SteakHut Integrates Chainlink Automation to Support Automated Liquidity Management
We’re excited to announce that SteakHut, a liquidity and yield aggregator, has integrated Chainlink Automation live on the Arbitrum and Avalanche mainnets.
We are leveraging Chainlink Automation to help us securely and cost-efficiently manage liquidity in our yield aggregation vaults and reduce centralization risks.
We decided to use Chainlink Automation to monitor the state of our smart contracts and perform advanced liquidity management on-chain because it is the most reliable Web3 automation service. The Chainlink Automation Network is operated by the same pool of time-tested, provably reliable node operators that currently help secure tens of billions of dollars in DeFi, even during record levels of network congestion and extreme volatility. The proven infrastructure of Chainlink helps ensure that liquidity management is executed reliably in a trust-minimized manner, giving users additional guarantees that it will function exactly as intended.
SteakHut’s liquidity is a first-of-a-kind decentralized market-making platform enabling users to optimize and automate their concentrated liquidity positions. SteakHut Finance is creating the “liquidity layer of Web3”.
Users can access a range of liquidity provisions from passive to actively managed strategies, taking the work and complexity out of their liquidity management and automating the process for complete efficiency. While also helping facilitate deep, capital-efficient liquidity for protocols on Trader Joe’s Liquidity Book.
In order to keep liquidity management optimized to user preferences, we needed a decentralized automation service to help us trigger our smart contracts to perform various liquidity management and yield aggregation functions. The integration of Chainlink Automation helps us construct more advanced strategies on top of SteakHut liquidity.
Chainlink Automation is a decentralized service purpose-built to manage tasks on behalf of smart contracts. Chainlink Automation leverages decentralized, hyper-reliable, and economically incentivized automation nodes to wake up smart contracts when they need to perform critical on-chain functions, which usually take place at regular time intervals (e.g., every day at the same time) or based on external events (e.g., when an asset hits a specific price).
Some of the notable features of Chainlink Automation include:
- Highly reliable, performant, and decentralized automation — Chainlink 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 — Chainlink Automation enables us to eliminate in-house automation infrastructure costs, reduce resources spent on DevOps, and increase speed and efficiency.
- Built to enable faster scaling — Chainlink Automation enables us 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, we’re able to explore new use cases and unlock capabilities that would otherwise not have been possible.
“Without Chainlink Automation, we would either need to maintain in-house infrastructure or manually trigger liquidity management functions in SteakHut vaults. The highly reliable Chainlink Automation service helps make our lives easier so we can focus solely on building more advanced liquidity management strategies.” — Wagyu, SteakHut CoFounder, and Lead Developer.
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.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
SteakHut is creating “The Liquidity Layer of Web3”, a first-of-its-kind liquidity management platform aimed to keep DeFi Liquidity. We remove fragmentation, capital inefficiencies, and the barrier of entry to concentrated liquidity.
With SteakHut Liquidity, liquidity providers can deposit their tokens to enjoy automated and optimized liquidity on the Trader Joe V2 DEX. Once deposited our smart contracts rebalance and reinvest liquidity ensuring that your capital is always providing liquidity and earning fees.
SteakHut also works with leading tokenized protocols across Web3 to help unlock maximum capital efficiency for their protocol-owned liquidity. By keeping liquidity active, SteakHut creates the most efficient capital efficient source of liquidity on Web3, and helps protocols reduce the need to incentivize liquidity.
We see liquidity providing as the central point of DeFi. Our goal is to shape the liquidity layer of Web3.