Switchboard, the largest customizable oracle network that lets users plug into the on-chain economy, has raised $7.5M in a Series A round led by Tribe Capital and RockawayX, with participation from Solana Foundation, Aptos Labs, Mysten Labs (Sui), Subzero Ventures, Starkware, Arche Capital, Breed VC, Ascensive Assets, and others. Switchboard’s oracles platform grants users complete control over the data they choose to bring on-chain – putting them at the controls of their own Web3 switchboard.
An increasingly diverse range of on-chain applications – from established mainstays like DeFi to emerging sectors such as on-chain gaming and gambling – require access to increasingly niche datasets, but still require the security and certainty of large-scale oracle networks. Switchboard’s permissionless and customizable design allows users to configure bespoke oracle networks that are fine-tuned for highly specific applications while also providing easy access to pre-built oracles for common tasks.
“Switchboard is dedicated to delivering the perfect oracle solution for every developer’s needs,” said Chris Hermida, co-founder of Switchboard, “the industry has become over-reliant on one-size-fits-all solutions that are needlessly slow and inefficient to set up. We’re granting developers the ability to quickly build the solutions they need.”
The successful financing round, with support from Web3 industry titans, will help Switchboard continue to expand rapidly. Over 100,000 users have already plugged into Switchboard since June 2021, with over $2 billion in total value secured.
In addition to Tribe Capital and RockawayX, the successful round drew support from leading ecosystem funds, including Solana Foundation, Aptos Labs, Mysten Labs, and the Starknet Foundation, and well-established backers, including Subzero Ventures (Bryan Pellegrino, Ryan Zarick and Ari Litam from LayerZero).
“Oracle networks are the backbone of the Web3 ecosystem” said Marek Sandrik at RockawayX. “They differ in the data sources, methods in data publishing, reliability and ease of use. We believe Switchboard scores very highly on these metrics. It is designed to maximize flexibility and performance; developers can run their own queues, customizing their oracle network, or build on cost effective on-demand data feeds. Better data connections between Web2 and Web3 are key to new use cases and novel on-chain experiences, so we are excited about the innovation Switchboard will unleash.”
“The role of oracles in the crypto world has expanded dramatically,” added Jared Madfes of Tribe Capital. “As DeFi, gaming, and other use cases surge – demand for more bespoke and efficient oracle solutions grows in tandem. We’re excited to continue backing Switchboard’s efforts.”
In contrast to standard oracle networks, Switchboard offers several unique differentiators:
- Customizable: The Switchboard platform is divided into queues – separate networks of Oracles working together. Access permission, staking and slashing consequences, and all other governance is determined at a queue level, and users can build their own unrestricted custom queues perfectly tailored for their unique task.
- Permissionless: Anyone can run their own queues, nodes, or rules for governance on Switchboard. Flexible access control allows queues to be configured as both permissioned or permissionless, giving users the option to design and manage their own permissionless oracle networks.
- Fast: Switchboard is largely built on Solana, which allows operations to be performed quickly and efficiently thanks to Solana’s industry-leading TPS. In addition, Switchboard leverages Trusted Execution Environments (TEEs) to allow information to be sent quickly and confidentially across the network.
- On-demand: Switchboard’s on-demand model lets users bring data on-chain at the exact moment they need it, cutting down on unnecessary updates and reducing operating costs for developers.
Developers interested in building with Switchboard can plug into the ecosystem at switchboard.xyz.
Stay up-to-date on Switchboard developments on X, and join the conversation on Discord.
About Switchboard
Switchboard is the world’s largest customizable oracle network and the first oracle aggregator, helping secure nearly $2B of value across a number of different ecosystems including Solana, Aptos, Sui, Ethereum, Arbitrum, Starknet, Core and others. With Switchboard on-demand, Switchboard enables just in time data feeds – allowing latency sensitive users securely bring the exact customized data they need, exactly when they need it on chain.