Mimicry x Gelato: Automating Data Feeds for Real-Time Accuracy

Gelato Team

•

May 23, 2023

Mimicry Protocol is a decentralized platform for creating and participating in prediction games based on market odds. Participants can bet on the future value of NFT collections, with an oracle system ensuring accurate pricing. By leveraging Gelato’s Web3 Functions, Mimicry automates oracle data feed updates so participants always access current information.

How Does Mimicry Use Web3 Functions?

Update Data Feeds

Mimicry uses the OpenMarketsOracle smart contract as a data source. The updateValue function is responsible for refreshing stored data. Gelato Web3 Functions evaluate conditions, prepare call data, and execute the oracle’s updateValue when updates are required.

Cross-Chain Cloner

To sync testnet and mainnet interfaces, a Web3 Function monitors a “source of truth” contract on mainnet. Whenever the mainnet oracle updates, the function clones the value to a testnet instance, keeping environments aligned.

Integrations

The oracle automation fetches and processes data from providers like NFTGo, Center, and CoinGecko. Web3 Functions then determine if an update is needed.

NFTGo Example:

case "NftGo": {
  const apiKey = await context.secrets.get("NFTGO_API_KEY");
  const newValue = await nftCollectionRunner("NftGo", apiKey, nftCollections, currency, metric);
  nftProviderValues.push(newValue);
  break;
}

Center Example:

case "Center": {
  const apiKey = await context.secrets.get("CENTER_API_KEY");
  if (!apiKey) throw new Error("CENTER_API_KEY not set in secrets");
  const newValue = await nftCollectionRunner("Center", apiKey, nftCollections, currency, metric);
  nftProviderValues.push(newValue);
  break;
}

CoinGecko Example:

case "CoinGecko": {
  const apiKey = await context.secrets.get("COINGECKO_API_KEY");
  if (!apiKey) throw new Error("COINGECKO_API_KEY not set in secrets");
  const newValue = await tokenRunner("CoinGecko", apiKey, tokens, currency);
  tokenProviderValues.push(newValue);
  break;
}

Collected values are reconciled through a consensus mechanism, reducing bias from any single source:

const newValue = reachConsensus(nftProviderValues, consensusMechanism)
  .add(reachConsensus(tokenProviderValues, consensusMechanism));

If the new value equals the existing oracle value, no update is made:

if (newValue.eq(lastOracleValue)) {
  return { canExec: false, message: "The oracle value has not changed" };
}

When the value difference exceeds thresholds, the function triggers the update:

return {
  canExec: true,
  callData: destinationOracle.interface.encodeFunctionData("updateValue", [
    dataFeedId,
    newValue
  ])
};

Predefined conditions include:

Minimum 0.25% deviation from the last value
At least 1 hour elapsed since the last update

if (valueDiffPercent.lte(deviation) && timeDiff.lte(heartbeat)) {
  return {
    canExec: false,
    message: `Value difference is less than ${deviation / 100}% and last update was less than ${heartbeat / 60} minutes ago`
  };
}

This ensures updates only occur when significant and timely, keeping Mimicry’s prediction games fair and relevant.

About Gelato's Web3 Functions

Web3 Functions let developers build serverless, decentralized applications by bridging smart contracts with off-chain data. They provide robust, scalable automation across web3 ecosystems.