Diatom DAO Integrates with Chainlink

medium.com4m ago

Hey Diatomies!

We are excited to announce that Diatom DAO is integrating Chainlink Keepers and Chainlink Price Feeds. By integrating the industry-leading decentralized oracle network, we now have access to secure off-chain data and computation services that will enhance the security, reliability and the scalability of the project. Specifically, Chainlink Price Feeds will help secure the value of token mints based on precisely calculated bond discounts and Chainlink Keepers will reliably automate staked token rebases.

Why We Need Chainlink Keepers

One serious limitation in the architecture of smart contracts is their inability to trigger or initiate their functions on their own under any conditions or at arbitrary times. In other words, a change in the state of the smart contract can only occur when initiated by another account such as a user, another contract and so on.

In order to find a solution, blockchains have several options, such as:

They can create an infrastructure trigger function for the smart contracts. This solution is reliable since it is centralized but is quite expensive to create and sustain. It can be outsourced, which removes development time and maintenance costs, but control of critical functionality lies outside the project in a centralized manner. An open market solution can be implemented with independent keepers competing for job rewards. While decentralized, many keepers solutions are prone to reliability and security vulnerabilities and complications. Integrate Chainlink Keepers for secure and scalable smart contract automation.

Run by the same professional DevOps teams that help secure more than $70 billion in value for leading blockchain protocols, Chainlink Keepers is an off-chain computation service that allows developers to easily, reliably, and automatically trigger functions within their smart contracts.

A decentralized network of nodes, Chainlink Keepers are incentivized to perform all registered jobs with 100% uptime, gas-optimization, and more. Ultimately, this improves the security and scalability of Diatom DAO’s token rebasing function, as Chainlink Keepers will automatically trigger the smart contract to rebase the staked token supply, distributing rewards back to users in a reliable manner.

A few core reasons we chose Chainlink Keepers include:

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.

Using Chainlink Price Feeds for Liquidity Pools

The second area that Diatom DAO is focusing on is off-chain price data for the protocol’s liquidity pools on decentralized exchanges. Chainlink Price Feeds help enhance the protocol because of Diatom DAO’s bond offering, which allows users to sell their liquidity pool tokens for native tokens at a discount. Highly accurate and secure price data feeds are needed in order to precisely calculate the correct bond discount for users and help the protocol control runway, token supply expansion, and more.

Chainlink Price Feeds are the industry-leading price data feeds solutions, representing an amazing opportunity to integrate security and reliability via decentralization for our liquidity pools. A foundational tool for almost all DeFi projects, Chainlink Price Feeds offer unique features, such as:

High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates more precise global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans. Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises with a strong track record for reliability, even during high gas prices and extreme network congestion. Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or the oracle network. Transparency — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.

“We’re excited to bring users a suite of decentralized services secured by Chainlink decentralized infrastructure. The DAO is passionate about using secure infrastructure to promote sustainable finance and address the worlds pressing environmental issues.”

— Diatom DAO contributor

More on 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.

More on Diatom DAO

Diatom leverages the bonding power created by OlympusDAO to fund highly vetted projects that protect our ocean, with a deliberate focus on regenerating and protecting our most integral life support system.

Diatom will establish multiple asset classes that measurably reduce harm to the ocean, enhance marine ecosystems, and massively sequester carbon. Plastic Removal Credits (PRC) will be the initial focus, establishing new value chains that incentivize plastic removal and prevention, while tying into existing ones.

Diatom maps and demonstrates opportunities for investments in ocean health, funding practical, proven, and measurable ways to protect and regenerate the ocean, while expanding its own treasury to perpetuate a positive impact cycle.