QiDao and Manhattan getting price feeds and security from the Witnet oracle
A huge amount of total value locked requires a huge amount of trust, OR cryptographic truth.
QiDao Protocol, has teamed up with Witnet because of the efficiency and the security of the Witnet oracle.
With $67 million TVL, QiDao intends to partner with Manhattan to vastly grow its reach by making their services available on Moonbeam, Klaytn, and Kava; all of which Witnet has integrated on in the past few months.
Manhattan is an overcollateralized lending borrowing vault for protocols. Through its integration with MAI, it has a really simple system of real world use cases for these types of defi products.
Manhattan is beginning services on three new chains that Witnet supports, which just goes to show that our goal of 2 chain integrations a month is not only something that is obtainable, but necessary to the overall cryptocurrency ecosystem- projects need multi-chain oracles; “the future is multi-chain.”
This partnership is incredibly exciting and further legitimizes Witnet’s mission by showcasing that our suit of products is necessary to the industry at large. These partnerships keep rolling in, and the Witnet network has proven time and time again that it is capable of handling such data requests.
“Witnet is unlocking new paths on QiDao’s multichain expansion. Stablecoins and lending are the building blocks for the decentralized financial services ecosystem. QiDao already serves as the top stablecoin platform on 6 chains (Polygon, Fantom, Gnosis, and others), so having reliable price feeds is essential to keeping those ecosystems safe.” — QiDao Team
For the sake of transparency, even though much information is on chain for users to analyze, the QiDao team puts out a monthly fundamentals blog post detailing their collateralization, the change from the previous month, and some financial performance statistics that show users just how strong the protocol is at any given time- and how profitable lending can be. Read the most updated one here.
About Witnet
The Witnet protocol enables smart contracts to realize their true potential by giving them access to all sorts of valuable data sets, and by attesting and delivering that information securely thanks to its strong cryptoeconomic guarantees.
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About QiDao
Mai Finance is a way for you to keep your crypto and still be able to spend its value. That means you’re able to borrow stablecoins without having to sell your crypto assets, and do so at 0% interest.The process is simple: create a vault, deposit your crypto assets, and start borrowing stablecoins against your collateral’s value. Mai Finance is a website that connects users to the QiDao Protocol, which is where the vaults are created and stablecoins are borrowed.
