Alchemix x Chainlink Keepers Integration

Alchemix announced a new integration with Chainlink Keepers for Vault Harvesting and Launches new price feeds for DeFi.

In order to enable automation, someone needs to trigger the yield harvesting and debt repayment functions in the smart contract on a regular basis. This is because smart contracts are not actually autonomous, but instead are “asleep” by default and need to be “woken up” by an on-chain transaction in order to run their coded logic.

Pushing this transaction triggering process onto the users is a non-starter because it’s a poor user experience and the gas costs involved make it impractical for all but large whales. Alternatively, running our own server to trigger this process would require us to build, manage, and deploy our own DevOps solution over the long term, which could be prone to downtime, involves additional trust assumptions, and sucks up a large amount of time from our developers that otherwise would be building core business logic for Alchemix.

“Strengthening our integration with Chainlink was an obvious choice given the proven security, reliability, and diversity of their decentralised services. As a result, we are able to create a self-paying loan solution that is decentralised and automated end-to-end, as well as quickly bootstrapping adoption for ALCX within other DeFi protocols. Both of these features were only achievable in an efficient yet highly secure manner due to the permissionless composability in DeFi,” Scoopy Trooples.

About Chainlink

Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralised Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralised community, Chainlink currently secures billions of dollars in value for smart contracts across decentralised finance (DeFi), insurance, gaming, and other major industries.

About Alchemix

Alchemix Finance is a future-yield backed synthetic asset platform and community DAO, managing hundreds of millions of dollars in value. The platform gives you advances on your yield via a synthetic token that represents a fungible claim on any underlying collateral in the Alchemix protocol. The globally decentralised team is composed of DeFi natives who wish to push innovation in the space forward.

📰 INFO

https://medium.com/@AlchemixFi_25388/alchemix-integrates-chainlink-keepers-for-vault-harvesting-and-launches-new-price-feeds-for-defi-b97f5d5c94c5

Alchemix x Chainlink Keepers Integration
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