Chainlink Multi-Chain Price Feeds Secure Mochi Stablecoin Protocol
Mochi, the multi-chain collateralized stablecoin protocol, is excited to announce the integration of Chainlink Price Feeds on Ethereum, BSC, Polygon, Arbitrum, and soon, Optimism. Beginning with BTC/USD, ETH/USD, DAI/USD, USDC/USD, and USDT/USD on Ethereum, Chainlink’s industry-leading Price Feeds help the Mochi smart contracts accurately calculate collateralization during loan issuance and liquidation events natively on each blockchain.
Chainlink is the go-to oracle provider for Mochi because it’s the most time-tested solution in the industry, already securing tens of billions of dollars in value for top DeFi protocols. Chainlink Price Feeds have broad market coverage across all trading environments and incorporate multiple layers of decentralization to ensure high reliability and flash loan resistance.
Additionally, Chainlink Price Feeds are already running across leading blockchains, making the integration process quick and seamless.
Securing Vaults Across Blockchains Using Chainlink
Mochi is an autonomously governed, decentralized, and multi-chain protocol that allows users to provide yield-bearing and long-tail assets as collateral in Vaults for minting stablecoin debt positions. Mochi makes it simple to open Vaults across leading blockchains, unlocking productivity for users who want to maintain exposure to a wider range of positions.
Managing Vaults requires access to precise, real-time price data in order to calculate how much a user can borrow and to monitor users’ debt/collateral ratio. These functions are extremely important to maintaining the solvency of lending liquidity pools, as they protect liquidity providers from downside price action.
Since asset prices are a reflection of the aggregate trading activity across all centralized and decentralized exchanges, Mochi sources volume-weighted average price (VWAP) feeds provided by Chainlink for assets served by the protocol. Not only do asset prices require broad market coverage, but they also have to be consistently updated on-chain and resilient to centralized points of failure or manipulation. However, aggregated price data is not inherently available on-chain, necessitating an oracle solution to fetch such data, aggregate it, and deliver it back on-chain in a highly reliable and secure manner.
Chainlink Price Feeds are the industry standard for decentralized oracles, providing the Mochi Protocol with:
- 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 from outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are resistant to API downtime, flash crashes, and data manipulation attacks leveraging flash loans.
- 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 for reliability, even during high gas prices and extreme network congestion.
- 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 the oracle network.
- Reputation — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.
With support from Chainlink Price Feeds, the Mochi stablecoin protocol can run securely and performantly across blockchains, maintaining solvency and enabling fairness for Vault users.
“Thanks to Chainlink, the Mochi stablecoin protocol can launch on an accelerated timeline serving users across multiple blockchains while maintaining security and reliability for users,” stated AZ, Founder of Mochi. “The Mochi Protocol can now secure stablecoin issuance, enable efficient liquidation processes, improve the user experience and add new collateral options.”
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
Mochi is a cross-chain, autonomously governed decentralized stable currency protocol fully backed by long-tail and yield-bearing assets. Mochi unlocks productivity in a diverse variety of collateral, enabling new value creation and accelerating innovation in DeFi.