QiDao needed a secure source of price data to help calculate the collateral backing its stablecoin.
QiDao integrated Chainlink Price Feeds to help secure collateral calculations with reliable and tamper-proof market data.
“Chainlink is the industry standard for decentralized oracles. We know we can rely on Chainlink Price Feeds for secure market data, which lets us focus on building our protocol without having to worry about our oracle infrastructure.”
Core Team Member, QiDao
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.
Chainlink Price Feeds is 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, Chainlink Price Feeds provide highly accurate and secure price data directly to QiDao’s smart contracts, helping the stablecoin protocol better manage risk.
“If you want to have a thriving DeFi ecosystem on your blockchain, you must have Chainlink integrated to help supply secure external data and off-chain computation to dApps on the network.”
Core Team Member, QiDao
With Chainlink’s time-tested infrastructure supporting its loans, QiDao is able to maintain its rapid pace of expansion across the multi-chain ecosystem and seamlessly add support for new collateral assets. Chainlink Price Feeds also saved the QiDao team significant development resources, as they were not required to design, build, and constantly maintain their own oracle network or work out how to access secure price data for certain collateral assets.
QiDao aims to make its platform the ideal destination for both individual users and institutions looking to unlock their liquidity against a wide range of digital assets. With the increased resiliency granted by Chainlink’s secure price oracle infrastructure, the team can have higher confidence that the protocol can efficiently scale to meet the growing demand.