Decentralized finance (DeFi) is becoming more widely adopted because it offers users more yield, transparency, and control over their assets. As the industry-leading oracle network, Chainlink secures the vast majority of DeFi – over $75 billion – by connecting smart contracts on multiple blockchains to hyper-reliable decentralized price data.
QiDao is one of the latest DeFi protocols to integrate Chainlink Price Feeds. QiDao enables users to mint the stablecoin MAI pegged to USD with 0% interest. This allows users to leverage their digital assets by putting them up as collateral instead of leaving them idle.
QiDao began in the early days of Polygon’s DeFi ecosystem and was among the first protocols to integrate Chainlink oracles on blockchains such as Harmony and Moonriver. Chainlink oracles currently provide price data for QiDao’s 30+ supported collateral assets across five blockchains, allowing the protocol’s users to gain the most cross-chain utility for their digital assets.
As Web3 continues to expand and Chainlink oracles launch natively on more blockchains, QiDao is positioned to follow suit.
“What makes QiDao unique is that it’s made to be as beneficial to users as possible,” QiDao’s team told Chainlink Today. “Now, we’ve expanded to several chains and added many assets as collateral to give all users access to liquidity.”
QiDao’s team said Chainlink oracles are vital to ensuring the safety of the protocol by maintaining MAI’s peg with reliable collateral pricing during any market condition.
“As the value of MAI’s collateral assets change, it’s important for the protocol to have updated prices for those assets,” they said. “This ensures that MAI is always backed by enough value.”
QiDao’s vision is to expand its offering alongside an increasingly multi-chain DeFi ecosystem. Integrating Chainlink’s industry-standard oracles on multiple chains facilitates this growth while maintaining decentralization and ensuring the safety of users’ funds.
“Since we only use Chainlink to price collaterals, it is crucial that Chainlink Price Feeds be available on as many chains as possible,” the QiDao team said. “As Chainlink expands to new chains, QiDao will continue to grow its lending offerings.”