MahaDAO Uses Chainlink Price Feeds and Automation to Help Secure ARTH Operations

MahaDAO is happy to announce an extension of our previous integration with Chainlink, the leading decentralized oracle network in Web3. Specifically, MahaDAO has further integrated Chainlink Price Feeds to help secure ARTH’s growth peg. Additionally, MahaDAO is now also leveraging Chainlink Automation to help automatically distribute staking rewards to users. Both integrations are on Ethereum mainnet.

Understanding MahaDAO

A core part of MahaDAO’s governance model is incentivizing participation in the overall governance and management of the DAO, which is responsible for the ARTH valuecoin. These incentives take the form of staking rewards, which are given to MAHA holders that have staked their MAHA for MAHAX, a token that is functionally similar to veCRV.

The ARTH valuecoin is minted using ETH collateral (previously a basket of assets) with a one-time borrowing fee and a 110% over-collateralization ratio. Unlike other stablecoins, which are pegged to the dollar, ARTH’s new growth peg is pegged to a long- and short-term moving value of ETH price, among other factors, and is built to both provide stability while still appreciating against the dollar. For more information, check out the documentation.

Helping Secure ARTH’s Growth Peg With Chainlink Price Feeds

Price data is needed for ARTH’s growth peg to operate effectively. Within MahaDAO, Chainlink Price Feeds are needed to help secure value calculations for staking rewards and calculate ARTH’s multi-faceted growth peg. We chose Chainlink Price Feeds because they are indisputably the industry standard for DeFi projects, with a stellar track record of accuracy, reliability, and security. A few standout features of Chainlink Price Feeds 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 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—Robust, publicly available reputation frameworks and on-chain monitoring tools allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.

Creating a Seamless User Experience With Chainlink Automation

Chainlink Automation is a cost-efficient and decentralized smart contract automation service. The service is used within MahaDAO to help automate staking reward deposits.

Users want to know that they’ll receive their rewards on time, every time. Chainlink Automation is the key to offering our users a seamless user experience, in which Automation Nodes monitor conditions off-chain to trigger the reward deposits on time in a hyper-reliable manner. Here are a few features that showcase why we chose Chainlink Automation:

• Highly reliable, performant, and decentralized automation — Chainlink Automation ensures transactions are identified and confirmed quickly even during periods of heavy network congestion by leveraging Chainlink’s battle-tested transaction manager.
• Time-tested infrastructure that helps save costs — Chainlink Automation enables us to eliminate in-house automation infrastructure costs, reduce resources spent on DevOps, and increase speed and efficiency.
• Built to enable faster scaling — Chainlink Automation enables us to scale faster and avoid the challenges that come with building and maintaining the infrastructure needed to reliably automate across multiple chains.
• Unlocks new use cases — With smart contract automation, we’re able to explore new use cases and unlock capabilities that would otherwise not have been possible.
• Easy-to-use — Developers are able to schedule time-based automation jobs in seconds using the Chainlink Automation Job Scheduler's no-code UI.
  

“Chainlink oracle services have been helping secure MahaDAO for over a year. Given the reliable performance and impeccable security, it was a no-brainer for us to continue using Chainlink Price Feeds for the ARTH growth peg and newly integrate Chainlink Automation for our routine maintenance tasks.”

— Steven Enamakel, Creator of MahaDAO

About Chainlink

Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with 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 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.

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