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