Base Protocol Using Chainlink Keepers for Decentralized Maintenance of its Rebasing Function.
Base Protocol has expanded its integration with market-leading decentralized oracle network Chainlink. Our new integration involves Base Protocol using Chainlink Keepers to automate the regular maintenance of their rebasing function. By automating the triggering of their daily rebase at 10:00PM UTC through Chainlink’s decentralized network of professional DevOps, supply adjustments to BASE are carried out in a highly reliable and trust-minimized manner. This marks a major leap towards Base Protocol being more resilient even amidst unexpected events like network congestion, both by removing the need for manual processes and having clear economic incentives around the timely execution of rebases.
The Chainlink Keepers servicing Base Protocol will poll Base Protocol Monetary Policy contract throughout the day, waiting for the supply adjustment window to open. Once the contract indicates that the window has opened, Chainlink Keepers will issue a transaction that adjusts BASE’s total supply based on the Total Crypto Market Cap Data Feed supplied by Chainlink. Additionally, all of the liquidity pools where BASE is traded will be instantaneously rebalanced.
About Chainlink
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
About Base Protocol
BASE is a token whose price is pegged to the total market cap of all cryptocurrencies. BASE acts like an S&P 500, but for crypto.
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