Blockchain platform Elastos has introduced its integration with a Chainlink powered ELA/USD value reference information feed to assist its upcoming cross-chain stablecoin.
Chainlink is likely one of the prime decentralized oracle networks for deploying the ELA value feed on the Elastos platform. It’s also one of many prime dApps on the Elastos blockchain deployed by the Cyber Republic ETH taskforce.
The ELA stablecoin protocol can be used to collateralize ELA and in addition to mint cross-chain stablecoins pegged to USD. Due to this fact, it’s going to immensely assist the ELA holders by producing a secure digital foreign money that will also be used as collateral throughout Elastos and different DeFi platforms. Each time the ELA protocol mints a stablecoin, the consumer will obtain a collateralization value information feed. Accordingly, if ELA’s market value falls beneath a specified liquidation value, the consumer’s CDP (collateralized debt positions) can be liquidated. Chainlink’s newly launched ELA/USD value reference feed will play a vital function in supporting this course of by offering reference costs to set off liquidations.
Each the Elastos ecosystem and the DeFi area can be benefitted from this newly launched value reference information feed, which is able to present customers entry to a dependable type of cross-chain that isn’t susceptible to market volatility. With this integration, Elastos will be capable to leverage each DeFi (mortgage issuances) and non DeFi initiatives (value algorithm developments for net purposes or content material monetization) by way of Chainlink’s value reference information feeds.
The Elastos Information Group all the time wished to construct a sophisticated dApp that may revolutionize the DeFi ecosystem with new options to attach customers with real-world information and conventional infrastructure securely. After researching via a wide selection of options, Chainlink gave the impression to be the right answer for the Elastos ecosystem. Chainlink’s tamperproof and high-availability information reference feeds, mixed with the super flexibility of Elastos’ Ethereum Sidechain, will assist builders to construct a singular DeFi platform over the scalable structure of the Elastos SmartWeb. Furthermore, Chainlink makes use of solely safe node operators to keep up strong high quality management over its information value oracles. This, in flip, helps create an aggregated and dependable information value feed for the customers to rapidly safe their funds.
Chainlink additionally sources its value date feeds from quite a few information aggregators, thereby offering a wholesome market. Such a distributed mannequin helps in stopping value manipulation from affecting Elastos’ stablecoin. Thus, Chainlink is taken into account your best option to supply a value information reference framework for collateralization checks on customers’ CPDs.
To this improvement, Clarence Liu, the Vice President of Growth for Elastos, remarked,