Moonwell is excited to announce that we have integrated Chainlink Price Feeds on Moonbeam mainnet! By integrating the industry-leading decentralized oracle network, we are able to access reliable, decentralized price data feeds that are needed to help ensure that the calculations of key lending metrics such as the value of supplied collateral are supported by accurate and fair price data.
To start with, Moonwell is using the following Chainlink Price Feeds: WETH/USD, WBTC/USD, USDC/USD, USDT/USD, FRAX/USD, DOT/USD, and GLMR/USD. Moonwell has already integrated Chainlink Price Feeds into the Moonwell Apollo deployment on Moonriver Network, and will be integrating them in the upcoming Moonwell Artemis deployment on Moonbeam Network.rt
Accurate price data is especially important in Web3 markets because pricing is prone to rapid fluctuation and volatility. For Moonwell’s borrowing and lending platform, inaccurate data could result in faulty collateral calculations and inaccurate liquidations that would leave both lenders and borrowers at risk. For emerging lending protocols that rely on over-collateralization such as Moonwell, reliable and accurate price data is a necessity for secure protocol functionality.
As the most widely used and time-tested decentralized oracle network, Chainlink already helps secure tens of billions of dollars for leading DeFi applications across the multi-chain ecosystem. Chainlink Price Feeds are the industry standard for Web3 lending platforms, and Moonwell is no exception. Several key features that made Chainlink Price Feeds stand out include:
- 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 liquidity depth, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates more precise global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like 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 with 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.
- Transparency — 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.
“It was an easy choice to integrate Chainlink Price Feeds into the Moonwell lending platform. Accurate price data is the bedrock of any lending protocol, and Chainlink has set the standard for reliability, scalability, and security.” — Luke Youngblood, co-founder of Lunar Labs.
About Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About Moonwell
Moonwell is an open lending, borrowing, and decentralized finance protocol built on Moonbeam and Moonriver.
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