Blockchain News

Elastos Launches DeFi Roadmap as a Part of Chainlink Collaboration

Working as a leading blockchain-powered open source portal, Elastos has released a roadmap detailing its plans for the coming months of 2020 following its collaboration with Chainlink, the renowned oracle portal. Elastos has successfully completed three long years in the business and is determined to live up to its objective of nurturing a powerful blockchain internet operating infrastructure.

After successfully implementing the Chainlink testnet of ELA/USD price feed, Elastos has included additional support for other Chainlink price feeds on its ETH sidechain. This crucial step will aid Elastos to strengthen the operability of its forthcoming money market DApp project. The infusion will allow the DeFi developers to enjoy seamless access to important price points and external data for finance decisions. The ELA/USD price feed will offer collateralization checks on the firm’s stablecoin protocol, likely to be launched soon. This stablecoin will aid the ELA token owners by providing enhanced utility via collateralization and lending of their pegged assets.

The integration of Chainlink and Elastos’ ETH sidechain will allow the developers to design their DeFi solution on Elastos SmartWeb’s scalable module. In September, the team is planning to launch the ERC20-to-Elastos Bridge solution, while in December, it will come up with an Elastos Money Market. Chainlink will help Elastos push in ERC20 tokens from the Ethereum blockchain to its native system through the ETH sidechain. In its roadmap, the open-source giant has elaborated its plans for the DeFi toolkit in its development stages.

The VP of Development at Elastos, Clarence Liu, stated that Elastos is keen to streamline the functions for DApp developers by helping them to build scalable products. The firm uses Ethereum’s network expertise and its secure DPoS network powered by Bitcoin’s architecture via merged mining.

Elastos, in its roadmap, has mentioned that the team will work upon new innovative products for the customers in the coming years. They will launch a revolutionary suite of products belonging to multiple zones like lending, asset management, tokenization, borrowing, synthetic assets, etc. Presently, the firm is looking into liquidity pools, tethered stablecoins, and an ELA layer-2 payment system.

Edward Nash

Edward Nash is an editor and analyst with over 10 years of financial market experience. Prior to joining CoinNewsSpan, he worked in several famous financial institutions. He has been active in the cryptocurrency market since 2011, specializing in technical analysis of current crypto trends and offering analytical opinion-based pieces.

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