SteakBank will use Chainlink Price Feeds as an oracle solution to provide more accurate LBNB/BUSD prices on the Binance Smart Chain. SteakBank users can now see the USD valuation of the LBNB when they try to redeem their LBNB as BNB. Users will also be able to compare these prices with prices of LBNB on pancake swap to find if there is arbitrage.
SteakBank has announced that they decided to choose Chainlink as their oracle solution partner because Chainlink is known for its mature and reliable system resistant to all forms of data manipulation. The Chainlink Price Feeds are also known to be very resistant to a failure caused by unexpected events.
SteakBank is primarily a DeFi platform that provides users with liquid staking against any assets. SteakBank users can even deposit their liquidity tokens in liquidity pools to earn rewards or get loans with those tokens as collateral.
Another major advantage of SteakBank is that their staking system is completely automated, so users do not need to constantly monitor and switch between the rewards provided by various validators. However, to make this system more efficient, SteakBank requires real-time on-chain price data that can only be provided by blockchain oracle solutions. Chainlink Price Feeds is a decentralized oracle that stores cryptocurrency rates on on-chain reference and regularly updates these prices to be in tune with market volatility.
Chainlink secures data from some leading data aggregators, ensuring that the prices displayed on Chainlink Price Feeds are very high quality. Chainlink is also known for its exceptional security, and its price feeds are protected by independent oracle nodes resistant to Sybil. The good market reputation of the Chainlink decentralized network is also a factor behind their adoption by SteakBank.
Apart from improving its liquid staking services with the help of oracle solution Chainlink Price Feeds, SteakBank is now also looking to expand into lending and borrowing services. SteakBank management has also spoken in glowing terms about the Chainlink integration, so it now remains to see whether users also find this integration service beneficial for their needs.