Scallop Integrates Chainlink Automation
Scallop Integrates Chainlink Automation to streamline the staking process for Scallop users and allow them to benefit from automated staking rewards.
Scallop uses a membership system with different levels of staking requirements — an efficient staking mechanism ensuring the system runs smoothly. Scallop’s proof-of-stake (PoS) blockchain also requires staking for full participation. Businesses can access liquidity and custody services when they stake up to $5,000 worth of Scallop tokens and become a Business account holder. As Scallop Integrates Chainlink Automation.
Chainlink Automation
- Highly reliable, performant, and decentralized automation — Ensures transactions are identified and confirmed quickly even during periods of heavy network congestion by leveraging Chainlink’s battle-tested transaction manager.
- Time-tested infrastructure that helps save costs — Enables to eliminate in-house automation infrastructure costs, reduce resources spent on DevOps, and increase speed and efficiency.
- Built to enable faster scaling — Enables to scale faster and avoid the challenges that come with building and maintaining the infrastructure needed to reliably automate across multiple chains.
- Unlocks new use cases — With smart contract automation, they’re able to explore new use cases and unlock capabilities that would otherwise not have been possible.
“Chainlink’s battle-tested oracle technology — which is highly reliable, performant, and decentralised — was the ideal solution for Scallop’s staking application. By automatically triggering staking reward payouts, Chainlink Automation helps ensure a seamless staking experience on Scallop.” — Raj Bagadi, founder and CEO, Scallop.
About Chainlink
Chainlink is the industry-standard Web3 services platform. That has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network. Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data. And off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.
About Scallop
Scallop is a licensed & regulated banking institution offering a comprehensive suite of innovative banking products. Scallop’s next-generation products launched to approximately 1.5 billion potential customers. In the UK, EU, Canada, and UAE, where Scallop currently holds banking and crypto licenses. There are plans underway to expand into other regions soon.
