QiDao is proud to announce an open source crosschain Safe module that will be powered by Chainlink CCIP. This tool will help projects create robust, anti-fragile systems across multiple chains.
Currently, crosschain projects rely on human interaction given a lack of crosschain administrative tooling. These systems are not convenient for teams, as they strain operations teams. They also create new trust assumptions for users.
What this module will bring for builders is an easy-to-implement messaging layer for project operations. This can include automating the execution of onchain votes from various chains as well as any intra-protocol interactions.
Why Chainlink CCIP? QiDao, along with most major DeFi platforms, already relies on Chainlink’s industry-leading oracles for pricing data. CCIP functions on the same infrastructure as these feeds. As such, they present similar security assumptions for protocols looking to integrate this module.
In addition to using Chainlink’s proven oracle network, CCIP will have an extra layer of security called the Risk Management Network — a separate, independent network that continually monitors and verifies cross-chain operations for suspicious activity.
QiDao will initially integrate on Ethereum, Polygon, Optimism, Arbitrum, and Avalanche. Protocols on these chains will be able to automate functions of their protocols and governance across any of these chains.
QiDao in particular will use this module to automate the management of key aspects of its protocol, such as debt ceilings, vault incentives, liquidity mining, and risk parameter updates.
More information about this crosschain module will be released as launch approaches. The final presentation will occur at Chainlink’s SmartCon 2023 conference in Barcelona this October.
More on CCIP
The following attributes differentiate CCIP from other similar infrastructure:
- Time-tested security and reliability — CCIP’s consensus and interoperability layer is powered by Chainlink decentralized oracle networks, which have already secured tens of billions of dollars for smart contracts and enabled over $8 trillion in on-chain transaction value. CCIP also features additional layers of protection and reliability via the Risk Management Network and Smart Execution.
- Seamless integration — CCIP offers a unified cross-chain developer experience by providing a single, easy-to-integrate interface. Developers only need to integrate the CCIP Router on-chain to start building secure cross-chain applications.
- Scalable architecture — CCIP eliminates the need for developers to write custom code for chain-specific integrations, while users can interact with any blockchain via a single interface.
- Future-proof — CCIP is built to support continuous updates, such as the integration of new blockchains, the introduction of advanced functionalities, and the addition of other defense-in-depth approaches to security. Thus, integrating with CCIP eliminates future switching costs should new cross-chain functionalities be needed.
“We’re thrilled to be integrating the highly secure and scalable Chainlink CCIP to underpin this new product. Powered by the decentralized Chainlink Network, CCIP will help connect our cross-chain community as our protocol scales across the multi-chain Web3 ecosystem.” –Pablo the Penguin, Core Team
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.
QiDao is the most cross-chain stablecoin protocol. It enables the minting of MAI, an overcollateralized stablecoin. The protocol functions with minimal protocol agency. A DAO controls decisions on parameter updates.
The protocol specializes in offering zero interest loans on yield-bearing assets and project loans for governance tokens. QiDao functions natively on the chains where it is deployed. It uses Chainlink oracles to price collateral assets.