MahaDAO is ecstatic to announce that Chainlink Pricing Feeds will be used to produce a bespoke GMU price in support of the launch of the ARTH 2.0 valuecoin.
MahaDAO will ensure that the ARTH valuecoin remains stable by integrating Chainlink’s market-leading decentralized oracle network, which will be based on the most precise and up-to-date market price of the Global Measurement Unit (GMU) — a weighted index of multiple different fiat currencies, Gold, and Bitcoin. Chainlink Price Feeds obtain price data from high-quality data sources 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
ARTH, the world’s first valuecoin, will be released in v2 by MahaDAO shortly. Unlike other stablecoins, ARTH is tied to the Global Measurement Unit (GMU). The GMU is a monetary unit whose value is determined by global buying power. To compute the GMU, ARTH creates a basket of assets and utilizes a unique composition. As a result, ARTH’s pegged price is based on the whole value of the assets in the basket rather than 1 US Dollar.
- 80% — World Fiat Currencies (this includes USD, GBP, INR, JPY, CNY, CHF, CAD)
- 15% — Gold (often considered a safe-haven asset)
- 5% — Bitcoin (also shown properties of being a safe haven asset as of recently)
Why was Chainlink Price Feeds selected?
Because ARTH is linked to so many different assets, it is critical to obtain correct worldwide values for each asset and guarantee that the data sourcing and distribution on-chain is secure and accessible. Then there’s Chainlink.
Chainlink Price Feeds are extensively 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 important aspects of Chainlink Price Feeds that influenced our choice to incorporate them:
- High-Quality Data — Chainlink Price Feeds gather data from a variety of premium data aggregators, including BraveNewCoin and Kaiko, resulting in price data gathered from hundreds of exchanges, weighted by volume, and free of outliers and wash trading. 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 operated by premier blockchain DevOps teams, data suppliers, and traditional organizations protect Chainlink Price Feeds. Even with 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.
Importantly, Chainlink will be able to publish two additional Price Feeds that are presently unavailable in order to complement our weighted basket, allowing for the creation of a comprehensive GMU Price Feed for MahaDAO.
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
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.