Nephrite Support (v1.0.4)

To the Nephrite Team @Nephrite :

Liquity’s system is very good, but it has one weak point, which is its dependence on an external oracle. I would like to submit a few suggestions about that. Not to solve that weakness, but to make the front end deal with oracle problems in a better way. My remarks imply some changes to the frontend, but not the smart contracts.

  1. The status of the oracle should be shown somewhere in the frontend. Or at least show a message or something when there is a problem with the oracle (e.g. delay, weird price variations, etc.).

  2. To limit the risk of using only Beam’s oracle (see what happened below), the second backup oracle should be defined. I know it’s already planned in the contract, but I suppose that the oracle itself is not defined yet (because, I guess, it does not even exist yet…).

  3. Around 2024-07-05, Beam oracle stopped given price values (because it’s own price feeds were not enough). At that time, the Nephrite frontend stopped working completely and could not even load.

To avoid that last point, the frontend should be allowed to run even when the oracle is not providing a price. It would then run in a “limited mode”, with only the features that don’t require a working oracle: General status, trove closing, stability pool update (unless we decrease the amount of NPH), withdrawing of residual funds (such as excess after a trove has been forcibly closed), etc.

2 Likes