BonqDAO Integrates Chainlink

Published on: 05.01.2023
BonqDAO Integrates Chainlink

BonqDAO—a decentralized liquidity platform built on top of an overcollateralized, 0% interest lending protocol—has integrated Chainlink Price Feeds on Polygon mainnet, To Help Secure Collateral Calculations for Bonq EUR.

By integrating Chainlink, BonqDAO has access to high-quality, tamper-proof price feeds needed to help securely trigger loan liquidations and calculate redemptions for Bonq EUR (BEUR) based on accurate market data, even in volatile market conditions. This will provide its users with stronger assurances that the Bonq decentralized liquidity platform. Supported by secure, reliable, and real-time price data.

BonqDAO’s initial integration involves the use of the following Chainlink Price Feeds: MATIC/USD, EUR/USD, USDC/USD, DAI/USD, and ETH/USD. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.

The mission of BonqDAO is to make cost-efficient liquidity available for a broad range of on-chain assets. Therefore, the protocol uses a data-driven risk model built to weather all different market conditions and mitigate both exogenous and endogenous risks for users.

In order to help secure collateral calculations. They needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, they needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by its application.

“By integrating Chainlink Price Feeds, BonqDAO is able to offer its users access to a fast, secure, and decentralized oracle network with strong guarantees against price manipulation. This is critical to our interest-free lending protocol.”—Delia Sabau, BonqDAO CEO

About Chainlink

Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume. Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain. And provides global enterprises with a universal gateway to all blockchains.

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About BonqDAO

BonqDAO makes self-sovereign finance a reality.

With Bonq liquidity platform, businesses and individuals can access the liquidity of their crypto assets without giving up ownership and completely interest-free! Web3 protocols and projects can create deep, protocol-owned liquidity for their native tokens at zero interest. Users can access low-risk, sustainable yield strategies.

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