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88mph Using Chainlink Keepers to Automate Their On-Chain Interest Rate Updates

88mph Using Chainlink Keepers to Automate our On-Chain Interest Rate Updates

88mph is excited to announce that we have integrated Chainlink Keepers live on Ethereum mainnet. Chainlink Keepers is a decentralized service that uses secure, low-cost off-chain computation to monitor predefined events and call on-chain functions when such events occur. In our initial integration, 88mph is leveraging Chainlink Keepers to automate the update of our on-chain interest rates — effectively eliminating manual processes while enhancing reliability to create a truly set-and-forget experience for users.

We decided to implement Chainlink Keepers because it is a decentralized network run by the same time-tested and professional DevOps teams that operate infrastructure for Chainlink Price Feeds, which successfully secure tens of billions of dollars in value acros DeFi today. Chainlink Keepers are also optimized for low-costs and generate call data to provide cost-efficiency and trust-minimization.

Understanding 88mph

88mph offers two products:

A fixed terms, fixed-rate product that allows users to earn a fixed interest rate on the assets they supply at a custom or preset maturity. A levered interest rate instrument, called Yield Tokens (YTs), that allow users to speculate on the rise in APY of the underlying lending protocols used by 88mph or hedge their borrowing costs.

By using those products, users can claim MPH tokens, which can be staked to earn 88mph protocol revenue and voting rights.

Here’s how each product works.

Fixed terms fixed-rate product: 88mph pools users’ deposits and lends them at a variable APY on lending protocols like Aave and Compound. 88mph shares in the variable interest that borrowers pay back to the pooled funds. 88mph determines its fixed-interest rate according to the deposit’s duration, by offering between 25% and 75% of a 30-day exponential moving average (EMA) pulled from the variable APY of the underlying...

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