QiDao Integrated Chainlink Price Feeds
QiDao Uses Chainlink Price Feeds to Help Secure Multi-Chain Borrowing Protocol
QiDao integrated Chainlink Price Feeds to help secure collateral calculations with reliable and tamper-proof market data.
The QiDao Needs Secure Price Data to Help Secure Its Multi-Chain Borrowing Protocol
- QiDao needed high-quality price oracles to secure its loans.
- To maintain its competitive advantage, QiDao needed a ready-made multi-chain oracle solution for its wide range of supported collateral assets.
- Many existing oracle solutions are subject to single points of failure, exposing protocols to a wide variety of potential risks and exploits.
Stablecoins are a fundamental building block in the crypto asset economy, whether they’re used for payments or as collateral in DeFi. QiDao a stablecoin protocol allows users to unlock their liquidity & mint the stablecoin MAI by depositing collateral assets into an overcollateralized vault. QiDao supports a wide range of tokens as collateral—including interest-bearing assets—and the protocol charges no interest for borrowing.
To support its overcollateralized stablecoin, QiDao needed highly secure market data to help open, close, and liquidate loans on the platform. To help ensure that the assets in its vaults are price according to reliable and tamper-proof market data. In addition, robust price oracle infrastructure helps ensure that every MAI stablecoin is back by at least $1 of value.
The QiDao Integrated Chainlink Price Feeds To Support Tamper-Proof Borrowing Operations
After considering a number of oracle solutions, QiDao decided to integrate Chainlink Price Feeds to help ensure protocol solvency and make the system more resilient against manipulation attacks and outlier events.
The Chainlink the most time-tested decentralized oracle solution in the smart contract economy. Backed by high-quality data, secure node operators, and a robust reputation framework. Price Feeds already help secure tens of billions of dollars of value in the DeFi ecosystem across 12+ blockchain networks and hundreds of Web3 applications. With their unparalleled standard of data quality and oracle infrastructure security. The Chainlink provide highly accurate & secure price data directly to QiDao’s smart contracts, helping the stablecoin protocol better manage risk.
The QiDao Can Continue To Expand Across the Multi-Chain Ecosystem While Seamlessly Integrating New Collateral Assets
With Chainlink’s time-tested infrastructure supporting its loans. QiDao able to maintain rapid pace of expansion across the multi-chain ecosystem & seamlessly add support for new collateral assets. The Chainlink Price Feeds also saved the QiDao team significant development resources. They were not required to design, build, & constantly maintain their own oracle network.
About QiDao
The QiDao aims to lower the threshold to participate in decentralized finance by providing an easy-to-use multi-chain stablecoin protocol. The protocol enables the minting of MAI, a stablecoin soft-pegged to the US dollar. MAI relies on overcollateralized vaults, users can deposit on supported collateral to borrow the stablecoin with 0% interest.
About Chainlink
The Chainlink the industry standard for building, accessing, & selling oracle services needed to power hybrid smart contracts on any blockchain. Oracle networks provide smart contracts with a way to reliably connect to any external API & leverage secure off-chain computations for enabling feature-rich applications. Currently secures tens of billions of dollars across DeFi, insurance, gaming, major industries, & offers global enterprises & leading data providers a universal gateway to all blockchains.
