As you may know, Alchemix brings a completely new financial primitive to DeFi and expands the utility of existing yield-earning dApps like Yearn. We’re excited to announce that the exciting services provided by Alchemix just got even better through a new integration with Chainlink Keepers that automates the entire process. Alchemix is actively moving towards true decentralisation and automation. An important step in the process means using Chainlink Keepers and their leading oracle solution.
Even more, we have also sponsored the launch of a new Chainlink Price Feed for our native token ALCX to support its adoption as collateral across the DeFi ecosystem. The launch of a Chainlink Price enables ALCX to become easily integrated by any DeFi protocol in a secure and reliable manner. This integration serves as an extension of our previous integration of Chainlink Price Feeds, which we use to issue loans at fair market prices and help ensure the peg of minted tokens are maintained.Integrating keepers
In order to enable automation, someone needs to trigger the yield harvesting and debt repayment functions in the smart contract on a regular basis. This is because smart contracts are not actually autonomous, but instead are “asleep” by default and need to be “woken up” by an on-chain transaction in order to run their coded logic.
Pushing this transaction triggering process onto the users is a non-starter because it’s a poor user experience and the gas costs involved make it impractical for all but large whales. Alternatively, running our own server to trigger this process would require us to build, manage, and deploy our own DevOps solution over the long term, which could be prone to downtime, involves additional trust assumptions, and sucks up a large amount of time from our developers that otherwise would be building core business logic for Alchemix.
Therefore, we have chosen to integrate Chainlink Keepers — a decentralised transaction au...