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Oracle Registry

The Oracle Registry acts as an aggregator of Chainlink price feeds, and prices tokens in a reference currency (e.g. USD) using either one or two feed hops. This enables any priceable token to be valued relative to any other.

This component plays a crucial role in the protocol, ensuring accurate pricing of assets within the protocol in order to compute Calibers and Machines AUM.

Example: Pricing Token A in Token B​

To determine the price of Token A in terms of Token B, the registry follows these steps:

  1. Check Token A → Reference Currency: Given that a direct Chainlink price feed exists from Token A to the reference currency (e.g., USD), the registry uses it.
  2. Check Token B → Reference Currency (via intermediate): Given that Token B lacks a direct feed to the reference currency, the registry can be provided with a 2-feeds path: - Token B → Token C - Token C → Reference Currency It combines both feeds to compute Token B’s price in the reference currency.
  3. Compute Token A → Token B: With both tokens priced in the reference currency, the final price of Token A in Token B is derived by dividing their reference prices.

OracleRegistry Usage Scenarios​

The OracleRegistry is specifically involved in the following scenarios:

  • Pricing Token Balances: Computes the value of Machine and Caliber token balances relative to the accounting token.
  • Valuation of Caliber Positions: Determines the total value of a position held within a Caliber.
  • Value Loss Checks: After each Caliber operation (e.g., position management or swaps), the registry is used to verify that value loss remains within acceptable bounds.

The registry is governed by the DAO through a Timelock.