Dialed in with Switchboard: January 2024
As the January dust settles, Switchboard stands tall. Not only did we weather the Jupuary storm and tested the limits, but we also made significant progress towards our mission.
Key Protocol Metrics
Switchboard started the year with 20 new active feeds being deployed, processing over 20M data queries and finished the month with a total value secured of $570M. This strong position further reinforces our market share, currently at 1.5% based on TVS.
In January, a total of 1820 $SOL was used to fund the lease of feeds, an increase of 26% compared to December, reflecting the growing adoption of permissionless data feeds. While this demand is exciting, we are committed to continue improving. Upcoming architectural upgrades and efficiency improvements aim to optimize resource allocation.
Navigating the Storm
At the surge of Jupuary’s activity on the 31st, Switchboard stood firm. We maintained perfect operational uptime, proving our ability to handle in the most demanding situations. This event was a stress test also for the entire Solana ecosystem, which also remained stable and functional throughout this peak of activity. In the case of Switchboard, this stability ensures the access to accurate and timely data, even amidst market frenzy.
Technological Enhancements
Under the hood, January was filled with development activity. We’ve substantially improved the randomness function, and have partnered with Famous Fox Federation to test its performance. This upgrade, soon to be public, reduces the amount of transactions and increases speed considerably, while maintaining security and verifiability standards you expect from Switchboard. Imagine faster, more efficient random number generation for applications like fair gaming and unpredictable events. An in-depth article about the new Switchboard Randomness Service (SRS) is coming. During this month we have also planned the development of major upgrades to Switchboard, and set the stage for more robust, efficient, and future-ready services.
Building with the Best
Our commitment to partnerships continues to solidify, as we recently joined the Ondo Finance Ecosystem Directory, contributing to their vision of tokenizing the world. Additionally, our upgraded randomness function powers Fortuna, the on-chain game service by Famous Fox Federation. These collaborations not only expand our reach but also validate the real-world impact of our efforts.
Looking Forward
As we step into February, exciting news are coming. We recently announced a snapshot, hinting at upcoming developments that will shape the future of Switchboard, filled with new technology, more partnerships and other surprises. If you are reading this, you are early.
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