PoolSharks <> The Graph
PoolSharks is building a fully decentralized solution which will pool complex DeFi actions such as swaps and in turn lowers gas fees for users with increased execution reliability. We are building on top of Gelato Network and The Graph to enable a fully trustless and decentralized exchange experience.
We envision a future where DeFi exchanges are more transparent, accessible, and attractive for users coming from Centralized Exchanges.
Part of this vision is having access to open cross-DEX pricing data which is available to everyone. In trying to build my own DEX of sorts, I encountered this issue where I realized there was no open candlestick chart data as well as no open price oracle which wasn’t controlled by a third-party.
Of course there exist Chainlink Price Feeds (pictured below), however in building a fully decentralized experience, I believe certain Dapp builders like myself will only want to consider decentralized sources of data and eliminate data from centralized exchanges.
Considering only decentralized data is what will differentiate The Graph’s Price Oracle from that of Chainlink.
We already have a DEX aggregator which will aggregate various sources of liquidity and select the best price, so we propose using that. Our exchange model is modular so can add and remove exchanges based on Governance proposals. This allows for the PoolSharks community to maintain the health of the Subgraph over time and ensure future liquidity sources are considered for token price data. I intend to automate that side of the governance process in the future so none of the process for adding and removing exchanges is controlled by a multi-sig.
In the event we are selected for a grant from The Grant Foundation, we would open-source our DEX aggregator to ensure there is full transparency around how prices are quoted within the DEX aggregator.
I’m curious to hear the community’s thoughts on how we should go about selecting the “best price” at any given time. Should it select the exchange based on which exchange has the most volume?
In addition to having near real-time price data for all current and future ERC-20 assets, I’d like to provide candlestick chart data as well. That is 1m, 5m, 15m, 30m, 1hr, 2hr, 4hr, 1d, 1w, and 1mo candles for any and every token possible.
In this way, future Dapps can have access to this kind of data in order to fulfill their for their users or strictly for analytical purposes.
Currently, there is a lot of gatekeeping around this kind of data, and I believe this data should be available to everyone.
Let me know if you agree in the comments below!
Cheers,
alphak3y