blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
Bet Now
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
Bet Now
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

Chainlink Partners With Elastos Ethereum Sidechain

Wayne Jones by Wayne Jones
July 24, 2020 - 11:17 pm
in blockchain news
0
Partners
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

On 24th July 2020, the Elastos Ethereum Info team announced a new partnership with Chainlink. The announcement detailed that the partnership would be crucial in the development of an Elastos stablecoin. 

Elastos Stablecoin will be cross-chain, and Chainlink Oracles will be responsible for powering it. The development team from Elastos will use Chainlink’s price reference data framework to deploy a decentralized price feed for ELA/USD.

Unravelling The Elastos Stablecoin

According to the team at Elastos, the stablecoin will stabilize the Elastos ecosystem and the entire DeFi space. The coin will pave the way for decentralized finance to enter the modern internet scene. 

Elastos uses massive hash power to secure the DPOS-based Ethereum sidechain. ELA, Elastos’ native token, is secured by the main chain, which in turn enjoys the backing of over 50% of Bitcoin’s hash power. This backing, together with other features like low transaction costs and high-security levels, place Elastos at the forefront for providing the foundation for building a stable DeFi ecosystem.

The team at Elastos now plans to launch a stablecoin protocol that will collateralize ELA tokens. The protocol will also be responsible for minting stablecoins whose value will be pegged onto the USD. 

So, how will this new protocol be valuable to DeFi users?

Users will receive a collateral price floor each time the protocol mines a new stablecoin. This price will be the limit for a liquidation trigger. Whenever the market price plummets below the liquidation price, users will have their CDP position liquidated, in reference to Chainlink’s ELA/USD price feed.

Why Elastos chose Chainlink

Two significant reasons why Elastos chose Chainlink for this project is the quality control of its price oracles and its Price Reference Data Model. Chainlink provides a reliable price feed for its users. It sources data from high-quality data aggregators and secure node operators. Besides, the model is specially designed for building decentralized oracle networks that are reliable and feature top-notch security. 

Thanks to these features, the team at Elastos will use Chainlink for DeFi projects beyond the stablecoin. Elastos is looking to broaden its ecosystem to include dApps that bridge traditional infrastructure with real-world data. Future partnership projects will see Elastos develop various DeFi products, including asset management, borrowing and lending, synthetic assets, and tokenization products. 

The partnership between these two leading solutions providers in the blockchain scene will undoubtedly be a force to reckon with. The combination of Elastos’ hash power and Chainlink’s reliable data will provide a solid foundation for DeFi products that offer both high-level security and performance.  

Tags: ChainlinkDeFi
ShareTweet
Wayne Jones

Wayne Jones

Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies and writes regularly for Blockchainreporter.

Recommended For You

Factor DAO Announces a Collaboration and Integration with Plutus DAO

by Umair Younas
February 6, 2023 - 12:09 pm
0
factor dao plutus dao

Factor DAO mentioned that they are integrating Plutus DAO and other such assets to let protocols optimize the products offered by them.

Read more

BNB Chain Defies Bear Market Trend as On-Chain Activity Soars in Q4: Reveals Messari Data

by Shayan Chowdhury
February 6, 2023 - 8:46 am
0
bnb chain

The on-chain activity in Binance's native blockchain BNB witnessed a promising surge in user activity in Q4 despite the crypto market's downtrend. 

Read more

Blockchainreporter Weekly News Roundup

by Umair Younas
February 5, 2023 - 2:29 pm
0
crypto

Blockchainreporter has compiled a bunch of important news from this week covering all happenings related to FTX and other exchanges.

Read more

Moonpay Allocates $555k to Advance DAO Ecosystem and NFT Programs

by Umair Younas
February 5, 2023 - 7:43 am
0
MoonPay Celeb

The respective capital allocation by Moonpay is targeted at backing projects engaged in expanding innovation and development in DAO and NFTs.

Read more

My Blockchain Account is Locked – How to Recover Locked Wallet

by Mushu Butt
February 5, 2023 - 5:42 am
0
blockchain

My blockchain account is locked, how to recover it? If you are looking for answers to this, then you’re at the right place. Here is a complete guide!

Read more
Next Post

Hail the King of Crypto: Bitcoin Surpasses $10k for the First Time after Halving

PARTNERS LIST

PRESS RELEASE

The Future of DAOs Takes Center Stage in Tel Aviv

by chainwire
February 6, 2023 - 8:00 am
0

Tel Aviv, Israel, 6th February, 2023, ChainwireThe DAOVOZ collective is excited to announce the inaugural DAOVOZ Tel Aviv event on...

Game Space Powers Web3 Gaming With the Launch of Player One Tournament, Aligns Partnership with Splinterlands, Gods Unchained and Big Time

by Max Clark
February 3, 2023 - 12:00 pm
0

For Player One Tournament, Game Space will continue to cooperate with more public chains, various gaming guilds, Web3 Infra, Web3...

Metacade presale investment rockets past $5 million as GameFi investors hurry to buy remaining MCADE tokens

by chainwire
February 2, 2023 - 3:38 pm
0

London, United Kingdom, 2nd February, 2023, ChainwireThe Metacade presale is selling out fast with stage 3 coming to a close...

Snowfall Protocol

Joe Biden Reveals Game-Changing Crypto “Roadmap” after $2 Trillion Bitcoin (BTC) and Ethereum (ETH) Crash! Snowfall Protocol (SNW) Still the Top Pick for 2023

by Josh Fernandez
February 2, 2023 - 9:23 am
0

A perennial problem that has dogged the crypto world – and one that Snowfall Protocol (SNW) aims to address –...

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise

@2023 - Blockchainreporter.net. All Right Reserved.