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Elastos Releases DeFi Roadmap Following Chainlink Integration
Following its announced integration with market-leading decentralized oracle network Chainlink, Web 3.0 platform Elastos has detailed its roadmap for the rest of 2020 with work underway to build out its DeFi toolkit. The open-source global project recently celebrated its three-year anniversary and remains committed to its vision of building a blockchain-powered, decentralized internet operating system.
The Cyber Republic ETH Task Force is currently working alongside Chainlink to integrate oracle support into Elastos’ ETH Sidechain, an EVM compatible blockchain running on Elastos’ secure AuxPow/DPoS network. The integration will enable DeFi dApps to access essential price points and external data required for financial functions.
Initially commencing in August, the Chainlink integration will introduce a ELA/USD price reference data feed for the purpose of conducting collateralization checks on Elastos’ upcoming cross-chain stablecoin protocol. The protocol will be used to collateralize ELA and lend USD-pegged stablecoins, thereby providing greater utility to ELA token holders.
By utilizing Chainlink with Elastos’ ETH sidechain, developers can build their own unique DeFi platform atop the Elastos SmartWeb’s fully scalable architecture. The next milestone will be the launch of an ERC20-to-Elastos Bridge in September, followed by an Elastos Money Market in December that is supported by additional Chainlink Price Reference Data feeds. The former will allow Elastos to wrap and bring ERC20 tokens from Ethereum into its own ecosystem via ETH sidechain.
With the requisite oracles and bridge in place, Elastos is the ideal platform upon which to build and implement products related to lending, borrowing, synthetic assets, asset management and tokenization. Product ideas currently in discussion include liquidity pools, tethered stablecoins, and an ELA layer-2 payment network.
Clarence Liu, VP of Development for Elastos, said: “Defi innovation has been impeded by Ethereum’s inability to scale. Elastos empowers developers to build scalable dApps that can access price feeds and other data points on Ethereum, creating a playground where good ideas can flourish. Elastos combines the best of both worlds: Ethereum’s network effects coupled with Elastos’ secure and scalable DPoS network, bolstered by Bitcoin’s infrastructure through merged mining.”
Founded by OS expert Rong Chen, Elastos is building the blockchain industry’s most comprehensive and interoperable open-source platform. Using a hybrid consensus that combines the secure hashpower of Bitcoin and the democratic ideals of Delegated-Proof-of-Stake, the SmartWeb of Elastos is a suite of software for an entirely decentralized internet. Elastos employs not only blockchain technology, but a peer-to-peer network for communication, decentralized data storage services, and a decentralized ID (DID) system for all digital assets. With sidechains like Ethereum, Elastos is not merely the foundation for securing truly decentralized applications that can scale, it is the foundation for true data ownership.
elastOS, the flagship product of the Elastos SmartWeb, brings the entire decentralized ecosystem into a single App, currently available for Android and in development for both iOS and desktop.
Elastos is also actively searching for both new and existing dApp projects through its Cyber Republic initiative. Cyber Republic possesses a community-governed grant fund designed to help startups and existing businesses explore blockchain. You can read more about Cyber Republic at https://www.cyberrepublic.org.
CONTACT FOR Elastos.Info
If you’re a developer and want to connect your smart contract to off-chain data and systems, visit the developer documentation and join the technical discussion on Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.
Chainlink is an open-source blockchain abstraction layer for building and running decentralized oracle networks that give smart contracts on any blockchain access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and yEarn; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.