QiDao Integrates Chainlink Price Feeds on Ethereum To Help Secure Mai Finance Collateral Calculations

We’re excited to announce that QiDao has integrated Chainlink Price Feeds on Ethereum mainnet into Mai Finance, a multi-chain stablecoin protocol. By integrating the decentralized oracle network, we now have access to industry-leading price data feeds that help support collateral value calculations on the Ethereum deployment of Mai Finance.

We chose Chainlink 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.

QiDao aims to lower the barriers to participation in DeFi 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, where users can deposit a wide range of supported collateral to borrow the stablecoin with 0% interest.

In order to help secure collateral calculations within our multi-chain borrowing protocol, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market prices should reflect a volume-weighted average from all trading environments, so we required a proven oracle solution that was manipulation-resistant with high price accuracy that reflects market-wide price discovery.

We’re using Chainlink Price Feeds because they provide a multitude of critical features such as:

• High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
• Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
• Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
• Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.

“High-quality price data is critical to DeFi borrowing protocols and QiDao is no exception. Chainlink Price Feeds have proven time and time again that they are the best choice for decentralized market data, which is why we’re using the trust-minimized service on the Ethereum deployment of Mai Finance.” — Benjamin, Core Team Member, QiDao.

About Chainlink

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.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.

About QiDao

QiDao is the protocol that powers the collateral-backed stablecoin MAI. QiDAO allows for isolated lending against decentralized assets at 0% interest on the mai.finance front end. This allows users to unlock the power of their crypto capital in whatever way they choose and pay back their loans at whatever pace suits their needs.

Minters simply deposit their chosen collateral and can mint the stablecoin MAI in return up to a minimum collateral to debt ratio. QiDAO users can hold their favorite cryptos and remain exposed to any potential upswings whilst unlocking its capital without needing to sell.

• MAI has over 70 collaterals. Its collaterals are all decentralized assets, making it one of the most decentralized and diversified stablecoins in defi.
• MAI can be bridged and traded on over 20 different chains, making it the most cross-chain decentralized token.

Info links for QiDao

• Website: https://mai.finance/
• Docs: https://docs.mai.finance/
• Twitter QiDao: https://twitter.com/QiDaoProtocol
• Medium: https://0xlaozi.medium.com/
• GitHub: https://github.com/0xlaozi
• Community Docs: https://guide.qidao.community