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Oracle

Oracles are essential infrastructure components that feed real-time, off-chain data (such as price feeds, weather, or sports results) into blockchain smart contracts. Without decentralized oracles like Chainlink and Pyth, DeFi could not function. In 2026, oracles have evolved to support verifiable randomness and cross-chain data synchronization. This tag covers the technical evolution of data availability, tamper-proof price feeds, and the critical role oracles play in ensuring the deterministic execution of complex decentralized applications.

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Created: 2026/02/02 18:52
Updated: 2026/02/02 18:52
Risk control is the lifeline: Analyzing the underlying game theory of Perp DEX through the Hyperliquid incident.

Risk control is the lifeline: Analyzing the underlying game theory of Perp DEX through the Hyperliquid incident.

Perpetual contracts are the most valuable and frequently traded products in the on-chain financial ecosystem, but they also pose the most significant systemic risks. In March 2025, Hyperliquid's HLP pool suffered significant losses due to whales using excessive leverage and repeatedly withdrawing collateral on the platform, exposing structural weaknesses in its mark-price mechanism and liquidation process. Such events remind us that beyond superficial trading depth and user growth, the true stability of Perp DEX ultimately stems from the resilience of its risk model under extreme market conditions. Whether it's market maker losses, liquidation cascades, or systemic risks triggered by individual actions, they are all directly related to the same core issue: how the protocol is priced, how risk is allocated, and how leverage and liquidation are handled. Therefore, without understanding the risk control architecture, one cannot truly understand Perp DEX's competitive advantage. This article will start with the "risk model" and systematically break down the core architecture, sources of risk, differences in risk control, and future trends of Perp DEX, providing a professional and comprehensive analytical framework for funds, quantitative traders, and Web3 investors. Perp DEX's Risk Model: The Protocol's Lifeline The risk model is the protocol's dynamic risk control hub, determining its survival under extreme market conditions. It is similar to the risk engine in traditional finance, but more complex because on-chain systems cannot be subject to temporary manual intervention. A mature Perp DEX risk model is a system composed of multiple core components, and its architecture and interrelationships are shown in the following diagram: Figure 1: (This figure illustrates how the risk model starts with price inputs, is processed through the core risk control layer, and ultimately outputs the overall stability and capital efficiency of the system through the risk buffer layer. It reveals the intrinsic connections between modules such as the price model, margin rules, liquidation mechanism, and insurance fund.) These modules together form the protocol's "risk skeleton." A weakness in any one of these components could lead to structural failures during major market movements. LPs or market makers may experience uncontrollable losses (common in AMM models). The agreement was insolvent, and the insurance fund was quickly depleted. Delayed liquidation triggered a chain reaction of margin calls and widespread losses. Oracle was manipulated, triggering an arbitrage attack. The uncontrolled risk of a multi-asset, multi-leverage portfolio led to a total margin call. In other words, the risk model determines how much capital a protocol can support, what types of traders it can serve, and whether it can survive in extreme market conditions. Therefore, the risk model ultimately determines the upper limit of all indicators such as trading experience, market depth, capital efficiency, protocol revenue, and token value capture. This is why, in the past two years, competition in Perp DEX has shifted to underlying risk control architecture, rather than just transaction mining or fee wars. Breakdown of core modules of mainstream PERP architecture and risk model The architectural evolution of Perp DEX is essentially a path of "how risk is redistributed". Phase 1 (Off-chain Order Book): The risk lies in the robustness of the centralized matching nodes. Represented by dYdX, this design ensures transaction efficiency, but the risk is highly concentrated on the availability and security of off-chain matching. Phase Two (AMM): Risk is transferred to the directional exposure of the liquidity pool. For example, in GMX, under the AMM model, LPs bear extremely strong directional risk, making permanent loss, extreme market deviations, and MEV (Mean Equity) unavoidable issues for this architecture. The third stage (On-Chain Order Book - CLOB): Risk shifts to reliance on the performance and determinism of the underlying public blockchain. A representative project is Hyperliquid, where 70-80% of perpetual transaction volume is now concentrated in the order book model. This high-performance on-chain environment also means an unprecedented reliance on TPS, mempool stability, and contract execution security. Frontier Exploration (Hybrid Mode): The risk lies in the logic and feedback loop of the dynamic switching between the order book and liquidity pool. Taking Drift on Solana as an example, it uses AMM as a deep backup mechanism and automatically replenishes quotes when the order book lacks liquidity, thereby finding a new balance between execution quality and capital efficiency. The differences between the different architectures are ultimately reflected in the design of the following four core risk control modules: 2.1. Price Model: The System's Benchmark The price model determines the fairness of transactions, liquidation triggers, and funding rates, serving as the underlying benchmark for perpetual contract systems. It faces challenges such as oracle latency, manipulation, and MEV (Mean Equity). Mature systems employ multi-source aggregation, TWAP (Transfer-Only-Pay), and maximum deviation limits to enhance resistance to attacks. AMM (Automated Market Maker) architectures also require internal pricing mechanisms to simulate liquidity depth, a core variable in their risk exposure. 