SteakBank Garners Chainlink Oracles to Bring Liquid Staking on Binance Smart Chain

SteakBank is optimistic after integrating Chainlink’s tested and trusted oracle solution to provide accurate on-chain price data for its users and protecting against attacks on its smart contract on Binance Smart Chain.

By
Utulu Hope
on
July 24, 2021
Category:
BSC News

SteakBank Integrates Chainlink on Binance Smart Chain 

Chainlink has announced its integration with the Liquid staking platform, SteakBank on Binance Smart Chain (BSC).

Chainlink, which offers the most extensive collection of decentralized services powering the world’s hybrid contracts, announced the new development on 20th July via Twitter. SteakBank also posted an update with a Medium blog post.

The partnership will ensure that SteakBank utilizes Chainlink oracles to access real-time price feed for the BNB/BUSD pair, ensuring that its smart contracts accurately depict global markets and remain resistant to flash loan attacks

“We went with Chainlink because it’s the most mature, high-quality, and historically reliable oracle solution for accessing accurate, real-time, manipulation-resistant price data on-chain,” the blog post reads. “Chainlink’s price feeds are provably resilient against central points of failure and various other unexpected events, ultimately strengthening the precision and robustness of our liquid staking product.”  
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SteakBank Optimistic About Chainlink Price Feeds Oracle Solution

Chainlink Price Feeds are decentralized oracle networks that store the prices of cryptocurrencies in on-chain reference contracts, which are updated constantly to follow the market’s volatility. 

The BSC-based protocol confirmed that the Chainlink Price Feeds will be its oracle solution on the BSC mainnet. 

The Oracle solution will be used to access accurate and secure price feed for BNB/BUSD, which is utilized for its LBNB/BNB pool to determining the LBNB/BUSD price. 

The LBNB/BUSD price function is to allow SteakBank to display the U.S Dollar (USD) equivalent of LBNB whenever users decide to redeem the LBNB into BNB. 

“We are excited to use Chainlink, the most reliable oracle solution on the market for protecting user funds. We look forward to integrating more Chainlink Price Feeds in the future as we expand our liquid staking service to bring more yield to our users” explained the project coordinator of SteakBank, Salty Steakchef, in the blog post.
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Benefits of the Integration 

The Chainlink Price Feed integration will bring several benefits to SteakBank’s liquid staking product. They include: 

  • High-quality Data: The oracle solution obtains data from many premium data aggregators, ensuring that data is sourced from several exchanges, weighted by volume, and cleaned from outliers and wash trading. In essence, Chainlink’s data aggregator generates valid market prices resistant to Application Program Interface (API) downtime and attacks. 
  • Secure Node Operators: Chainlink Price Feeds are secured by efficient, security-reviewed, and Sybil-resistant oracle nodes run by the best DevOps teams, traditional enterprises, and data providers. Its nodes are reliable even when gas prices are high and during periods of extreme network congestion. 
  • Decentralized Network: Chainlink Price Feeds are decentralized at the data source, oracle node, including oracle network levels. This ensures that it is protected against downtime and tampering by data providers or the oracle network. 
  • Reputation: Chainlink delivers a robust reputation framework and set of on-chain monitoring tools, allowing users to independently verify the performance of node operators and oracle networks. The tools also give users access to check real-time prices available. 


Why Chainlink Oracles? 

SteakBank decided to utilize Chainlink oracles because it is the most mature, high-quality, and proven oracle solution in the Decentralized Finance (DeFi) market for accessing the most accurate on-chain price data. 

With Chainlink’s decentralized network of professional nodes and premium data providers, price feeds are resistant to failure and other unexpected events. They will strengthen the robustness of SteakBank’s liquid staking product. 

For users to have a more accurate pricing mechanism for its liquid staking tokens, SteakBank needs real-time, tamper-proof on-chain price data. The most effective way to access these features is through a blockchain oracle, and Chainlink Price Feeds is the perfect solution. 


About Chainlink 

Chainlink is the number one oracle network for powering hybrid smart contracts. The protocol offers decentralized oracle networks that provide developers access to the most extensive collection of high-quality data sources and secure off-chain computations to expand smart contracts possibilities on several blockchains. 

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The protocol is managed by a decentralized global community and currently secures billions of dollars in value for smart contracts across DeFi, gaming, insurance, and many other industries. 

Where to Find Chainlink: Website | Twitter | Discord | Telegram | Reddit |


About SteakBank 

SteakBank is a BSC-based liquid staking platform that allows users to earn multiple streams of cash flow. Users earn liquid tokens as rewards from validation. These liquid tokens can be staked in liquidity pools and compounded to earn more yield. Its native SBK token will be rewarded to users who stake their liquid tokens in its liquidity pool. 

Source

Where to find SteakBank: Website | Twitter | Telegram | Medium | GitHub |

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Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer.

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