Gravity Finance ‘Silos Integrating Chainlink Automation
Gravity Finance has created a first-in-class DeFi automation product called ‘Silos’. Powered by Chainlink Automation, it’s live on Polygon mainnet from today.
Gravity Finance is leveraging Chainlink Automation to securely and cost-efficiently trigger the execution of DeFi tasks. As a result, Silos will seamlessly manage advanced DeFi strategies and tasks on behalf of their owner, through reliable automation.
Silos allow users to deploy personalised and fully automated DeFi tasks in seconds. Users can deploy a Silo (Smart Contract) from a catalogue of predefined strategies built by the Gravity team.
As the name suggests, user-funds are not pooled together in community vaults, they are “Siloed” in personally owned Smart Contracts (ERC-721). Since each Silo is individually deployed and owned, the Silo owner can customise certain parameters within their deployment, allowing for further customisation and personalised strategies.
Advanced users can even deploy multiple Silos from the strategy-catalogue and then link them together to create even more complex flows, all through an intuitive user-interface and without any coding experience required!
They decided to use Chainlink Automation to power the Silos automation functions because it is the most reliable and decentralised Web3 automation service available. Chainlink Automation monitors each block on the Polygon network and triggers predefined strategies to execute, if and when required. For non-critical tasks, users can set their strategies to update on a pre-set schedule, such as hourly, daily, weekly etc.
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 decentralised 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 Gravity Finance
Gravity Finance is a suite of DeFi products, launched in early 2021 on the Polygon network.
Products include a Decentralised Exchange (DEX), Yield Farms, Auto-compounding Vaults, a Launchpad and as of today, the all-new Silos!
GFI token is the DAO Governance token for Gravity Finance.
By owning GFI tokens users can take part in DAO votes and earn Gravity platform admin-fees (paid in wrapped-ETH on the Polygon Network).