2.2. Liquidation Model: A Key Risk Buffer The liquidation mechanism determines the system's ability to withstand price fluctuations and is the most critical risk buffer layer of a perpetual protocol. Its security boundary consists of the initial margin, maintenance margin, and liquidation buffer. The execution logic (partial liquidation, full liquidation, auction) directly impacts user experience and system efficiency. Liquidation itself also faces attack surfaces such as on-chain congestion and bid manipulation. 2.3. Insurance Funds: The Last Line of Defense The insurance fund is used to absorb losses from margin calls. Its size and usage rules directly reflect the agreement's risk tolerance and serve as the system's "last line of defense" in extreme market conditions. The design needs to balance security and capital efficiency: too large a size will affect returns, while too small a size will easily trigger automatic liquidation, damaging the agreement's reputation. 2.4. Position Management: The System's Global Risk Controller Position management ensures the system doesn't spiral out of control due to excessive concentration of one-sided positions. Mechanisms such as position limits, dynamic margin requirements, and funding rates are used to regulate market forces. For multi-asset and long-tail assets, managing correlation and manipulation risks presents even greater challenges. Risk model trade-off analysis in mainstream cases Current mainstream platforms are transitioning towards CLOB or CLOB-Centric hybrid solutions to achieve better matching accuracy and capital efficiency. The table below systematically compares the risk model characteristics and core trade-offs of four representative projects: Chart 2 (This chart compares Hyperliquid, Aster, edgeX, and Lighter side-by-side from six dimensions: core architecture, pricing model, liquidation mechanism, insurance fund, major risks, and core trade-offs, demonstrating the risk preferences and trade-offs under different technology routes.) Key points of case analysis: Hyperliquid achieves near-CEX efficiency and depth, but its matching logic combines on-chain settlement and order book verification, increasing system complexity and reliance on risk control mechanisms. It requires a large HLP liquidity pool and complex risk control mechanisms, transferring extremely high risk control pressure to liquidity providers and the protocol itself. Aster: The liquidation mechanism is based on the principle of "reducing risk layer by layer". It improves capital efficiency and robustness during periods of low volatility through the "risk pooling" strategy, but at the cost of a more complex risk transmission path and extreme sensitivity to parameter settings. edgeX uses ZK-Rollup technology to ensure extremely high transparency and verifiability, reducing reliance on external insurance funds. However, this comes at the cost of performance limitations imposed by L2 data availability and state commit latency. The system needs to rely on redundancy mechanisms, verifiable playback, and robust monitoring to mitigate the impact of these risks on overall stability. Lighter: Under the "verifiable off-chain order book" architecture, auditability and on-chain trust are given priority, but at the cost of performance that cannot reach the upper limit of pure off-chain matching. Therefore, it is more suitable for users who prefer transparency, verifiability and lower systemic risk. Conclusion: Security Boundaries and Future Trends By 2025, Perp DEX's security boundary had transitioned from "smart contract security" to "system-level security." On-chain matching, oracle price sources, liquidation logic, risk parameters, LP liquidity pool exposure control, robustness of the market-making mechanism, and the integrity of cross-chain messages together constitute an interdependent security framework. Three major trends for the future: 1. Semi-automated risk control: On-chain mechanisms are insufficient to cope with complex attacks. In the future, a "semi-automated governance" system will be formed by combining off-chain real-time monitoring and dynamic parameter adjustment. 2. Compliance Integration: The hybrid model of "no custody required but subject to regulation" will become key to attracting institutional-grade liquidity. Verifiable KYC and compliant liquidity pools will become the new infrastructure. 3. Technology-driven expansion of security boundaries: Technologies such as zero-knowledge proofs, high-performance L2, and modular design will enable complex real-time risk models to run on the blockchain, elevating risk control capabilities to the level of financial infrastructure. The winners of the future will no longer be those who compete on transaction fees or depth, but rather those who can integrate technological security, financial engineering, and compliance frameworks.

