Cask Launches Chainlink Top-Ups
Cask launches Chainlink Top-Ups for seamless maintenance of VRF/Automation Balances. Cask is excited to announce the immediate availability of a new web3 money flow automation known as Chainlink Top-ups.
The new Chainlink Top-ups flow monitors a project’s LINK balance in a given Chainlink service, and when that balance drops below a user-defined threshold, Cask will automatically swap for LINK on behalf of the user and deposit it into the Chainlink service. This new flow offers projects increased convenience, security, and dependability when using the Chainlink services they’ve come to rely on.
Chainlink services such as Automation and VRF require that projects pay in the LINK token. Maintaining the appropriate balance of LINK for their services has required projects to keep an adequate supply of LINK on hand, manually monitor their balances, and then manually deposit LINK when needed. As projects grow, launch on multiple chains, and deal with fluctuations in demand, this process becomes increasingly more complex to manage.
Cask itself relies upon Chainlink for services such as Automation and Price Feeds. As it looked to increase the reliability and optimization of its protocol, it became clear that Galileo needed a way to top up LINK balances automatically. While Cask initially built the top-up solution for self-use, it’s now open as a common good available to all web3 builders who rely upon Chainlink services.
How Chainlink Top-ups work
Chainlink Top-ups for Automation and VRF can be set up from the Cask dApp or Javascript SDK. The process is as follows.
- Set a funding source (Cask balance or personal wallet allowance). Top-ups rely on having an available funding source to perform the recurring transaction. Cask allows users to choose from one of the following funding methods: holding a balance in a Cask Wallet or setting an allowance in your Personal Wallet. With either method, money flows use stablecoins to avoid exposure to volatility. Cask is also integrated with Gnosis Safe, enabling projects to leverage the wallet’s multisig features.
- Enter Automation or VRF details. For Automation, enter a registry address and Upkeep ID. For VRF, enter a VRF coordination address and subscription ID. For VRF Direct funding, enter a contract address and optional custom ID. These values can be found on the Chainlink management portal for the specific service.
- Set a minimum LINK balance and dollar amount to top-up. The top-up amount is denominated in USDC. An example top-up could be to top-up your VRF subscription balance with $500 USDC worth of LINK when the LINK balance drops below 50 LINK.
- Cask monitors the on-chain LINK balance. When a user’s Chainlink balance falls below the defined threshold (e.g. 50 LINK), Cask automatically uses funds from the user’s funding source to acquire LINK at the current market price and deposits it on behalf of the user into the specified Chainlink service. Each time the balance drops below the threshold, Cask initiates another top-up.
Why automate Chainlink Top-ups using Cask?
Automating Chainlink Top-ups is as simple as defining a minimum threshold and a top-up amount. Cask will monitor your balance, swap for LINK, and top-up your balance whenever it’s needed.
The benefits of adding this type of automation include the following:
- Convenience — No need to set calendar reminders to check your balance or risk waiting for a low balance notification.
- Savings — Only buy LINK when it’s needed to pay for services.
- Dependability — Cask uses Chainlink Automation to help ensure that on-chain transactions such as top-ups happen as scheduled.
- Security — For projects with large fluctuations in demand, setting up auto top-ups becomes increasingly important to ensure your balance has enough LINK to avoid any downtime.
- Multi-chain — Cask supports top-ups on Arbitrum, Avalanche, and Polygon.
- Easy funding options — Pay for top-ups using stablecoins to avoid volatility. Cask supports funding top-ups from a Cask balance or setting an allowance in your on-chain wallet. Cask also supports multi-sig transactions and is an app on Safe.
ABOUT Cask Protocol
Cask Protocol is a decentralized non-custodial protocol for powering money flow automation in Web3. Money flows include NFT subscriptions, auto investing (DCA), recurring peer-to-peer payments, and automatic decentralized protocol interactions. Cask Protocol believes that automation is key to Web3 adoption and is committed to building additional automation to bring value to Web3.
