Abachi Integrates Chainlink Keepers to Decentralize Automation of Staking Emissions
We’re excited to announce that Abachi — a DeFi lending protocol aiming to bridge TradFi and DeFi — has integrated Chainlink Keepers live on Polygon mainnet. We are leveraging Chainlink Keepers to securely and cost-efficiently automate the distribution of sABI emissions to all stakers. As a result, all users staking ABI tokens in the Abachi app now accrue rewards in an efficient and timely manner.
We decided to decentralize Abachi’s staking emissions 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 rebase is executed on-time in a trust-minimized manner, giving users additional guarantees that it functions exactly as intended.
Abachi is a DeFi lending protocol building the technical rails to onboard the multi-trillion-dollar TradFi lending and borrowing industry into the DeFi world. The key pieces for this decentralized application include creating permissioned lending pools coupled with on-chain, tokenized KYC-as-a-service to facilitate seamless movement of businesses across different partner services. Abachi already has Luca Plus as the launch partner, and the pilot is scheduled to go live in a couple of weeks for all their 1200+ client businesses (pending community approval of their proposal).
Chainlink Keepers is a decentralized service offered purpose-built to manage tasks on behalf of smart contracts. Chainlink Keepers serve as a decentralized, hyper-reliable, and economically incentivized automation bot that wakes 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 of 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 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.
Abachi also plans to use Chainlink Price Feeds to bring more real-world market data on-chain. We will also use Chainlink Keepers to automate forex swaps and rebalance pools in future releases. The Abachi team is also looking forward to using CCIP to unlock secure cross-chain communication for KYC credentialing and invoice delivery for financial services.
“We look forward to our mainnet integration of Chainlink Keepers, which will help efficiently automate sABI emissions to stakers and unlock a more seamless DeFi experience for our community. We decided to integrate Chainlink because, frankly, it is the only enterprise-ready oracle solution that meets the TradFi community’s high standards for security. We are also especially excited about CCIP and the new cross-chain use cases it will create for the blockchain industry.” — electo, Co-founder of Abachi
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.
Launched in late 2021, Abachi is a lending platform that builds, funds, and acquires tech to onboard real-world businesses to DeFi. Abachi comprises of Abachi Core, the middleware technology infrastructure required to bring traditional finance on-chain, and the Abachi Treasury which funds the Core projects. The first major project to emerge from Abachi Core is a multi-chain wallet for third-party integration via an SDK, allowing entities to move assets between multiple blockchains seamlessly.
Abachi is supported by a strong team of builders and investors, and a vibrant community of 20,000+ Abachies. Learn more about Abachi on Medium or by visiting abachi.io. To join our growing community, visit discord.gg/abachi.