Glossary OS

Plain meaning

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A serverless compute feature of the Switchboard oracle network that allows developers to run custom off-chain code (written in Rust or TypeScript) inside secure enclaves (SGX/TDX) and post verified results on-chain. Functions enable arbitrary data feeds beyond standard price oracles—sports scores, weather data, complex computations—while providing cryptographic attestation that the code executed correctly in a trusted environment.

Mental model

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Think of it as a market mechanic used to price, route, or move capital through liquidity apps.

Technical context

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AMMs, routing, liquidity, lending, and trading infrastructure.

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Switchboard Functions (switchboard-functions)
Category: DeFi
Definition: A serverless compute feature of the Switchboard oracle network that allows developers to run custom off-chain code (written in Rust or TypeScript) inside secure enclaves (SGX/TDX) and post verified results on-chain. Functions enable arbitrary data feeds beyond standard price oracles—sports scores, weather data, complex computations—while providing cryptographic attestation that the code executed correctly in a trusted environment.
Related: Switchboard, Oracle

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Concept graph

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Branch

Switchboard

A decentralized oracle network on Solana providing custom data feeds, verifiable random functions (VRF), and serverless compute (Functions). Unlike Pyth's publisher model, Switchboard uses a permissionless oracle queue where operators run jobs defined by feed creators. Supports any data source via its off-chain oracle job framework.

VRF (Verifiable Random Function)

Open term

Branch

Oracle

A service that provides external data (prices, randomness) to on-chain programs. DeFi protocols rely on oracles for accurate price feeds to calculate collateral ratios, liquidation thresholds, and swap rates. Solana's primary oracles are Pyth (high-frequency price feeds) and Switchboard (general-purpose data feeds and VRF).

Pyth Network Price Feed

Open term

Next concepts to explore

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DeFi

Switchboard

A decentralized oracle network on Solana providing custom data feeds, verifiable random functions (VRF), and serverless compute (Functions). Unlike Pyth's publisher model, Switchboard uses a permissionless oracle queue where operators run jobs defined by feed creators. Supports any data source via its off-chain oracle job framework.

Open term

DeFi

Oracle

A service that provides external data (prices, randomness) to on-chain programs. DeFi protocols rely on oracles for accurate price feeds to calculate collateral ratios, liquidation thresholds, and swap rates. Solana's primary oracles are Pyth (high-frequency price feeds) and Switchboard (general-purpose data feeds and VRF).

Open term

DeFi

T-Bill (US Treasury Bill)

Short-term US government debt (4-52 week maturity) sold at discount, redeemed at par. Considered safest short-term investment. Most popular RWA category on-chain — Ondo's USDY and BlackRock's BUIDL hold T-bills.

Open term

DeFi

AMM (Automated Market Maker)

A protocol that enables token swaps using algorithmic pricing against pooled liquidity instead of matching individual buyers and sellers. AMMs use mathematical formulas (typically constant product x*y=k) to determine prices based on the ratio of tokens in a liquidity pool. On Solana, major AMMs include Raydium, Orca, and Meteora.

Open term

Commonly confused with

Terms nearby in vocabulary, acronym, or conceptual neighborhood.

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DeFiswitchboard

Switchboard

A decentralized oracle network on Solana providing custom data feeds, verifiable random functions (VRF), and serverless compute (Functions). Unlike Pyth's publisher model, Switchboard uses a permissionless oracle queue where operators run jobs defined by feed creators. Supports any data source via its off-chain oracle job framework.

Open term

Related terms

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DeFiswitchboard

Switchboard

A decentralized oracle network on Solana providing custom data feeds, verifiable random functions (VRF), and serverless compute (Functions). Unlike Pyth's publisher model, Switchboard uses a permissionless oracle queue where operators run jobs defined by feed creators. Supports any data source via its off-chain oracle job framework.

Open term

DeFioracle

Oracle

A service that provides external data (prices, randomness) to on-chain programs. DeFi protocols rely on oracles for accurate price feeds to calculate collateral ratios, liquidation thresholds, and swap rates. Solana's primary oracles are Pyth (high-frequency price feeds) and Switchboard (general-purpose data feeds and VRF).

Open term

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DeFi

AMM (Automated Market Maker)

A protocol that enables token swaps using algorithmic pricing against pooled liquidity instead of matching individual buyers and sellers. AMMs use mathematical formulas (typically constant product x*y=k) to determine prices based on the ratio of tokens in a liquidity pool. On Solana, major AMMs include Raydium, Orca, and Meteora.

Open term

DeFi

CLMM (Concentrated Liquidity Market Maker)

An AMM design where liquidity providers concentrate their capital within specific price ranges instead of across the full 0-to-infinity range. CLMMs dramatically improve capital efficiency—LPs earn more fees per dollar deposited within their active range. If the price moves outside the range, the position becomes inactive. Orca Whirlpools and Raydium CLMM are leading implementations on Solana.

Open term

DeFi

Liquidity Pool

A smart-contract-held reserve of two or more tokens that enables trading via an AMM. Users deposit token pairs in specified ratios to become liquidity providers and earn trading fees. Pools are identified by their token pair and fee tier. Pool depth (total value locked) determines price impact for trades.

Open term

DeFi

LP Token

A token issued to liquidity providers representing their proportional share of a pool's reserves and accrued fees. LP tokens can be burned to withdraw the underlying assets. The value of LP tokens changes as the pool's token ratios shift and fees accumulate. LP tokens are often stakeable in yield farming programs for additional rewards.

Open term