A Quest for Stable & Optimized Cryptocurrency: HaykerDAO Integrates Chainlink Price Feeds on Heco Mainnet
HaykerDAO, the on-chain stablecoin protocol run by a decentralized autonomous organization (DAO), is excited to announce that we have integrated Chainlink Price Feeds on the Huobi ECO Chain (Heco) mainnet. With support from Chainlink’s market-leading decentralized oracles, HaykerDAO can securely and fairly mint HAI — our native stablecoin — using various collateral types approved by our DAO, as well as maintain full collateralization of all stablecoin loans issued to users through the protocol.
Our initial integration supports the following Chainlink Price Feeds: HT/USD, HBTC/USD, HUSD/USD, ETH/USD, and USDT/USD. HaykerDAO Protocol will reference this price data to determine fair market principal amounts for loans and collateralization ratios for liquidations, ensuring HAI is backed by the full amount of collateral at all times.
The HaykerDAO Protocol, also known as the Multi-Collateral system, is forked from MakerDAO. Our native stablecoin is HAI, a decentralized, unbiased, collateral-backed stablecoin soft-pegged to the US Dollar. HAI is resistant to hyperinflation due to its low volatility, offering economic freedom and opportunity to anyone. Our HaykerDAO Governance system determines the assets users can provide as collateral to mint HAI, meaning our protocol is community-organized and operated.
Why We Chose Chainlink’s Tamper-Proof Oracles
For stablecoin protocols, price feed oracles determine the principal amount of collateral a user needs to deposit to mint a certain amount of stablecoins. Price feed oracles are also used to set and maintain collateralization ratios, ensuring that a user’s principal deposit sustains enough value to sufficiently back the stablecoin (e.g., maintaining a collateral value that’s 150% of the outstanding loan’s value). If HaykerDAO were to use stale, unavailable, or easily manipulable price oracle data, then the entire stablecoin protocol could become insolvent and/or users’ positions become subject to improper liquidations.
To bring strong assurances to our minting and liquidation mechanisms, we chose Chainlink Price Feeds because they are the most widely used and battle-tested decentralized oracle networks across leading blockchain mainnets. They offer unique and time-tested features like:
● High-Quality Data — Chainlink Price Feeds source data from numerous high-quality data aggregators like BraveNewCoin and Amberdata. Such price data is aggregated from hundreds of exchanges and weighted by volume, making it highly resistant to inaccuracies and flash loan attacks.
● Decentralized Infrastructure — Chainlink Price Feeds are decentralized at the data source and oracle node levels. This provides users highly available and tamper-resistant data feeds.
● Secure Nodes — Chainlink Price Feeds are secured by numerous independent, security-reviewed nodes run by professional DevOps teams. These node operators are Sybil-resistant and have a verifiable track record for high uptime, even posting prices during record levels of network congestion.
● Blockchain Agnostic– Chainlink Price Feeds are natively available on Heco, making it a simple and quick integration process with external dependencies on other blockchains.
“Integrating Chainlink Price Feeds to secure the minting of HAI was an obvious choice since they are already live on HECO and have a proven history of providing DeFi applications with secure and reliable price oracles,” said Ahmed,a member of of HaykerDAO. “Chainlink combines extreme degrees of security with reliability so our users can rest assured that HAI loans are fairly issued and fully-backed by the proper amount of collateral.”
As our HaykerDAO continues to grow in demand, we will integrate additional Chainlink Price Feeds to support new collateral types as selected by our governance process.
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
The HaykerDAO Protocol, also known as the Multi-Collateral system, is forked from MakerDAO and re-implemented on Heco. Its native stablecoin is HAI, a decentralized, unbiased, collateral-backed stablecoin soft-pegged to the US Dollar (1HAI=1USD).
haykerDAO governance token HKR which is used to vote on the protocol changes proposed by the community.
Huobi ECO Chain (Heco) is a decentralized, high-efficiency and energy-saving public chain. It is compatible with smart contracts and supports high performance transactions. The endogenous token of Heco is HT and it adopts the HPoS consensus mechanism.