Overview

We propose the integration of a generic Ethereum oracle on Injective. Oracle providers such as Pyth and Band provide a limited set of feeds that have been vetted. These feeds are usually crypto assets or hard assets such as gold or silver.

A generic Ethereum oracle would allow users to pass contract state from Ethereum to Injective and enable new use-cases. One example is Uniswap v3, uniswap pools can serve as oracles and would allow users to launch perpetual markets on Injective with arbitrary Uniswap pools as oracles.

Additionally, pool information on LPs and token ratios could enable a new product whereby users can hedge and reduce incurred IL (Impermanent Loss). A smart contract on Injective could place trades in a perpetual market for the same asset the user has incurred IL on AMMs like Uniswap.

Hackathon MVP

• Implement a generic query-response interface for requesting and relaying Ethereum state data along with a modular proof verification layer. This should include a production-ready centralized proof of concept. The Ethereum state data will be stored on an Injective smart contract which should be structured with data storage considerations in mind in order to scale.
• The project can then expand in a decentralized implementation of such interface via bridging infrastructure such as Wormhole or Axiom. This should not necessarily be part of the MVP.

Resources

Protocol docs

Typescript SDK & docs

Python SDK, GO & docs

Mentor

Albert Chon, CTO

Discord Username: albertchon