FAQs

General Information

How does the Pricing Sylo work?

Pricing Sylo retrieves the latest token prices via its smart contract. To ensure accurate data, you must call the smart contract to update the price by calling therequestUpdated() function and paying for it. This triggers the backend to query multiple exchanges and calculate the most recent price.

What tokens are supported by the Pricing Sylo?

Currently, the oracle supports ROOT, XRP, SYLO, ASTO, ETH, USDC, and WBTC.

Can other token prices be added?

Yes, additional tokens can be added, but that requires contract redeployment. The timelines for new token support are yet to be determined.

Will the Pricing Sylo support external data feeds (e.g., stock prices, weather, sports results)?

At present, the Pricing Sylo only supports TRN token price feeds. Expanding to other data types is not on the current roadmap.

Will custom data requests be supported?

Not at this time.

Is the Pricing Sylo decentralized?

The pricing data is decentralized, as it lives on the blockchain. However, the backend daemon responsible for fetching and processing data from exchanges and calculating the token price is centralized.

Funding and Payment

How do I update token prices, and what does it cost?

Reading data from the Pricing Sylo is free. The Pricing Oracle requires funded Requests to update a token's price; a Request can be purchased with SYLO tokens. These updates are community-driven, meaning any member of the community can fund updates to ensure the pricing data remains current. The funds are stored in the Pricing Sylo’s smart contract and reserved to fund the user’s future price update requests.

Note, gas fees to purchase a Request are paid in SYLO.

Will other payment tokens be supported in the future?

Currently, there are no plans to support tokens other than SYLO to fund price updates and associated gas fees.

Data and Updates

How is the price of a token calculated?

The daemon calculates the average (mean) of all values from a number of tier 1 exchanges (sum of all values divided by the number of values). Then, it filters out any values that deviate by more than 3% from the calculated average. Finally, the daemon recalculates the mean based on the filtered values.

What sources are used to determine the price?

The following oracles are used in the calculation of the price:

• Bitget

• CoinApi

• Coingecko

• CoinmarketCap

• CryptoCompare

• Gateio

• Huobi

• Mexc

• Mobula

• Moralis

• Portals

• UniswapV2

How frequently is the data updated? Is it real-time?

Data updates occur whenever a user funds a price update request. Updates are user-driven and not real-time.

How often can the Pricing Sylo be called?

At this time, there are no restrictions on the number of times the Pricing Sylo can be invoked.

How does someone use the service?

At this time, the service can be used by calling the Pricing Sylo Smart Contract.