The Open Price Feed is a system to allow various sources (i.e. reporters) to sign off-chain data about prices and allow any Ethereum account to move that data on-chain.
Frequently asked questions.
What is the Open Price Feed?
The Open Price Feed is a decentralized price oracle built on Ethereum. It’s made up of Reporters, Posters, and a View to read accepted prices. Anyone with access to reliable price data can post and store their price data on-chain. Any developer can configure a View Contract to their liking, however, the Reporters in the Compound View Contract may only be approved through Compound Governance.
What are Reporters?
Reporters can be exchanges, DeFi projects, applications, OTC trading desks, hobbyists, etc. — basically, anybody with access to price data. Reporters sign a message with a private key and make this signed data available to the public.
What are Posters
Anyone with gas (ETH) and a web3 connection has the ability to post the signed data (from Reporters) on-chain. A crypto exchange may have an extremely accurate and reputable price for a trading pair, but lack the technical capacity (or incentive) to post the data on chain reliably. This responsibility is shared among many Posters.
What are View Contracts?
View contracts are any combination of Reporters compiled into a single view. For example, The Compound protocol uses a View Contract which incorporates a single Reporter (Coinbase Pro), with an anchoring mechanism inside the View. With enough reporters (approved through Governance), a median price can be used, without relying on an anchor. In the meantime, we believe Coinbase prices anchored by Uniswap to be a robust data source.
Other developers may deploy their own View contracts with whatever combination of Reporters that suits their application best.
How can I access the Open Price Feed?
Any developer or application can contribute to the Open Price Feed by being a Reporter, Poster, or even by configuring their own View Contract for themselves or others to use. The Open Price Feed is designed to be a foundation that anybody can build on, extend, and improve. The number of Reporters, Posters, and Views can scale over time, as the ecosystem develops. Head to our Developer Docs for more information.