Ecosystem, Announcements, Insights, Thoughts

Success Story: Orakl Network

Orakl Network is a complete Klaytn-native decentralized oracle that provides Data Feeds, Verifiable Randomness Function (VRF), Request Response, and Proof of Reserve services for DApps in the Klaytn ecosystem. The project was developed by BISONAI, which was founded by an experienced team with multiple successful Web3 projects under its belt, including the NFT marketplace for MARBLEX, a global leading Web3 gaming ecosystem operating on a Klaytn side chain. 

Having experience building for MARBLEX, the team was familiar with Klaytn and recognized its potential. However, the team also noticed that while Klaytn had multiple oracles, none of them were full-featured and only accepted payments in their own token – as per industry norm – requiring projects to maintain a balance of the chosen oracle’s token just to pay for its services. 

Seeing an opportunity, the team got in touch with Klaytn Foundation, which agreed that the Klaytn ecosystem would benefit greatly from a dedicated oracle solution. The two organizations then set about drafting out the specifications that the ideal oracle should have. After consulting with leading ecosystem partners and benchmarking existing oracle solutions, they determined that the oracle had to:

  1. Provide the full range of oracle services to give Klaytn builders the flexibility to create innovative products.
  2. Deliver high performance data feeds with a fast update cadence to provide the most up-to-date information.
  3. Accept KLAY as payment for its services, to simplify everyday operations for Klaytn projects while creating more value for the ecosystem as a whole.

While the team wasn’t new to Web3 development, building and launching a native oracle was a whole different beast.

Tackling the challenge with multi-faceted support

Building and launching a successful oracle service goes far beyond the coding of smart contracts, with the integration with off-chain data providers and the acquiring of the initial service users being critical components as well. This was where Klaytn Foundation’s comprehensive, ecosystem-wide support got its chance to shine.

Streamlined data provider integration and operation

To ensure integrity and availability of its data feeds, Orakl needed to collect data from two node operators for each feed, which would incur gas fees in the process. Thanks to Klaytn’s fee delegation feature, Orakl was able to avoid requiring each node operator to maintain a KLAY balance, both streamlining the process and increasing reliability by removing the risk of node operators forgetting to top up their KLAY balance.

Business referrals and user acquisition

Klaytn Foundation also provided business referrals and networking, linking the Orakl team up with prominent services in the Klaytn ecosystem to build their initial user base. Beyond user acquisition support, these networking opportunities helped the Orakl team understand the needs and pain points of these service providers from an oracle’s perspective, allowing them to finetune their service and integrate specific data feeds to meet the needs of the ecosystem.

From zero to hero in under a year

Thanks to the extensive support provided by Klaytn Foundation and our ecosystem partners, Orakl Network was able to speed its time-to-market, and went live on Klaytn’s Cypress mainnet in June 2023. Since then, the service has grown to providing 30+ data feeds that are all updated every 15 seconds, making it one of the fastest oracles in the market and a perfect fit with Klaytn’s low transaction latency to enable responsive user experiences. 

Beyond data feeds, Orakl has also rolled out various other services such as VRF, Request Response, and Proof of Reserve which are seeing healthy growth in usage. Moving forward, the team intends to continue developing innovative new services, while also working closely with the Klaytn ecosystem to provide bespoke data feeds – with a long term goal of eventually expanding into a multi-chain oracle service.

Building and managing a decentralized blockchain oracle that provides various services is quite an achievement. Thanks to the ongoing technical and business support from the Klaytn Foundation, Orakl Network has been able to establish itself as the native blockchain oracle of the Klaytn ecosystem.

Martin Kersner, Co-founder and CTO at Bisonai

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