Tranchess Has Integrated Chainlink Keepers To Support Automation of Fund Settlements and TWAP Calculations
We’re excited to announce that Tranchess has integrated Chainlink Keepers on BNB Chain. Through the integration, Tranchess gains access to a secure and decentralized smart contract automation service that further enhances the reliability and stability of our routine on-chain operations, thanks to Chainlink Keepers’ decentralized network setup.
We chose to integrate Chainlink Keepers because they are widely used across leading blockchains. Besides providing a fine balance between security and costs, Chainlink Keepers free up the protocol from the mundane yet essential daily tasks via smart contract automation. Chainlink Keepers now trigger the daily settlement of Tranchess’ primary markets and 30-minute TWAP calculations. Additionally, combined with our Chainlink-powered TWAP oracle, Chainlink Keepers will carry out the TWAP calculation every half an hour to estimate each chess piece’s net asset value in Tranchess Swap. This improvement will contribute significantly towards Tranchess’ goal of an extensive mid-year overhaul.
Chainlink Keepers was launched on BNB Chain in December 2021 as a highly sophisticated off-chain computation service that triggers or initiates smart contract functions at predefined times or when predefined conditions are reached. Smart contract automation is crucial for protocols looking to build user-friendly functions in a low-cost, decentralized manner. An inherent limitation of smart contracts is that they require external entities — known as keepers — to wake them up and trigger important functions.
Oftentimes, external keeper solutions will leverage manual DevOps teams tasked with triggering functions or offer external bounties that incentivize individual keepers. However, these solutions tend to lack the critical security functions needed for a seamless, user-friendly automation service. For example, manual DevOps teams become a centralized point of failure, while external bounties require robust incentive structures and can yet still fail.
After considering a wide array of smart contract automation services for triggering the Tranchess smart contracts to perform routine on-chain operations, we chose Chainlink Keepers due to their high assurances of reliability and security, with features such as:
- High Uptime — Chainlink Keepers are run by the same professional DevOps teams with 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.
“Chainlink Keepers provide us with a provably reliable infrastructure to automate key smart contract operations in Tranchess in a decentralized manner. By automating the regular settlement of our funds along with Chainlink-powered TWAP oracle calculations, Tranchess continues to improve the superior user experience whilst empowering DeFi users with a wide variety of asset allocation flexibilities at the same time.” — Tranchess team.
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.
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