Flurry Finance Integrates Chainlink Keepers to Support Automation of Yield Farming Reward Swaps
We’re excited to announce that Flurry Finance has successfully integrated Chainlink Keepers on Binance Smart Chain (BSC). Integrating the industry-leading decentralized oracle network gives us access to a secure smart contract automation service that brings a higher degree of reliability and decentralization to the rebasing of rhoTokens on the platform.
We chose to leverage Chainlink Keepers because they are widely used across leading blockchains and perfectly fit our needs in terms of security and cost. Additionally, Keepers bring a new level of automation and reliability to Flurry Finance, with predetermined conditions set to automatically trigger the swap of reward tokens accumulated via the yield aggregation process into stablecoins, which are distributed back to users in native rhoTokens.
Chainlink Keepers were launched on BSC in early December 2021. Keepers offer a highly sophisticated off-chain and low-cost computation service that triggers or initiates smart contract functions at arbitrary times or under arbitrary conditions. Smart contract automation is crucial for protocols looking to build user-friendly interfaces and functions. Though a seemingly simple function, smart contracts are inherently limited because they are asleep in a manner of speaking, requiring external entities — known as keepers — to wake them up and trigger important functions.
Oftentimes, external keeper solutions will leverage manual DevOps teams tasked with triggering functions, or offer external bounties that incentivize individual keepers. However, these solutions tend to lack the critical security functions that are needed for a seamless, user-friendly automation service. For example, manual DevOps teams become a centralized point of failure, while external bounties require robust incentive structures yet can still fail.
After considering a wide range of smart contract automation services for triggering the Flurry Finance smart contract to swap yield farming rewards into native stablecoins, we chose Chainlink Keepers due to its high assurances of reliability and security, with features such as:
- High Uptime — Chainlink Keepers are run by the same professional DevOps teams that have an established on-chain performance history of providing highly reliable data 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.
How Will This Benefit rhoTokens on BSC?
- During the yield farming process, reward tokens can be earned from the DeFi protocol.
- Chainlink Keepers trigger the swap automatically from reward tokens accumulated on BSC network to rhoToken stablecoins when the condition (daily time) is met.
- As rhoToken rebasing happens every day, the swapped reward will be rebased and distributed back to users’ wallets on the day once the swap is triggered.
- The decentralized process is completely automated, with safety and security support from Chainlink Keepers.
By integrating Chainlink Keepers, Flurry Finance is making strides in improving user experience through secure and hyper-reliable smart contract automation.
“Daily yields are desirable across the blockchain ecosystem, and Flurry Finance is dedicated to providing its users with the best experience possible in all aspects. By integrating Chainlink Keepers, a critical part of the Flurry Finance protocol is now using best-in-class infrastructure to help ensure that users never have to wonder if daily rebases will be distributed back to them.” — the Flurry Finance team.
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 Flurry Finance
FLURRY is a DeFi protocol offering yield aggregation with rhoTokens, which is pegged 1:1 to its underlying stablecoin. It automatically farms for yields without locking up funds or interest earned by diversifying DeFi product risk, resulting in lower gas fees.
We automate the tedious task of locking/unlocking and switching in and out of DeFi products on different chains to generate yield. Current yield aggregators are limited to Ethereum based products or work on a single chain, whereas FLURRY aims to work cross-chain to look for the best yield after cost on different chains.
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