Steady State Will Integrate Chainlink Keepers
Steady State a comprehensive DeFi insurance platform will integrate Chainlink Keepers on the Ethereum blockchain. The platform plan to leverage Chainlink Keepers to securely and cost-efficiently automate the quantifying of risks and paying out of insurance claims.
“Steady State has identified Chainlink, whose Keepers provide a suitable service that keeps up with the dynamism present in the insurance market segment. Their services will keep our smart contracts up to date with the latest data streams allowing us to effectively deliver robust DeFi insurance services to our dedicated users. We are excited about the many possibilities that lie ahead through this integration.” –Jonathan Libby, Founder and CEO, of State Steady
Chainlink Keepers are a decentralized service offered by Chainlink’s existing network of node operators that is purpose-built to manage tasks on behalf of smart contracts. Chainlink Keepers serve as a decentralized, hyper-reliable, and economically incentivized automation bot that wakes up smart contracts when they need to perform critical on-chain functions, which usually take place at regular time intervals
The team decided to decentralize Steady State’s insurance automation function using Chainlink Keepers because they’re operated by the same pool of time-tested, provably reliable node operators that currently secure billions of dollars in DeFi, even during record levels of network congestion and extreme volatility. Chainlink’s proven infrastructure ensures that every insurance claim is executed on-time in a trust-minimized manner, giving users additional guarantees that it will function exactly as intended.
The platform’s core function is to fix the broken DeFi insurance industry by providing comprehensive DeFi insurance solutions, thus protecting users and securing protocols.
ABOUT Steady State
Steady State is one of the leading DeFi insurance platforms utilizing Chainlink’s Keepers solution to automate insurance claims. They provide protocols and platforms with practical insurance options to safeguard their financial future. Using automated processes, smart contracts, and risk analysis tools, our platform overcomes inconsistent risk analysis common in the existing DeFi insurance paradigm, delivering comprehensive risk quantification with efficient capital allocation.
ABOUT Chainlink
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized 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, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
