Cryptocurrency

HyperDAO Adopts Chainlink as the Oracle Solution to Support Its High-end Decentralized Initiatives

HyperDAO, the leading network channel designed for building a robust DeFi ecosystem, has announced the news about its strategic partnership with reliable oracle service providing firm, Chainlink. The firm will use Chainlink’s oracle network to enrich its global DeFi customers with quick and easy access to high-quality market data. Chainlink broke the news through an official Twitter post which read:

The two integrating firms will put in their joint efforts to lay the foundation of a collateral-pegged stablecoin, decentralized exchanges, crowdfunding services, asset management services, add stop-limit order functions, aid in the calculation of interest rates, and many more significant tasks. Amongst the wide range of oracle solutions available in the market presently, HyperDAO chose Chainlink because of the firm’s global reputation as a leading provider of premium services focused on security. The oracle network will render the HyperDAO platform with a robust channel for sourcing and delivering off-chain data to the latter’s DeFi network in a decentralized manner.

HyperDAO’s collateral-pegged stablecoin, HDAO, is the driving force of the entire decentralized ecosystem. The protocol allows users to get stablecoin loans by placing digital assets as collateral in exchanges for a suite of multiple fiat-powered digital stablecoins such as Hyper-USD, Hyper-EUR, Hyper-CNY, etc. The platform offers a higher rate of interest in comparison to traditional savings products. Now, to attain stability, HyperDAO’s stablecoin project requires consistent and correct pricing data for the enforcement of liquidation ratios. The liquidation ratios help to safeguard the collateral pool against the plummeting prices. For every liquidation, HyperDAO aims to source market prices from Chainlink Price Reference Contracts to check if the user’s present collateral value is less than the liquidation value.

It aims to use the existing Chainlink Price Reference Contracts as reliable price feeds to execute a variety of stop-loss orders on HyperDAO’s DEX. HyperDAO supports crowdfunding on its platform using HDAO token and has offered financial aid to more than 70 blockchain projects up until now. The fastest crowdfunding initiative from HyperDAO, which raised 20,000 ETH, was concluded in 37 seconds. Sometimes, it becomes difficult for the platform to determine when the target is reached in real-time. By using Chainlink, HyperDAO aspires to eliminate any such loopholes while providing reliable price streams to pool in more money during crowdfunding rounds. Also, the reliable data from Chainlink will help the HyperDAO customers to rest assured while using the services of the firm’s decentralized digital banking network.

“HyperDAO prides itself on being a market-leading, one-stop-shop provider for decentralized financial services. A critical component to realizing this vision is a robust oracle network that can securely and reliably access highly accurate off-chain data and deliver it on-chain. Chainlink is the only oracle network that’s proven its ability to secure high-quality data live on mainnet, making it the perfect go-to oracle solution for HyperDAO. By integrating with Chainlink, we are confident that we can move to the next stage of development and bring fully integrated DeFi products to the global market,” stated Jayden Wei, Co-founder and Chief of Strategy at HyperDAO.

Chainlink is widely used as an oracle network enabling smart contracts for secured access of off-chain data feeds, web APIs, and traditional bank payment solutions. Its Price Reference Contracts support nearly 30 DeFi trading pairs amounting to nearly $200 M.

Tags

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

Related Articles

Back to top button
Close