Interest-Free Borrowing Has Arrived in DeFi
QiDao Integrates Chainlink Price Feeds
In finance, one’s ability to borrow is a basic yet critical necessity. Thus, day by day, masses of users are entering decentralized finance (DeFi) as it provides a more transparent user experience while delivering superior rates compared to conventional financial services.
Decentralized protocols like QiDao enable users to easily borrow by putting up their crypto holdings to use as collateral. DeFi borrowing gives investors a means to avoid leaving crypto-assets sitting idle and tap into their tokens’ value without having to sell. With enough collateral, any interested borrower can access liquidity through the tokens they love and be their own bank.
To allow users to borrow, QiDao relies on accurate pricing data. Without this data, the protocol would not be able to determine the value of a user’s collateral or maintain the safety of the protocol through liquidations of over-leveraged positions.
For these reasons, QiDao has integrated Chainlink Price Feeds as its exclusive oracle solution to provide accurate price data to its platform, enabling users to borrow against their crypto assets. Thanks to this integration, all of our vaults on Avalanche, Fantom, Harmony, Moonriver, and Polygon — ranging from our first vault to our most recently added ones — reference hyper-reliable pricing data provided by Chainlink Price Feeds.
Chainlink is a decentralized network of oracles that enables smart contracts to securely interact with real-world data and services that exist outside of blockchains. One of the main reasons we decided to use Chainlink Price Feeds is because they are proven to be the most time-tested market data solution available in the entire blockchain industry. In fact, Chainlink Price Feeds already help secure 75B+ for leading dApps.
QiDao Has a Travel Buddy
As Web 3.0 expands and grows, we anticipate a future that spans across several chains seamlessly. To be ready for this new frontier, QiDao aspires to provide interest-free borrowing across many chains. That said, the safety of our protocol and user funds is our top priority. As such, when looking at deploying on a new chain the first thing we look for is whether it is integrated with Chainlink. On blockchains such as Harmony and Moonriver, QiDao was among the first protocols to integrate Chainlink oracles. QiDao has now launched interest-free borrowing on five chains, including Avalanche, Fantom, Harmony, Moonriver, and Polygon, with many more to come as Chainlink continues to expand into the cross-chain realm.
QiDao — Zero-Interest Crypto Lending!
QiDao is a stablecoin protocol utilizing collateralized debt positions (CDPs), allowing users to mint the stablecoin MAI pegged to the U.S. Dollar with 0% interest. QiDao allows users to hold on to assets they expect to appreciate in value while still being able to use them as collateral.
One of the more popular collaterals available to borrow against at QiDao is WBTC, as millions of dollars worth of WBTC has already been used to mint MAI. WBTC holders have been able to access the value of their tokens through MAI to yield farm, lever their positions, or even spend their stables in real life.
QiDao has over 30 supported collateral types across five blockchains that users can use to mint MAI. Many of the collateral types that QiDao supports are interest-bearing with an underlying asset price provided by Chainlink oracles.
To start borrowing against a crypto asset, the process is simple: create a vault, deposit your crypto assets, and start borrowing stablecoins against your collateral’s value. What you do with your borrowed funds is up to you.
By integrating Chainlink Price Feeds, the QiDao protocol is well-positioned to provide lending benefits to users across all blockchains that have integrated with Chainlink, giving people more utility for their tokens and providing access to decentralized finance for all.
Start borrowing against your tokens on your favorite chain at mai.finance.
“We are thrilled that our interest-free lending protocol now features strong security assurances for price data thanks to Chainlink’s high-quality market data,” stated QiDao Core Team member Kila. “We look forward to integrating more Chainlink Price Feeds as we further expand into the multichain DeFi ecosystem.”
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink 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. Chainlink 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.