Growth DeFi Integrates Chainlink Price Feeds to Power Reliable Lending, Liquidation, and Other Features for MOR Stablecoin Release
We’re excited to announce that Growth DeFi has integrated Chainlink Price Feeds on the Binance Smart Chain mainnet for our collateralized stablecoin lending protocol: MOR. By integrating Chainlink’s industry-leading decentralized oracle network, the MOR protocol has access to high-quality, tamper-proof price feeds needed to ensure correct pricing of collateral assets and accurate processing of liquidations and lending ratios. This will provide our users with strong assurances that when depositing collateral on MOR they are receiving accurate price data and appropriate borrowed funds.
We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already secures leading DeFi protocols responsible for billions of dollars in smart contract value; maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans. For a protocol with the complexity of MOR, it makes sense to entrust an oracle solution with time-tested reliability across the DeFi landscape.
MOR is a leap forward in innovation for stablecoin borrowing, as it enables users to earn yield on their collateral while borrowing. This is achieved by allowing users to deposit yield-earning tokens as collateral, and enables leveraged yield-farming positions to be achieved by exchanging borrowed MOR for more collateral and repeating the borrowing process.
In order to secure correct price data for borrowers and to appropriately assess liquidation levels, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments, so we needed to make use of an oracle to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, ensuring broad market coverage through price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
- 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 of reliability, even during high gas prices and infrastructure outages.
- 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 oracle network.
- Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.
We are excited about the opportunities to further integrate with Chainlink and their technology in future. This includes adding additional price feeds as we expand the available collateral assets, the expansion of MOR to other chains, and potential integration of Growth DeFi projects with the Chainlink Keeper Network.
“Integrating with Chainlink price feeds is a no-brainer, there are no other alternatives that make sense” — Safe, Growth DeFi Development Lead
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, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
About Growth DeFi
Growth DeFi is a decentralized ecosystem that focuses on capital efficiency and maximizing returns through a variety of products. The goal is to increase tokenholder value whilst maintaining the best yields and products in the market. Growth Defi is a multi chain ecosystem, with unique tokenomics to ensure maximum value over the long term.