Author: PANews

2025/12/05

Grayscale Chainlink ETF Debut Shows Promise, May Boost LINK Toward $20

Grayscale Chainlink ETF Debut Shows Promise, May Boost LINK Toward $20

The post Grayscale Chainlink ETF Debut Shows Promise, May Boost LINK Toward $20 appeared on BitcoinEthereumNews.com. Grayscale’s spot Chainlink ETF launched on December 3, 2025, achieving $13 million in initial trading volume and $42 million in inflows, signaling strong institutional interest in the LINK token despite lower volume compared to Solana and XRP ETFs. Grayscale Chainlink Spot ETF Debut: The product marked Chainlink’s entry into U.S. spot ETFs with notable first-day performance. Analysts praised the launch, highlighting its success for longer-tail assets like LINK in the ETF space. LINK’s open interest rose from $194 million to $240 million post-launch, reflecting increased speculative and bullish sentiment in futures markets. Discover the Grayscale Chainlink Spot ETF’s strong debut with $42M inflows and market impact on LINK price. Explore analyst insights and growth potential in tokenized assets today. What is the Impact of Grayscale’s Chainlink Spot ETF Launch? Grayscale’s Chainlink Spot ETF represents a significant milestone for the decentralized oracle network, providing investors direct exposure to the LINK token through a regulated product. Launched on December 3, 2025, it recorded $13 million in trading volume on its first day, accompanied by $42 million in inflows, which outperformed expectations for a niche asset. This development underscores growing institutional adoption of altcoins beyond major players like Bitcoin and Ethereum. How Has the Chainlink ETF Affected LINK’s Market Performance? The debut of the Grayscale Chainlink Spot ETF has injected fresh momentum into the LINK market, with trading volume reaching $13 million on day one—lower than Solana’s $56 million and XRP’s $33 million but still indicative of solid demand. Bloomberg ETF analyst Eric Balchunas described it as “another insta-hit,” noting $41 million in first-day flows and emphasizing its early success in the crypto ETF landscape, except for underperformers like Dogecoin. James Seyffart, another Bloomberg analyst, called the volume “strong” and “impressive,” adding that it proves longer-tail assets can thrive in ETF wrappers. Grayscale…

