SteakBank Using Chainlink Oracles to Source Price Data for Liquid Staking On BSC

Dear Steak Community,

We have integrated Chainlink Price Feeds as our oracle solution on Binance Smart Chain (BSC) mainnet to access an accurate and secure price feed for BNB/BUSD, which will be used in our LBNB/BNB pool to determine the LBNB/BUSD price. The LBNB/BUSD Price allows SteakBank to display the USD dollar worth of LBNB when users redeem the LBNB into BNB. Then can then be compared with LBNB price on pancake swap to determine if there is an arbitrage opportunity.

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. Through its decentralized network of professional nodes and premium data providers, 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.

SteakBank is a DeFi platform that provides liquid staking services for any asset. Users can earn compounded yields by minting liquid tokens of a staked asset and depositing them in liquidity pools to earn rewards or using them as collateral for loans. Our automated dynamic staking strategy ensures that our users always receive the highest staking yield without them having to constantly monitor the rewards given by validators and making switches between validators manually. In short, our users can earn yield without them having to run a validator node or manage the process.

To have a more accurate pricing mechanism for our liquid staking tokens, our platform requires real-time, tamper-proof price data on-chain, and the most reliable way to access it is through a blockchain oracle. Chainlink Price Feeds are decentralized oracle networks that store the prices of cryptocurrencies in on-chain reference contracts that are continually updated to closely follow volatility. Chainlink is the most time-tested oracle solution for price reference data and is already securing tens of billions of dollars of value across DeFi.

Some of the major benefits of using Chainlink Price Feeds in SteakBank include:

• High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
• Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record for reliability, even during high gas prices and extreme network congestion.
• Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or the oracle network.
• Reputation — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.

“We’re excited to use Chainlink, the most reliable oracle solution on the market for protecting user funds,” said Salty SteakChef, Project Coordinator of SteakBank. “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.”

Upcoming SteakBank Lending & Borrowing Platform

In addition to the Chainlink integration, SteakBank is happy to announce that lending and borrowing features will also be added to the platform. Chainlink Price Feeds will also be leveraged in this product to ensure that borrowing rates, collateralization, and liquidations are calculated according to fair market-wide prices.

About Chainlink

Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.

Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.

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About SteakBank

SteakBank is a liquid staking platform on Binance Smart Chain where users can earn multiple streams of cashflow. The primary rewards earned from validating will be baked in the liquid token. The liquid token can then be further staked in liquidity pool to be compounded and earn extra yields. Furthermore, SBF token will also be rewarded when users stake their liquid token in SteakBank’s liquidity pool.

Website: https://steakbank.finance/

Twitter: https://twitter.com/SteakBank

Telegram: https://t.me/steakbank_finance

GitHub: https://github.com/steakbankfinance

Medium: https://medium.com/steakbank