Moonwell integrates Chainlink Price Feeds on Moonbeam Mainnet. By integrating, they are able to access reliable, decentralized price data feeds that are need. To ensure that the calculations of key lending metrics such as the value of supplied collateral are support by accurate and fair price data.

To start with, Moonwell is using the following Chainlink Price Feeds: WETH/USD, WBTC/USD, USDC/USD, USDT/USD, FRAX/USD, DOT/USD, and GLMR/USD. Moonwell has already integrated Chainlink Price Feeds into the Moonwell Apollo deployment on Moonriver Network, and will be integrating them in the upcoming Moonwell Artemis deployment on Moonbeam Network.rt

Accurate price data is especially important in Web3 markets because pricing is prone to rapid fluctuation and volatility. For Moonwell’s borrowing and lending platform, inaccurate data could result in faulty collateral calculations and inaccurate liquidations that would leave both lenders and borrowers at risk. For emerging lending protocols that rely on over-collateralization such as Moonwell, reliable and accurate price data is a necessity for secure protocol functionality.

As the most widely used and time-tested decentralized oracle network, Chainlink already helps secure tens of billions of dollars for leading DeFi applications across the multi-chain ecosystem. Chainlink Price Feeds are the industry standard for Web3 lending platforms, and Moonwell is no exception.

Several key features that made Chainlink Price Feeds stand out include:

• High-Quality Data — Source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by liquidity depth, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates more precise global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
• Secure Node Operators — Secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises with a strong track record for reliability, even during high gas prices and extreme network congestion.
• Decentralized Network — Decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or the oracle network.
• Transparency — Provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.

About Chainlink

Chainlink the industry standard for building, accessing, and 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 and leverage secure off-chain computations for enabling feature-rich applications. Currently, secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.

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About Moonwell

Moonwell an open lending, borrowing, and decentralized finance protocol built on Moonbeam and Moonriver.

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