AVS Screening - eoracle

Eoracle

Contract address: 0x23221c5bB90C7c57ecc1E75513e2E4257673F0ef
Website: https://www.eoracle.io/
Twitter: https://twitter.com/eoracle_network
Docs: https://eoracle.gitbook.io/eoracle
Blog: https://blog.eoracle.io/
AVS Category: Oracle
ETH Restaked: 2,429,746
Total Operators: 103
Total restakers: 105,753
Competitors: No other AVSs. Layer Zero, CCIP, Axelar, Redstone, Pyth
Mainnet Date: April 11th, 2024
Economic Security wanted: $1 Million ETH
Operator limits: None
Points program: https://blog.eoracle.io/the-eoracle-points-program/

AVS Description

eoracle is a programmable data layer that extends Ethereum Proof of Stake, enabling smart contracts to connect with real-world data securely and transparently. By leveraging a globally diverse network of Ethereum validators, eoracle offers a decentralized and modular oracle solution that integrates off-chain data and computation with blockchain technology.

Unique Selling Proposition

Positioning itself to pioneer a decentralized data market. eoracle's blockchain is intended to function as a foundational layer where operators (EigenLayer operators as per initial projections) can submit their raw observations, and users can request data characterized by specific attributes such as robust security mechanisms, comprehensive guarantees, insurance options, varying latency, diversity in data sources, and more

Economic Model

Protocol documentation outlines the concept of native token serving as reward vehicle for increased incentivization enshrined by vesting mechanism for long term commitment of operators. At the same time the token may be used to penalize non-malicious misbehavior.

Points Program

The essence of the program is to incentivize participation by rewarding operators and ETH delegators based on the amount and duration of their staked ETH. Points are calculated by multiplying the staked ETH by the hours it remains staked. Operators participation is measured by aggregating the participation accross all its stakers and multiplying by 0.03

Other Product Information

As of the date of this screening, the Eoracle chain itself is not yet live; the mainnet launch is planned for a future date.

Builders

eoracle is developed by Lightblocks Labs, a research lab focused on blockchain interoperability and enhancing blockchain applications' scalability, security, and functionality. The team behind Lightblocks Labs comprises experienced professionals with diverse backgrounds in blockchain technology, software development, and applied mathematics.

Matan Sitbon (Co-founder & CEO)
Uri Margalit (Chief Technology Officer)
Nimrod Cohen (Head of Product & Research)

Backers

Investors: Pillar VC, Zero Knowledge, Big Brain Holdings, Bankless Ventures.
Partnerships: P2P, Renzo, Bware Labs, Chorus One, 01 Node and others.

Centralization

АVS contract is owned by a multisig with a single signer:

0x3407A0b8De84a528762A583E2524158A1c381E39

Security

Dedaub audit of March 2024 indicated no severity in the whole risk spectrum from low to critical

Maturity

Mainnet date: April 11, 2024
Holesky date: N/A

Most recent updates occurred on June 4, 2024, for the lightblocks-AVS-operators repository.

The development activity exhibits a degree of variability across the project's different repositories in github. While updates appear to be committed at irregular intervals, with some repositories last showing activity in May and April 2024, the eoracle-middleware, in particular, has seen the most consistent progress over recent months.

Regulatory Complexity

Low risk of legal challenges is anticipated for the project, rooted in its infrastructural nature, which positions it to be regulatory agnostic.

Risk Considerations

The multisig owning the AVS contract has a single signer, thus granting the control in the hands of a single person;