EasyFi Collaborates with Chainlink to Bring Advanced Smart Contract Automation to its Users
Now users of Easyfi can experience various automated staking and vesting features powered by Chainlink Keepers Network
EasyFi Network is thrilled to integrate Chainlink Keepers live on Ethereum mainnet to bring advanced smart contract automation to all its users as a result of this collaboration.
Initially implemented on the Ethereum network, EasyFi has begun this integration with the automation of time-linked vested contracts. As an example of this utility, users can define their token distribution/claim frequency over the entire vesting period. Once the user defines and commits this task, the contracts will automatically execute the distribution without the need to make a claim on-chain again and again.
Chainlink Keepers use decentralized off-chain computation to consistently monitor and trigger smart contract functions on a defined cadence without relying on an additional layer of trust from any centralized team or entity. Any smart contract application can use Chainlink Keepers to not only execute task-based triggers but also strengthen the uptime guarantees of critical on-chain functions.
Click here to learn more: Introduction to Chainlink Keepers
In order to continually decentralize and secure EasyFi, we decided to automate our vesting contracts using Chainlink Keepers because they are run by battle-tested and provably reliable node operators that already secure around $50 billion dollars for DeFi applications. Even during periods of extreme market volatility and network congestion, the high-quality node operators are proven to operate deterministically.
Notable features of Chainlink Keepers infrastructure includes:
● High Uptime — Chainlink Keepers are run by the same professional DevOps teams that have an established on-chain performance history of providing high reliability to Chainlink Price Feeds during extreme network congestion and market volatility.
● Low Costs — Chainlink Keepers have several gas-optimizing features that lower the costs of automating maintenance tasks for users, including a rotating node selection process to prevent gas price auction wars and stabilize costs.
● Decentralized Execution — Chainlink leverages a decentralized and transparent pool of Keepers to provide strong guarantees around secure contract automation, saving teams time and mitigating the risks around manual interventions or centralized servers.
● Expandable Computation — Chainlink Keepers perform off-chain computations and generate calldata verifiable by smart contracts, allowing developers to build advanced, trust-minimized dApps at lower costs.
Future Integration Plans
While the initial automation will focus on simple claim procedures, EasyFi will further this integration to enable auto-processing of all smart contracts related to our staking, farming, and Access modules. We also plan to integrate Chainlink Keepers as they expand support to other chains EasyFi operates on, as well as explore automating the core money market contracts of the EasyFi protocol in the future.
Commenting on the long term perspective of this integration, Ankitt Gaur, CEO & Founder, EasyFi Network said, “The Keeper integration will add a very useful feature to our protocol — automating the smart contracts gives users the power to make their own token distribution decisions. We will continuously explore a deeper relationship with Chainlink infrastructure as we move forward to offer even more meaningful money market and structured financial products to our users.”
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.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
EasyFi is a universal layer 2 lending protocol built for DeFi focused on scalability, composability, and adoption. It has been designed as an open and inclusive financial network infrastructure to run on public networks to facilitate an end to end lending & borrowing of digital assets and related financial products. EasyFi is being built upon the ethos of permissionless networks & automation of smart contracts.
To learn more about $EZ and EasyFi, please go through our whitepaper and other articles on this publication.