Author: BitcoinEthereumNews

2025/12/05

Dogecoin Price in ‘Accumulation Territory’ According to Bubble-Risk Model

Dogecoin Price in ‘Accumulation Territory’ According to Bubble-Risk Model

The post Dogecoin Price in ‘Accumulation Territory’ According to Bubble-Risk Model  appeared on BitcoinEthereumNews.com. Dogecoin price faces an 18% decline as the 20-day EMA slope provides dynamic resistance against coin buyers A risk model from Bridge Oracle shows no bubble conditions for DO On-chain data shows that crypto whales have bought at least 1 million DOGE tokens in the last 48 hours, accenting heavy conviction from large buyers. DOGE, the largest meme cryptocurrency by market cap, is down 2.8% during Thursday’s U.S. market hours. The downtick follows a slowdown in broader market momentum as Bitcoin wavers around $94,000. Despite the intraday selling, the Dogecoin price shows potential for a bullish rebound amid the formation of a widely known “end of correction trend” pattern. The latest on-chain data support the bullish thesis as whales show a renewed accumulation trend. Dogecoin Price Trend Diverges From Whale Behavior By press time, Dogecoin price trades at $0.148, having fallen some 80 percent from the high of $0.74 in May 2021. The recent 24-hour fall has brought the price lower than the 20-day moving averages, cementing the longer-term bearish structure that has been a feature of the past four years for most of that time. However, the latest on-chain data reveal a different picture below the surface. In a recent tweet, Bridge Oracle CEO Sina Estavi highlights their proprietary bubble-risk model for Dogecoin, stating that the current readings are well below thresholds associated with major tops in 2017-2018 and 2021.  The model monitors key metrics, including realized profit ratios, exchange inflows from new investors, and social sentiment extremes. None of these factors currently registers in the danger zone, placing the asset in what the firm calls “accumulation territory.” Concurrent wallet-tracking data published by analyst Ali Martinez shows addresses with a balance of at least 1 million DOGE added a total of 480 million coins in the last two days.…

Author: BitcoinEthereumNews

2025/12/05

Bitcoin Gains Spark Bullish Predictions on Myriad for Next Moves and Liquidation Risks

Bitcoin Gains Spark Bullish Predictions on Myriad for Next Moves and Liquidation Risks

The post Bitcoin Gains Spark Bullish Predictions on Myriad for Next Moves and Liquidation Risks appeared on BitcoinEthereumNews.com. Bitcoin and Ethereum price predictions on Myriad this week show bullish momentum after weekly gains to $90,000 and $3,000, with markets favoring upward moves but low odds for new all-time highs before year-end. A major liquidation event remains a risk amid volatile trading. Bitcoin nears $90,000 with predictors eyeing a potential surge to $95,000 next week. Ethereum rebounds above $3,000, supported by network upgrades and institutional interest. Liquidation odds stand at 40%, driven by overleveraged positions in perpetual futures. Explore Bitcoin and Ethereum price predictions on Myriad’s top markets this week, including risks of liquidation events. Stay informed on crypto trends and make smarter trades today. What Are the Latest Bitcoin and Ethereum Price Predictions on Myriad? Bitcoin and Ethereum price predictions on the Myriad prediction platform highlight renewed optimism following small weekly gains. Bitcoin reclaimed the $90,000 level, while Ethereum surpassed $3,000, prompting predictors to shift bullish on short-term trajectories. These moves reflect broader market recovery, though sustained rallies depend on macroeconomic factors like interest rate decisions. How Do Myriad’s Markets Assess the Risk of a Major Liquidation Event? Myriad’s markets indicate a 40% probability of a significant liquidation event in the coming days, based on high leverage in derivatives trading. Data from on-chain analytics shows over $2 billion in open interest for Bitcoin futures, vulnerable to sudden price swings. Experts at Chainalysis note that such events often follow rapid recoveries, wiping out undercapitalized positions and creating buying opportunities for long-term holders. Short sentences underscore the volatility: Liquidations cascade quickly. Traders should monitor funding rates closely. Frequently Asked Questions What Factors Are Driving Bitcoin’s Push Toward $90,000 This Week? Bitcoin’s advance to $90,000 stems from positive ETF inflows totaling $500 million last week and reduced selling pressure from miners. Institutional adoption, including corporate treasury allocations, bolsters confidence. Myriad predictors…

Author: BitcoinEthereumNews

2025/12/05

‘Real product market fit’ – Can Chainlink’s ETF moment finally unlock $20?

‘Real product market fit’ – Can Chainlink’s ETF moment finally unlock $20?

