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Minterest is a DeFi protocol that runs on Moonbeam. Their goal is fairer DeFi for all. And accurate price information is necessary if you want to be fair. So, Minterest is adding Chainlink price oracles in their protocol.
Josh Rogers, CEO and Founder of Minterest, said, “Transparency and usability are at the core of everything we do at Minterest, making this a critical development for the protocol. As the industry-leading oracle solution, Chainlink secures some of the most credible DeFi platforms and stablecoins in the industry.”
About Minterest
The company is based in Estonia, where many fintechs in the EU are thriving. Minterest, who just raised $6.5 million in September, wants to democratize DeFi.
How?
Their protocol shares all interest and fees the protocol earns with its users. They pay those fees in their soon-to-be-released token. Now, instead of few who benefit when forced liquidations happen, everyone who uses the platform can share in the profits.
One thing the protocol does differently than other protocols is show ‘extensive liquidation risk data’ on their Dashboard. Their Dashboard provides:
- detailed analysis of collateral positions
- and the chances of getting liquidated.
The earlier a borrower sees and understands this risk, the better they can prepare if they want to keep their loan active. And the more complex the portfolio is, the earlier and clearer the dashboard information must be. Minterest believes in early notifications as part of their DeFi fairness culture.
And fast, accurate pricing like Chainlink provides is vital to managing these risks.
About Chainlink
Chainlink is the top decentralized pricing oracle that smart contracts use. Oracles are necessary to manage data like liquidations or collateral ratios. It’s the top name in the field and a top 20 crypto by market value.
Chainlink & Minterest Pricing Activity
Chainlink symbol $LINK is trading at $24.62 with a circulating supply of 467 million and a maximum supply of 1 billion.
Minterest has its token sale coming up soon. As we’ve described it will be a utility token for the protocol. Interest and liquidation payments will be in the native token currency.