Minterest to Incorporate Chainlink Price Feed to DeFi
Minterest, a value-capturing borrowing and lending mechanism to make DeFi more equitable, has integrated Chainlink Price Feeds into Moonbeam. Minterest will be able to retrieve premium price data during fundamental protocol operations, including taking out and redeeming loans and initiating liquidations of undercollateralized holdings as a result of this approach. Integrating the sector-leading Oracle technology will help assure that the values mentioned inside Minterest are dependable and vandal-proof, safeguarding customers from oracle manipulation attempts and other abnormal occurrences such as flash crashes, flash loan assaults, and exchange outages.
Minterest is a Moonbeam lending protocol developed to serve billions of TVL and compete with existing DeFi competitors. The protocol provides a decentralized financial sector and an incentive structure that will allow and encourage DeFi’s wider implementation. The protocol distributes 100 percent of the created surplus to its network of active members by deploying its very own buyback method.
Minterest derives value from the mixture of the interest rate, flash loan, and liquidation charges, which are subsequently distributed to Minterest customers who participate in the system’s administration over time. This leads to significant long-term returns and encourages the system’s long-term liquidity.
A robust and efficient oracle system that delivers consistent price feeds to compute borrowing costs, and collateralization proportions are crucial for the Minterest system to function safely and reliably. Any system that relies on a singular source of information supply may be compromised, inaccessible, or otherwise provide incorrect information, putting the entire system in danger.
Minterest chose Chainlink as its decentralized oracle solution because it is the best time-tested, with premium data, safe node administrators, and a comprehensive reputational structure for verifying the security and efficiency of its solutions.
Pricing mentioned by Minterest is safeguarded by Chainlink, a decentralized network of individuals, Sybil-resistant oracle nodes operated by top blockchain DevOps with a solid track record of highly available and vandal-proof data transmission on-chain. These Chainlink nodes get their information from many independent, high-quality data collectors, such as BraveNewCoin and Amberdata, which means there are various data sources, each of which represents a volume-weighted value collated from across all relevant controlled and decentralized exchanges. This type of sourcing is critical because it avoids outlier price information from a single exchange from contaminating the consolidated price used by Minterest during essential protocol activities. Consequently, Minterest will constantly issue loans and initiate liquidations at a market rate, keeping the protocol completely collateralized and viable.
About Chainlink
Chainlink is the market standard for developing, acquiring, and reselling oracle services required to run hybridized smart contracts on any blockchain. Chainlink oracle networks enable smart contracts to interface to any external API while leveraging safe off-chain analytics to enable feature-rich apps. Chainlink presently protects huge amounts of money spanning DeFi, insurance, gambling, and other important industries and provides a common gateway to all blockchains to global organizations and prominent data suppliers.