The post ‘Real product market fit’ – Can Chainlink’s ETF moment finally unlock $20? appeared on BitcoinEthereumNews.com. Chainlink has officially joined the U.S. Spot ETF club, following Grayscale’s successful debut on the 3rd of December.  The product achieved $13 million in day-one trading volume, significantly lower than the Solana [SOL] and Ripple [XRP], which saw $56 million and $33 million during their respective launches.  However, the Grayscale spot Chainlink [LINK] ETF saw $42 million in inflows during the launch. Reacting to the performance, Bloomberg ETF analyst Eric Balchunas called it “another insta-hit.” “Also $41m in first day flows. Another insta-hit from the crypto world, only dud so far was Doge, but it’s still early.” Source: Bloomberg For his part, James Seyffart, another Bloomberg ETF analyst, said the debut volume was “strong” and “impressive.” He added,  “Chainlink showing that longer tail assets can find success in the ETF wrapper too.” The performance also meant broader market demand for LINK exposure, noted Peter Mintzberg, Grayscale CEO.  Impact on LINK markets Bitwise has also applied for a Spot LINK ETF and could receive the green light to trade soon. That said, LINK’s Open Interest (OI) surged from $194 million to nearly $240 million after the launch.  The surge indicated a surge in speculative interest for the token on the Futures market.  Source: Velo By extension, it also showed bullish sentiment following the debut. On the price charts, LINK rallied 8.6%, extending its weekly recovery to over 20% from around $12 to $15 before easing to $14.4 as of press time. It was still 47% down from the recent peak of $27.  The immediate overheads for bulls were $15 and $16, and clearing them could raise the odds for tagging $20. Especially if the ETF inflows extend.  Source: LINK/USDT, TradingView Assessing Chainlink’s growth Chainlink has grown over the years and has become the top decentralized oracle provider, offering numerous blockchain projects…

Author: BitcoinEthereumNews

2025/12/05

Base and Solana open liquidity and asset bridge

Base and Solana open liquidity and asset bridge

The Base-Solana bridge has officially gone live on mainnet, according to an announcement shared via Base’s official X page. It marks a major step forward in cross-chain interoperability between Base and Solana.  With the bridge in place, users can enjoy seamless, bidirectional asset transfers from Solana to Base, and vice versa, without needing to rely […]

Author: Cryptopolitan

2025/12/05

Solana Assets Bridge to Coinbase’s Base Network via Chainlink Protocol

Solana Assets Bridge to Coinbase’s Base Network via Chainlink Protocol

The post Solana Assets Bridge to Coinbase’s Base Network via Chainlink Protocol appeared on BitcoinEthereumNews.com. The Solana Base Bridge, powered by Chainlink’s Cross-Chain Interoperability Protocol and supported by Coinbase, connects Solana and Base networks, enabling seamless asset transfers of SOL and other tokens between ecosystems for enhanced interoperability in decentralized finance. Seamless asset movement: Users can now transfer Solana assets like SOL directly to Base applications without friction. Integration with popular platforms: The bridge is live on Zora and Aerodrome, Base’s leading DEX, facilitating quick token deployments. TVL growth: Base’s total value locked has reached $14.89 billion, up nearly 5% recently, while Solana holds $29.4 billion according to DefiLlama metrics. Explore the new Solana Base Bridge connecting ecosystems via Chainlink CCIP. Transfer assets seamlessly, boost liquidity, and unlock cross-chain opportunities—discover how this integration transforms DeFi today. What is the Solana Base Bridge? The Solana Base Bridge is a new interoperability solution that links the Solana blockchain with Coinbase’s Ethereum Layer-2 network, Base, allowing users to transfer assets like SOL and other Solana tokens directly into the Base ecosystem. Secured by Chainlink’s Cross-Chain Interoperability Protocol (CCIP), this bridge eliminates silos between networks, promoting a more connected on-chain economy. Launched in late 2025, it supports migration, trading, and liquidity provision across both chains, as detailed in Base’s official announcement. How Does Chainlink’s CCIP Secure the Base-Solana Integration? Chainlink’s CCIP provides robust security for the Solana Base Bridge by enabling risk management, token transfers, and arbitrary messaging across disparate blockchains. This protocol uses decentralized oracles to verify transactions, reducing vulnerabilities common in cross-chain operations. According to Chainlink’s documentation, CCIP’s design isolates risks through configurable rate limits and supports native token transfers, ensuring only authorized assets move between Solana and Base. The integration has already demonstrated reliability in live environments. For instance, on Aerodrome, Base’s largest decentralized exchange, users can bridge Solana’s SPL tokens and deploy liquidity pools in…

