Feeder Finance
Published in

Feeder Finance

Feeder Finance Integrates Chainlink Keepers to Decentralize Automation of Fees Distribution to FEED Stakers

We’re excited to announce that Feeder Finance — a multi-chain, all-in-one DeFi platform — has integrated Chainlink Keepers live on Binance Smart Chain mainnet. By integrating the industry-leading decentralized oracle network, we now have access to Chainlink Keepers, a smart contract automation service that can securely and cost-efficiently automate the process of distributing FEED tokens from platform fees to the staking pool. As a result, accumulated auto-buyback of FEED tokens from platform fees are distributed to the staking pool through a decentralized and automated process.

We decided to decentralize Feeder Finance’s fees distribution 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 distribution of fees is executed on-time in a trust-minimized manner, giving users additional guarantees that it will function exactly as intended.

Launched in April 2021, Feeder Finance is a DeFi platform built on Binance Smart Chain and Fantom Opera. The platform offers users a simplified DeFi experience through product/services aggregation, unique products, and superior UX/UI. Most of the products and services on the platform have fees that create an automatic buyback of FEED tokens to be distributed to stakers and support development.

Making the process automatic at the individual transaction would tremendously increase the gas costs for Feeder Finance’s users. In the past, fees were accumulated and distributed through the backend bot with plans to develop smart contract solutions internally when development resources were available. Chainlink’s Keeper was exactly what was needed to implement a blockchain-based decentralized process that automatically executes certain functions at low-cost, removing the need for an internal solution.

Chainlink Keepers is a decentralized service purpose-built to manage tasks on behalf of smart contracts. Chainlink Keepers serve as decentralized, hyper-reliable, and economically incentivized automation bots that 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 that set Chainlink Keepers apart include:

  • 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 help 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.

In the future, Feeder Finance hopes to leverage Chainlink VRF, an on-chain random number generator that is verifiably fair, for various yield aggregation products that require randomized compounding and buybacks to ensure fairness and security.

“Chainlink is by far the most trusted on-chain solution for infrastructure and data. It was a no-brainer for us to utilize Chainlink’s services wherever possible to reduce our development load and create trust and comfort for our users.” — Patrick, Feeder Finance Co-Founder

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 Feeder Finance

Feeder Finance is an All-in-One DeFi platform that aims to simplify the investment journey for new and experienced users alike. Feeder Finance offers vault aggregation from top-tier projects on Binance Smart Chain, DEX Aggregator for quick and on-the-platform swapping, and Portfolio Dashboard for clear investment overview. Visit https://feeder.finance/ to find out more.

--

--

--

Feeder Finance reimagines the DeFi journey with a simplified user experience, multichain vault aggregation, on-platform swapping tools, and much more — Think less, Earn more.

Recommended from Medium

Ridotto’s Disruptive Legal Framework

Amara June 21 AMA Recap| MassMoon Community

Certify data on Blockchain with Python and no prior Blockchain experience

AMA Recap: Ontology’s MainNet 2nd Anniversary

Part 2: Why Connext?

Citadel.one Feature Overview: Umee

Factom Protocol Update — September 1st

Axelar is now live on Metrika!

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Patrick - Feeder Finance

Patrick - Feeder Finance

More from Medium

Crypto Pay Guide — Introduction

Growing the Team & Preparing for P2P Lending Launch— Feeder Finance Update

What exactly is SocialFi? Is this a new Cryptocurrency trend?

FAUST — Our exodus to the Fantom Network