Mover Integrates Chainlink Price Feeds to Secure Smart Treasury
Mover allows users to deposit their crypto-assets in our non-custodial and permissionless Savings product, where a portion of generated yield along with rewards is used by our Smart Treasury to cover users’ on-chain transaction fees and off-chain fees related to the Visa debit card.
Starting with support for the USDC/USD Chainlink Price Feed and then expanding beyond, Chainlink’s industry-standard decentralized oracles will provide accurate, up-to-date, and tamper-proof price exchange rates when converting treasury rewards into cover transactions fee coverage. The end result is a more fair, transparent, and simple crypto payment experience, as the process is subsidized and gasless.
After looking into different options, we found Chainlink to be the only oracle solution to meet our stringent standards for both security and precision, enhancing the long-term adoption of our products. Below are some of the main reasons why:
- Market Coverage — 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 suspicious volumes. Chainlink’s data aggregation model generates accurate global market prices and ensures our Smart Treasury is resistant to API downtime, flash crash outliers, and data manipulation (i.e., flash loan attacks).
- Robust Infrastructure — Chainlink Price Feeds are secured by a decentralized network of independent, security-reviewed node operators run by leading blockchain DevOps teams, data providers, and traditional enterprises. These node operators provide Sybil-resistance and have a verifiable on-chain history of reliability, such as updating prices during times of extremely high gas prices and black swan events.
- Economy of Scale — The wide adoption of Chainlink Price Feeds throughout DeFi is driving an economy of scale effect, where multiple DeFi projects collectively use and fund shared oracle networks (such as the USDC/USD feed). This effectively allows us to get premium data quality and robust oracle security for a fraction of the total cost.
“Integrating Chainlink was the obvious choice given their extensive track record of securing top DeFi protocols, even amidst challenging network congestion periods. We are thriving for the highest quality in our products, and Chainlink’s approach to prioritizing safety of user funds aligns with our own, making this integration an ideal combination,” stated Anton Mozgovoy, Co-Founder of Mover.
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.
Mover is an innovative company in the DeFi market. Mover allows users to trade, store, send, and earn interest on their crypto in a simple wallet with a debit card. People love high yield, and we love creating innovative products. We decided that everyone should have access to permissionless and open finance. Mover — is a big and complicated creature. We have a complex yield-aggregation system, Smart Treasury system that covers gas expenses for users. All of that is accessible on the go in our mobile apps. Our users love us for the simplicity, quality and high yield 😊.