Teneo Finance Integrates Chainlink Keepers to Decentralize Automation of Reflows and Buybacks
We’re excited to announce that Teneo — an ecosystem that allows long-term users to safely hold their tokens while earning rewards from transaction fees — has integrated Chainlink Keepers live on Binance Smart Chain (BSC) mainnet. We are leveraging Chainlink Keepers to help securely and cost-efficiently automate Teneo Reflows and token Buybacks. As a result, the reward distributions for our users are further automated in a manner that leverages decentralized infrastructure.
We decided to decentralize Teneo’s Reflow and Buyback function using Chainlink Keepers because it 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 every Reflow and Buyback is executed on time and in a trust-minimized manner.
Teneo allows users to wrap any token on its platform, which then generates reflows for users over time. For example, the wrapped token of ETH is called tenETH. The tenETH token has a transaction fee, which is redistributed to all holders. At the same time, it is pegged to the price of ETH through an Automated Market Maker, so a holder can swap back to ETH at any time. Users can also provide liquidity to pools and are rewarded in Teneo tokens.
In order to securely automate Reflows and Buybacks, Teneo needed an external service to trigger its smart contracts — we quickly realized Chainlink Keepers were the only viable solution for this task.
Chainlink Keepers are a decentralized service 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 (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 Keepers include:
- Decentralized Execution — Chainlink Keepers provide reliable, trust-minimized automation with no single point of failure, mitigating risks around manual processes and centralized servers.
- Increased Efficiency — Projects that use Chainlink Keepers are able to reduce time spent on DevOps, minimize operational overhead, and streamline development workflows.
- Enhanced Security — Chainlink Keepers sign on-chain transactions themselves, enabling automated smart contract execution without exposing private keys.
- Reduced Costs — Chainlink Keepers perform efficient off-chain computation for smart contracts, allowing developers to build feature-rich dApps at lower costs.
Teneo will include more and more tokens like tenETH to support various projects across the blockchain ecosystem. We are also looking forward to exploring how CCIP can enable cross-chain connectivity for our ecosystem.
“As the industry-leading oracle network, Chainlink provides superior, time-tested reliability guarantees unmatched by other projects in the space. Chainlink Keepers help securely automate Teneo’s Reflows and Buybacks to save valuable developer resources and create a more seamless DeFi experience for our community members. ” — int(0.0)
About Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers 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.
About Teneo
Teneo is a sustainable incentive-backed ecosystem allowing holders to earn passively while opening new arbitrage opportunities for those who seek short-term gains.
It also gives projects the opportunity of deflationary staking.
To learn how Teneo works watch our short 3-minute explainer video. Find more information on our Website, our Telegram Channel, or on Twitter.
