Pricing & Oracles

Everything Makina does rests on one ability: valuing any token in terms of the accounting token. Share price, AUM, loss checks, and risk caps are all denominated that way. The contract that provides this is the Oracle Registry, shared infrastructure deployed once per chain and used by every strategy on it.

How pricing works

The Oracle Registry aggregates price feeds that conform to the Chainlink AggregatorV3 interface. These can be Chainlink's own feeds or any other oracle that exposes the same interface. The protocol depends on the interface, not on a specific feed provider. It prices each token against a common reference currency (e.g. USD) and then derives any token-to-token price by combining the two. A token reaches the reference currency through one or two feed hops:

• One hop: a direct feed exists (e.g. TokenA → USD).
• Two hops: no direct feed exists, so the token is priced through an intermediate (e.g. TokenB → TokenC → USD).

To price Token A in Token B, the registry prices each against the reference currency (one or two hops each) and divides. The math normalizes for each feed's and each token's decimals, so callers get a clean, consistent price regardless of the tokens' native precision.

Rejecting stale or invalid prices

Each feed in a route has a configured staleness threshold. When the registry reads a feed it rejects the price if it is negative or if the feed hasn't updated within its threshold, so a stalled or malfunctioning feed causes a clear revert rather than a silently wrong valuation. Combined with the Caliber's loss checks, this keeps a bad price from translating into a bad trade.

Where it's used

The Oracle Registry is consulted whenever value must be measured:

• Token balances: valuing the base tokens and idle balances held by Machines and Calibers.
• Position valuation: converting a position's reported base-token amounts into accounting-token value.
• Loss checks: verifying, after each position management or swap, that value loss stays within bounds.

Which feeds and routes are registered for which tokens is governed configuration, managed by the protocol's infrastructure-configuration role behind a timelock. A token cannot become a base token until a valid route exists for it here.