The Chainlink BUILD program is designed to strengthen the Chainlink Network by fostering promising early-stage startups in Chainlink’s ecosystem. Participants receive benefits such as priority access to technical support and new services from Chainlink in exchange for paying fees that incentivize Chainlink service providers and boost the network’s cryptoeconomic security.
One of the latest projects to join BUILD is Steadefi, a DeFi protocol designed to make capital-efficient, risk-adjusted strategies accessible to a broad user base. Jeff Lam, Steadefi’s Project Lead, told Chainlink Today that by joining BUILD, the protocol aims to increase its security, decentralization, and adoption through better access to key Chainlink services now and into the future.
“Over the next several years, we see Chainlink’s strong potential in advancing DeFi security, automation, and use cases,” he said. “Chainlink’s oracle network can help reduce the risk of exploits and other security breaches; it can easily automate price feeds and market data; and it can enable more complex financial instruments or facilitate cross-chain interoperability between different DeFi protocols.”
Steadefi integrates with multiple top DeFi protocols to offer users a variety of automated smart-hedging strategies. In addition to leveraging services like Chainlink Data Feeds and Chainlink Automation, Lam said Steadefi’s team of experienced DeFi researchers, community builders, mathematicians, and engineers is looking forward to utilizing Chainlink’s Cross-Chain Interoperability Protocol (CCIP), slated for release in 2023.
“As a multichain protocol, we are confident that CCIP will be of great use for us and our users,” he said.
He believes Chainlink’s web3 services are essential infrastructure for DeFi protocols that prioritize security. “One of the key concerns for any DeFi protocol is data manipulation and tampering, so we are especially excited to receive the support of Chainlink’s industry-leading experts and decentralized oracles,” he explained.
In addition to leveraging Chainlink’s infrastructure, Lam said his team is excited to interact with the broader Chainlink ecosystem of more than 1,700 projects building new use cases across industries.
“We are very eager to access and work with the expansive Chainlink BUILD network,” he said. “Learning from others who have already built great things in this space will be key to our own success and growth moving forward.”