> For the complete documentation index, see [llms.txt](https://docs.ethosis.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ethosis.org/risk/oracles.md). # Price feeds and trading sessions A single contract, `PriceGate`, is the only route by which a price enters Ethosis. It wraps Chainlink and runs the protocol's checks before any value is passed on to origination, health-factor checks or auctions. ## Where prices come from | Source | Role in the protocol | Detail | | ------------------------------------------- | -------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------ | | Chainlink **Data Feeds** (24/5) | Health-factor checks, LTV at origination, warnings | Push model, on-chain, refreshed on a deviation or a heartbeat | | Chainlink **Data Streams** (v11 RWA schema) | Pricing in liquidation auctions | Pull model; the buyer submits a signed report which is verified on-chain via the VerifierProxy. Includes `marketStatus`. | | Chainlink **Sequencer Uptime Feed** | Liquidation grace after an outage | Covered in [When the chain fails](/risk/sequencer-and-chain.md) | | ERC-8056 `uiMultiplier()` | Share-denominated accounting and explorer display | Read from the Stock Token contract itself; the Chainlink price already includes the multiplier | Having both feeds and streams provides a cross-check: if a stream price drifts from the feed by more than a configured tolerance, an auction cannot clear at it. ## Regular, extended and closed In regular session an equity market trades for roughly 32 hours a week, somewhat more with extended hours, and is shut the rest of the time. `PriceGate` labels each price **regular**, **extended** or **closed**, combining the stream's `marketStatus` field (a value of 5 means closed) with the feed's `updatedAt` timestamp. | Session | Maximum age of price | Effect on LTV | | -------- | -------------------- | ---------------------------------------------------------------------------------- | | Regular | 1 hour | Published tier values apply | | Extended | 2 hours | Published tier values apply; the move cap is tightened | | Closed | 4 days | The tier's closed-market haircut is taken off both the max and the liquidation LTV | The reason for the haircut is that Monday's open can be a long way from Friday's close. Because the haircut also lowers the liquidation LTV, a loan that looks healthy on Friday must carry extra buffer over the weekend, and a borrower near the limit gets a warning before the market closes instead of after it reopens. ## Checks on every price `PriceGate` rejects a price, or halts the market, under these conditions: | Condition | Response | | ------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------- | | Price is zero or below | Revert | | `updatedAt` is older than the staleness bound for the session | Revert at origination; health factor computed with the closed-market haircut; auction floor bounded | | A single update moves the price by more than the 25% cap | Market paused for new loans and liquidations pending manual review; repayment still works | | The feed reports `oraclePaused()` | Market halted for new loans and liquidations until the flag clears (a corporate action is under way) | | Stream price differs from the feed by more than the tolerance | The auction purchase reverts | ## Only the token in escrow is priced Each market's `PriceGate` configuration points at the feed for the very token held in escrow. A price is never derived via a wrapper, a vault share or an exchange rate between two tokens. That rule comes straight from the Edel Finance wGOOGLx incident of July 2026: the oracle for the underlying was accurate, but a wrapper's exchange rate was inflated 78-fold and accepted as collateral value. The case is described in [What earlier RWA lenders got wrong](/risk/lessons.md). ## Changing a feed Each market's oracle adapter is a PolicyController value, so replacing one is a timelocked action with a published rationale. For every token, `PriceGate` exposes the current feed, session status, staleness, multiplier and pause flag through a view, and the loan explorer and the risk page show these live. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. 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