The Growing Switchboard Ecosystem: Securing the Future of DeFi and Beyond
Switchboard’s Permissionless Oracles are Fueling Innovation Across an Expanding Network of Protocols and Blockchains
Switchboard isn’t just another oracle. It’s a critical piece of infrastructure powering and securing some of the blockchain world’s most innovative apps. But you don’t have to take our word for it — over 30 projects from across the crypto sphere are already plugged into Switchboard.
Some projects have chosen Switchboard because it’s the fastest oracle out there. Others prefer Switchboard due to its high level of customization, allowing users to create their own data feeds tailored to their needs. Many use Switchboard’s oracle aggregator to combine multiple data sources and make sure their decentralized applications (dapps) always have the latest and most accurate data. And for the protocols looking for a fully permissionless oracle solution, Switchboard remains the only option.
Dapps Need Oracles
Most dapps regularly rely on real-world and/or cross-chain data. Pricing data and real-time market feeds, for example, are vital for decentralized finance (DeFi) operations. Oracles act as the bridge that connects off-chain data with on-chain applications, thus unlocking endless dapp possibilities and extending the functionality of blockchain technology.
Similarly to how most dapps — especially DeFi ones — are measured by their Total Value Locked (TVL), oracles like Switchboard are evaluated by Total Value Secured, or TVS, which is simply the combined TVL of all integrated projects. In the case of Switchboard, its oracles are currently securing over $2 billion in TVL across dapps on over 7 different blockchains, according to Defillama.
However, this figure does not take into account projects plugged into Switchboard but not yet listed on Defillama. Taking those into account, plus a few significant lending protocols currently in the final stages of onboarding, Switchboard’s TVS is actually closer to $5.5 billion.
Who’s Using Switchboard?
Lending Protocols
With over $40 billion in TVL, lending platforms are the most popular category in DeFi. Lending platforms need real-time, reliable pricing feeds to ensure their collateralization and liquidation processes are running smoothly. Solana’s market-leading lending platform, Kamino Lend (80% of total lending TVL on Solana) is plugged into Switchboard along with other heavy-hitters like Save (formerly Solend), marginfi and Rain.fi. Overall, Switchboard is currently helping secure nearly 100% of the lending TVL on Solana, with players like Hedge, Carrot, Loopscale, Banx, and Asgard also plugging into Switchboard’s oracles.
But it’s not just lending platforms on Solana that are relying on Switchboard’s lightning-quick data feeds — Scallop Lend ($155 million in TVL) is plugged into Switchboard, with fellow Sui lending platforms Suilend and NAVI about to wrap up their Switchboard integrations. On Aptos, Switchboard is securing over 70% of the lending market thanks to integrations with Aries Markets, Echelon, Superposition, and Thala. Switchboard is even contributing to secure the Bitcoin DeFi ecosystem with an integration with Colend, the leading lending platform on Core.
DEXs
While many decentralized exchanges (DEX) derive prices inherently from trading activity, more advanced DEX offerings rely on oracles for additional features. For example, Aftermath Finance, a centralized exchange-like next-generation trading platform built on Sui has integrated Switchboard price feeds into its perpetuals exchange architecture in order to help determine the fair price of assets, prevent manipulation, and trigger liquidations. As a one-stop DeFi super app on Aptos, Aries Markets also plugs into Switchboard’s oracles to secure not only its lending platform, but also its perpetuals exchange.
Back on Solana, Drift, the network’s second-largest perpetuals exchange by TVL ($890 million) relies on Switchboard to provide prices, confidence bands, and timeliness information for its markets. Switchboard also powers the pricing architecture for GMX, the popular Avalanche perpetuals exchange, as it expands with a recently launched Solana deployment.
Stablecoins
Switchboard’s oracles also play a crucial role in stablecoin protocols by providing real-time data to ensure accurate valuations, maintain pegs, and shield from manipulation. Solayer, the InfiniSVM Layer 1 blockchain behind sUSD — a synthetic stablecoin backed by real-world assets (RWA) like U.S. Treasury Bills — integrates Switchboard oracles to ensure accurate pricing during minting and redemptions, helping maintain sUSD’s peg to the U.S. Dollar. Bucket, the leading decentralized stablecoin protocol on Sui and the issuer of the BUCK stablecoin, combines Switchboard with additional oracle providers to add extra layers of redundancy and accuracy to its prices and protect the protocol from malicious users.
Beyond traditional DeFi
Switchboard’s ~400ms data delivery speeds power a diverse range of use cases beyond traditional DeFi, including portfolio management with Symmetry on Solana, MEV optimization with Jito, and on-chain bond issuance via Etherfuse. It also supports infrastructure projects like AllDomains and Streamflow, staking solutions like Solayer (sSOL staking) and Kintsu on Monad (testnet), as well as automated trading strategies through Solauto by Haven.
Switchboard’s Growing Ecosystem
While Switchboard enjoys an important presence within the Solana ecosystem — especially in the lending markets — its integrations are spread out across popular blockchains like Sui, Aptos, and Monad. On Aptos, Switchboard is currently securing over 70% of lending TVL. Meanwhile, Sui’s 2 largest lending protocols are set to join Scallop protocol on Switchboard, which will mean Switchboard TVS will cover nearly 70% of the lending TVL on Sui. Switchboard’s multichain support also covers protocols on Solana layer 2 chains like Solayer and Eclipse, and even BTCFi projects on Core.
Switchboard’s footprint is set to continue expanding across Sui, Aptos, Monad, and, of course, Solana — but its potential use cases and supported blockchains are nearly limitless. Who knows what the ecosystem map will look like in 6 months!
Ready to Learn More?
To learn more about Switchboard:
- Visit the Switchboard Website
- Explore the Developer Documentation
- Join the Discord
- Follow on X
- Read the Whitepaper
