We are excited to announce that BarnBridge has integrated Chainlink Keepers live on Ethereum mainnet.
BarnBridge will leverage Chainlink Keepers in SMART Exposure, our upcoming product that provides a convenient way to get a fixed exposure ratio to an asset pair.
This exposure is managed by a novel, cost effective re-balancing mechanism. BarnBridge will leverage the Chainlink Keeper network to automate our rebalancing function in a decentralized, high-uptime, and cost-effective manner.
SMART Exposure allows you to effortlessly maintain a specific risk exposure to an underlying ERC-20 token pair. For example, if you are bullish on ETH relative to Bitcoin, you might want to hold a target allocation of 75% ETH and 25% wBTC in your portfolio. When prices of the underlying tokens change, SMART Exposure automatically rebalances the tokens to maintain the ratio. This provides investors with a convenient way to pursue a risk-adjusted strategy without the hassle of continuous and time consuming management of your token exposure.
To guarantee the target exposure ratio, a smart contract rebalancing transaction has to be initiated when the target exposure ratio deviates beyond an acceptable threshold. When the allowable threshold is exceeded, Chainlink Keepers will initiate the rebalancing transaction. The Chainlink Keeper network provides strong guarantees for timely rebalances by leveraging a proven approach that has made it the oracle network of choice for securing billions of dollars in value for many of the largest DeFi protocols.
Chainlink Keepers allow smart contracts to outsource regular maintenance tasks like transaction rebalances to a decentralized network of nodes, which serve as trust minimized and hyper-reliable automation bots. Some of the specific advantages 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, which currently secure tens of billions of dollars in TVL across DeFi.
- Low Costs — Chainlink Keepers leverage 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, stabilizing the costs of triggering key smart contract functions.
- Decentralized Execution — Chainlink leverages a decentralized and transparent pool of Keepers to provide users strong guarantees around secure contract automation, saving teams time and mitigating the risks around manual interventions or centralized servers.
- Expandable Computation — Chainlink Keeper Network perform off-chain computations and verify calldata for smart contracts, allowing developers to build advanced, trust-minimized dApps at lower costs.
“We’re excited to implement Chainlink Keepers into SMART Exposure, further decentralizing its execution using a time-tested and battle-hardened network of highly reliable automation bots,” said BarnBridge CTO and Co-founder Milad Mostavi. “Not only will Chainlink Keepers provide strong liveness guarantees to key contract functions that directly impact user portfolios, but it will save the BarnBridge team considerable time and resources by not having to do this work manually.”
BarnBridge also plans to leverage Chainlink’s price oracle feeds in our SMART Alpha product, which will be discussed in a future post.
BarnBridge is a tokenized risk protocol. We build derivative products that manage exposure to fluctuations in interest rates, market prices, predictive market odds, loan default rates, commodity prices, and a seemingly infinite number of market based fluctuations. We are creating the first cross platform derivatives protocol for any and all fluctuations. Our initial focus is on interest rate and price volatility derivatives.
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.