GMX Keeper mechanism evil decentralized solution

BTC_Chopsticks · 2022-12-05T12:48:20.000Z

No matter how much a "can do evil" project claims that they can't do evil, no trust should be given, only the code can be trusted, that's how Web3 works. The "time bomb" buried in GMX's order book: Will the Keeper mechanism trigger internal evil? The recently popular GMX Keeper mechanism has started to spread rumors that it may do evil things. Let’s take a look at what is GMX and what is a Keeper? GMX relies on a centralized price feed mechanism, the "Keeper", which is fully controlled by the team. The Keeper determines all transaction prices and therefore can harm or benefit any party (trader and LP) at will.

No matter how a "capable of doing evil" project claims that they will not do evil, they should not be trusted. Only the code is trustworthy. This is how Web3 works. "Time bomb" buried in the GMX order book: Will the Keeper mechanism trigger internal evil?
Rumors are beginning to spread that the recently popular GMX Keeper mechanism may be used for malicious purposes. Let’s take a look at what GMX and Keeper are.
GMX relies on a centralized price feed mechanism, the “Keeper,” which is completely controlled by the team.
Keeper determines all transaction prices and can therefore harm or benefit any party (traders and LPs) at will.
With Keeper’s absolute power, it would be easy for GMX to do evil, even easier than any centralized exchange.
The Devil is in the Details: GMX's Keeper
The recent price manipulation attack on GMX has brought our attention to the Keeper mechanism of GMX. In fact, external manipulation attacks are not the biggest problem, because external manipulation is a preventable problem. But the hidden danger of internal manipulation brought by Keeper cannot be avoided (or even discovered).
The following two solutions can avoid the hidden dangers of internal manipulation of Keeper:
The right to do evil is given to others, such as using Chainlink data directly. However, Chainlink may embezzle, and GMX may be attacked as a whole.
Solved through a completely decentralized data mechanism: If the Keeper mechanism can use a completely decentralized data mechanism, it can truly be completely decentralized and avoid the risk of internal manipulation.
Completely decentralized data mechanism solves the hidden danger of internal manipulation of Keeper
Feed the price data of more than 30 oracles in the industry to the chain and make a VRF;
Randomly select the prices of any three oracles and align them. If they are not aligned, re-randomize them.
Data is verified across chains through light client, and on-chain returns the data to the contract execution chain.
Summarize
In a bear market, contract trading has a very large market. Regardless of the bull or bear market, traders come here to get a tenfold chance. In a bull market, buying spot products may give you a tenfold chance, but in a bear market, only derivatives can give you a tenfold chance. Currently, GMX is very popular because of the bear market. We look forward to the emergence of a truly decentralized GMX-like product to benefit traders and create an open and transparent blockchain business world.
Author: James XYC