Hassan Maishera
On Thursday, Chainlink announced via X that M^0 has adopted Chainlink infrastructure to deliver net asset value (NAV) data on Ethereum for its decentralized stablecoin $M.
$M is a fungible token that can be generated by locking Eligible Collateral in a secure offchain facility. The protocol enforces a common set of rules and safety procedures for managing $M. By integrating Chainlink SmartData, integrators of $M can now access NAV data on-chain with unparalleled accuracy and security.
Chainlink’s decentralized oracle networks play a pivotal role in ensuring that NAV data is made available on-chain promptly and accurately. Chainlink securely fetches and validates this data through M^0’s standard Minter APIs, which directly access the custodian bank layer, ensuring that the information used for $M is consistent and up-to-date.
One of Chainlink’s key strengths is its ability to provide a tamper-proof, easily verifiable, immutable, and transparent audit trail for NAV data. NAV complements the daily on-chain collateral updates that individual Miners must make and provides a holistic, aggregate depiction of the ecosystem's net asset value and $M's overall financial health.
Chainlink Network (LINK) aims to provide tamper-proof data inputs and outputs for smart contracts on any blockchain. LINK is down 1% over the past 24 hours, trading at $20.02.
