Chainlink was chosen by MahaDao as the preferred oracle solution because it offers pre-built decentralized pricing oracles for all assets in the GMU basket, all of which have been time-tested and proved to secure billions of dollars in value for top DeFi protocols. Chainlink Price Feeds obtain price data from high-quality data providers with extensive market coverage and a track record of uptime, even during periods of extreme market volatility and network congestion.
ARTH GMU and Price Oracles
The second version of ARTH, the world’s first valuecoin, will be released soon by MahaDAO. The majority of stablecoins are linked to the US dollar, however ARTH is unique in that it is fixed to the Global Measurement Unit (GMU).
The GMU is a monetary unit whose value is linked to global purchasing power. By generating a basket of assets, ARTH creates a unique composition to calculate the GMU. As a result, the pegged price of ARTH is based on the total value of the assets in the basket rather than 1 US Dollar.
Why MahaDao Selected Chainlink Price Feeds
Chainlink Price Feeds are widely utilized throughout DeFi because they meet the highest industry standards for data quality, secure infrastructure, network dependability, and on-chain performance transparency. The following are some of the major aspects of Chainlink Price Feeds that influenced the decision to integrate them:
- High-Quality Data —Price data is pooled from hundreds of exchanges, weighted by volume, and cleaned from outliers and wash trading using Chainlink Price Feeds, which are sourced from a number of premium data aggregators such as BraveNewCoin and Kaiko. This produces accurate worldwide market values that are immune to API outages, flash crash outliers, and data manipulation attempts such as flash loans.
- Secure Node Operators —Independent, security-reviewed, and Sybil-resistant oracle nodes run by premier blockchain DevOps teams, data providers, and traditional organizations protect Chainlink Price Feeds. Even during high gas prices and infrastructural failures, Chainlink nodes have a proven track record of reliability (e.g., Infura).
- Decentralized Network —At the data source, oracle node, and oracle network levels, Chainlink Price Feeds are decentralized, resulting in robust defenses against outages and tampering by either the data provider or the oracle network.
- Reputation — Users can independently evaluate the previous performance of node operators and oracle networks, as well as examine the real-time prices being offered, using Chainlink’s reputation architecture and set of on-chain monitoring tools.
Importantly, Chainlink will be able to publish two new Price Feeds that are currently unavailable in order to complement our weighted basket, allowing for the creation of a comprehensive GMU Price Feed for MahaDAO.
MahaDAO is a community-powered, decentralized autonomous organization on a mission to empower billions to preserve their purchasing power through the world’s first valuecoin, ARTH.
The most extensively utilized and secure approach to power universally connected smart contracts is through Chainlink. Developers can use Chainlink to connect any blockchain to high-quality data from other blockchains as well as real-world data. Chainlink, which is run by a worldwide, decentralized community of hundreds of thousands of individuals, is implementing a more equitable contracting mechanism. Its network presently secures billions of dollars in smart contract value across a variety of ecosystems, including Decentralized Finance (DeFi), Insurance, and Gaming.