SteakBank Integrates With Chainlink Price Feeds Oracles

DeFi platform that provides liquid staking services for any asset, SteakBank, announced integration with Chainlink Price Feeds Oracles. With SteakBank, 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.

“We’re 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.”—Salty SteakChef, Project Coordinator of SteakBank.

SteakBank will be using Chainlink oracles as their solution on Binance Smart Chain (BSC) mainnet to access an accurate and secure price feed for BNB/BUSD, which will be used in 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 be compared with LBNB price on pancake swap to determine if there is an arbitrage opportunity.

To have a more accurate pricing mechanism for SteakBank liquid staking tokens, the 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.

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.

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.

RESOURCES
Medium