OIN to Integrate Chainlink to Secure Minting and Maintenance of its Decentralized Stablecoins
We are excited to announce that OIN will be integrating Chainlink Price Feeds into its protocol. As the industry-leader in oracle solutions, Chainlink will secure the minting and liquidation processes for creating and maintaining the decentralized stablecoins of the OIN ecosystem. Through this ground-breaking partnership, OIN will rely on Chainlink’s high-quality data and time-tested oracle network to ensure that users who deposit collateral receive a fair market value loan in return, based on verifiable real-world data.
We will start out by leveraging Chainlink’s FRONT-USD Price feed, allowing users to securely mint their stablecoins using FRONT as collateral. Afterward, the plan is to keep leveraging additional Chainlink Price Feeds, allowing OIN DAO Service to integrate and support many other assets as collateral.
How OINDAO Leverages the Reliable Data from Oracles
As a cross-chain stablecoin issuance platform on Ethereum, OINDAO allows crypto projects to mint stablecoins pegged to the US dollar using their native tokens as collateral. Different from existing platforms, where whitelisted crypto assets are pooled to issue one universal stablecoin, OINDAO stands out as a multi-function stablecoin issuance platform, where each project can issue its own branded stablecoin which they have full control over.
Users can then stake their holdings, earn rewards, and use their minted stablecoins in a multitude of use cases, most often as specific ecosystem rewards by the individual projects.
In order to track the pertinent information to determine parameters such as collateralization rates, and liquidation points, we require a highly accurate, tamper-proof, and readily available source of on-chain market data regarding the current price of the native tokens being used. However, smart contracts cannot natively collect such data from external resources on their own, requiring the use of a blockchain oracle. That is where the integration of Chainlink comes into play.
Chainlink Provides OIN Secure, Reliable Oracle Data
Chainlink is a decentralized oracle network that connects smart contracts to external data resources and computations. It is the most time-tested and widely-adopted oracle solution in the blockchain space, securing over $10 billion in value across the whole DeFi ecosystem, including support for leading DeFi projects like Synthetix, Aave, and Nexus Mutual, as well as leading blockchains like Ethereum, Binance Smart Chain, Matic, xDai, and more.
After reviewing different price oracle solutions, we found Chainlink Price Feeds to provide the most impressive set of features and services. Our protocol will become increasingly more secure, transparent, and decentralized through Chainlink’s premium data quality, secure oracle infrastructure, and hyper-reliable services, which function admirably even during times of high gas prices or massive network congestions.
Each Chainlink Price Feed is powered by a decentralized network of security reviewed and Sybil-resistant oracle node operators, run by leading experts in blockchain DevOps and security. These oracle nodes fetch data from numerous premium data aggregators, across both centralized and decentralized exchanges, and weigh the data by volume while filtering outliers. The Chainlink oracle design will result in the minting and liquidation processes of OINDAO always referencing highly accurate and tamper-proof price data, resistant to server downtime, price inaccuracies, and even data manipulation attacks like the infamous flash loan attacks.
Through its partnership with Chainlink, the OINDAO platform has successfully integrated the most robust and reliable oracle infrastructure possible. Chainlink’s leading oracle solution will help OIN grow into a more secure, decentralized, and reliable platform for blockchain projects. Ultimately, the integration of Chainlink is a giant leap further for OIN that will further contribute to our goal of becoming “the gateway to DeFi.”
”Our Chainlink integration will help us secure our stablecoin minting and liquidation mechanism while also making our protocol more decentralized, resulting in more secure and reliable services for our users. We are consistently working to be the go-to platform when someone thinks of DeFi, and by integrating the best oracle infrastructure in the industry, Chainlink, we will ensure that our product meets the top industry standards. ”
~ Richie Lee, Founder, OIN
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.
OIN is a decentralized stablecoin issuance and trading platform. While MakerDao allows only mainstream assets to be used as collateral to issue DAI, OINDAO allows projects, large or small, to issue their own brand labelled synthetic assets that are collateralized by their own coins; in essence, any projects can mint their own stablecoins to participate in the greater DeFi ecosystem. Starting with Ethereum, and gradually expanding to other popular ecosystems such as Polkadot, Avalanche, and Near, OIN is on track to become a one-stop shop for cross-chain stablecoin issuance, trading, and implementation.
With planned off ramps and use cases such as swapping for other mainstream stablecoins, adding leverage, hedging, lending, and a plethora of ecosystem-specific utility, OIN is expanding DeFi to cover all of the crypto space.