MahaDAO has announced that it integrates with Chainlink Price Feeds, helping to generate custom GMU prices that will support ARTH 2.0 valuecoin launch. Moreover, this integration will also help ensure ARTH Valuecoin is stable based on the market price of the Global Measurement Unit (GMU).
Chainlink, in its statement, said they selected MahaDAO as its go-to Oracle solution because it does offer pre-built decentralized prices for its entire GMU basket. In addition, Chainlink Price Feed gets the price data from reliable sources and has strong market coverage.
ARTH GMU and Price Oracles
MahaDAO is working on the launch of V2 ARTH, which is coined as the first valuecoin in the world. Most of the stablecoin have a 1 USD value, but the ARTH is pegged under the Global Measurement Unit (GMU). GMU is the measurement unit tying the value of global purchasing power. The ARTH uses a unique composition for calculating GMU. So there is no set pegged price of ARTH to 1 USD.
Reason to select Chainlink Price Feeds
Since the ARTH is pegged under different assets, it becomes vital in getting a global price on each asset. In addition, it ensures that the sourcing of data on Chainlink is transparent and safe. Many DeFi projects use Chainlink Price Feeds as they are built using a high standard for data safety. It is reliable and has secured infrastructure to help to have better on-chain performance. Other than these, there are other features like:
- High-Quality Data: Chainlink Price Feeds gets data from different data aggregators, including the Kaiko, BraveNewCoin, and others. It helps in generating accurate global market prices, not affecting data manipulation and API downtime.
- Decentralized Network: Chainlink Price Feeds get decentralized at the data source and oracle network levels helping to generate protection against tampering by the data provider.
Steven Enamakel, the creator of MahaDAO, said that the ARTH valuecoin has the backing of multiple assets, which gives this feed a long-term value. To get this, the company needs error-free price feeds and oracle infrastructure, which is reliable enough, hence joined hands with Chainlink.