FAQs
General Information
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.
Currently, the oracle supports ROOT, XRP, SYLO, ASTO, ETH, USDC, and WBTC.
Yes, additional tokens can be added, but that requires contract redeployment. The timelines for new token support are yet to be determined.
At present, the Pricing Sylo only supports TRN token price feeds. Expanding to other data types is not on the current roadmap.
Not at this time.
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
Reading data from the Pricing Sylo is free. The Pricing Sylo 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.
Currently, there are no plans to support tokens other than SYLO to fund price updates and associated gas fees.
Data and Updates
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.
The following oracles are used in the calculation of the price:
- Bitget
- CoinApi
- Coingecko
- CoinmarketCap
- CryptoCompare
- Gateio
- Huobi
- Mexc
- Mobula
- Moralis
- Portals
- UniswapV2
Data updates occur whenever a user funds a price update request. Updates are user-driven and not real-time.
At this time, there are no restrictions on the number of times the Pricing Sylo can be invoked.
At this time, the service can be used by calling the Pricing Sylo Smart Contract.
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