Scallop Integrates Chainlink Automation

Published on: 20.01.2023
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.

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SOURCE:  MEDIUM
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