Meta stablecoin DefiDollar is consuming Chainlink‘s Price Reference Data live on mainnet as the basis for triggering automatic re-collateralization of its reserves should they fall under the $1 peg.
DefiDollar (DUSD) is a stablecoin collateralized by a basket of other stablecoins (currently sUSD, USDT, USDC, and DAI) that uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying your stablecoin holdings to hedge against an event where the underlying stablecoins deviate from their peg.
The underlying assets backing DUSD are collateralized by Curve Finance LP tokens, allowing them to earn trading fees that get fed in our earnings pool as interest revenue for holders, as well as helping to support re-collateralization scenarios.
“Stable value is critical to the success of DeFi and its ability to support a larger market of users. We are excited to integrate Chainlink’s secure and reliable price oracles to ensure that DUSD is always fully collateralized and this process takes place automatically without human intervention.” DeFi Dollar Co-founder Arpit Agarwal commented on the Chainlink integration.
Chainlink is a general-purpose framework for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs.
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