summary
Approximately twelve days ago, the oracle of Kolibri malfunctioned, rendering the lending function unusable for users and also locking up their assets.
Due to the fact that the founding team of Kolibri has abandoned the development of the project, Kolibri has been unable to update its oracle. Currently, the community hopes that Kolibri will continue to operate.
The point of disagreement among everyone lies in the high cost of repair. A person claiming to be a former developer of Madfish Solution has quoted a price of 12,500 US dollars, which exceeds the expectations of many in the community.
I hope that the Tezos Foundation can assist in repairing the oracle API in the short term to keep the project running. As a long-established DeFi project on Tezos, it holds significant importance for the entire community.
If there are suitable developers, they are also welcomed to join Kolibri. Currently, there is a portion of developer funds on Tezos, which can be used to pay for a certain amount of work.Currently, the simplest way to succeed is to enable Kolibri to connect to the price API of Coinbase.
Issues:
Single Point of Failure: Kolibri relied entirely on the Coinbase-signed Harbinger oracle, creating a single point of failure. Coinbase’s decision to discontinue the API brought down the entire protocol.
Lack of Maintenance and Community Involvement: The Kolibri protocol suffered from a lack of ongoing development and community involvement, which made responding to this crisis more difficult. Outdated dependencies and a challenging development environment further complicate the situation.
Oracle Security and Trust: Concerns exist about ensuring the security and trustworthiness of any new oracle solution. Using a third-party signer introduces risks of manipulation or compromise.
Cost of Development: Finding developers willing and able to implement a fix and funding that development work is a significant hurdle.
Possible Solutions (Short-term):
Utilize Existing Harbinger Contracts for Other Exchanges: This involves finding out who currently signs the Binance Harbinger feed and working with them, or setting up an independent signer for it. However, this still relies on centralized exchanges and risks a similar API deprecation in the future. Furthermore, the contract currently used has not been updated in four years, and it is uncertain whether a Binance or other feed would even work.
Update Harbinger Signer to Use New Coinbase API: This was suggested as a quick fix. Additionally, the AWS account credentials where the signer resides seem to be a barrier.
I remember there was the Kaiko Price Oracle running on Tezos: KT19kgnqC5VWoxktLRdRUERbyUPku9YioE8W
It covers the XTZ/USD (not USDT) pair.
It’s not running anymore unfortunately, but maybe it could be re-activated as I know Arthur is still in touch with Kaiko.