Author: BitcoinEthereumNews

2025/12/05

Top 10 AI Altcoins That Crypto Developers Are Focusing On the Most Have Been Revealed – Here’s the List

Top 10 AI Altcoins That Crypto Developers Are Focusing On the Most Have Been Revealed – Here’s the List

The post Top 10 AI Altcoins That Crypto Developers Are Focusing On the Most Have Been Revealed – Here’s the List appeared on BitcoinEthereumNews.com. Cryptocurrency analytics firm Santiment has released the current development rankings of artificial intelligence (AI) and big data-focused crypto projects in its new report, based on notable development activity on Github over the past 30 days. According to the report, developer interest remains strong, with many projects seeing upward movement with recent updates. Internet Computer (ICP) topped the list, followed by Chainlink (LINK), with its oracle infrastructure and growing enterprise integrations, and NEAR Protocol (NEAR), which stands out with its infrastructure specifically developed for AI-powered applications. Here are the AI-themed altcoins and developer activities that cryptocurrency developers have focused on most in the last 30 days: Internet Computer (ICP) – 296.97 Chainlink (LINK) – 292.5 NEAR Protocol (NEAR) – 114.47 Oasis Network (ROSE) – 61.03 Filecoin (FIL) – 38.23 Livepeer (LPT) – 33.5 Recall (RECALL) – 30.63 The Graph (GRT) – 29.77 iExec RLC (RLC) – 27.27 Injective (INJ) – 25.97 According to Santiment, high developer activity reflects not only the frequency of technical updates but also the projects’ commitment to their long-term roadmaps. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/top-10-ai-altcoins-that-crypto-developers-are-focusing-on-the-most-have-been-revealed-heres-the-list/

Author: BitcoinEthereumNews

2025/12/05

Chainlink (LINK) Whale Accumulation Signals Potential Breakout Toward $100

Chainlink (LINK) Whale Accumulation Signals Potential Breakout Toward $100

Chainlink is showing signs of stability in its value with the potential to reach new highs with the changing climate in the crypto sector. The token is currently trading at $14.38, with the price showing stability over the last 24 hours. However, the crypto analyst, Ali, highlighted that whales have purchased an impressive 4.73 million […]

Author: Tronweekly

2025/12/05

Chainlink Price Prediction: $46 In Sight Amid Whale Buys, ETF Inflows

Chainlink Price Prediction: $46 In Sight Amid Whale Buys, ETF Inflows

The post Chainlink Price Prediction: $46 In Sight Amid Whale Buys, ETF Inflows appeared on BitcoinEthereumNews.com. Key Insights An expert provided a bullish target of $46 in the latest Chainlink news explaining that the cryptocurrency could sustain a strong rally in coming weeks if it holds the current level of $13. Grayscale launched its first Chainlink ETF, trading under the ticker GLNK, and it had a strong start amid attracting $42 inflows. The upper side of LINK’s price long-term channel sits around $46, which lines up with the next bullish target. In the latest Chainlink (LINK) news, a leading analyst has set a $46 price target following the launch of the first Chainlink ETF, which hit the market yesterday. The Grayscale fund drew strong investor interest on day one, with inflows exceeding $42 million. The data infrastructure token rose back to the spotlight across the overal crypto market after recording a notable one week uptick of 7.6%. Expert Eyes Chainlink (LINK) Price Target of $46 An expert provided a bullish target of $46 in the latest LINK news explaining that the cryptocurrency could sustain a strong rally in coming weeks if it holds the current level. Chainlink price is sitting right on its major weekly support near $13, and so far the level is holding. This trendline has guided the market since 2023, and every touch has led to a strong move higher. We’re seeing the same type of reaction again, with buyers showing up at the right moment. The chart also highlights something important: LINK price has spent long periods accumulating before each major breakout. The last two breakouts delivered gains of more than 130%, and the current setup looks very similar. Price has been moving sideways, forming another base, and now it’s pushing off that same rising support. If Chainlink (LINK) price holds this level and the crypto market stays firm, there’s room for…

Author: BitcoinEthereumNews

2025/12/05

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