensure the meaning of the data cannot be changed
- A new way to create custom formats for strings to drastically reduce the need for string data types without formatting and eliminate potential pitfalls such as extra whitespace or ambiguous expected data formatting
- Update to profile page to make it a central hub for users to see the datasets in which they are or were previously involved as well as take any applicable actions
Overall, these updates have greatly improved the functionality, performance, and user experience of our On Demand Oracle platform. We are excited to continue working on new and innovative ways to change the world of data management.