As web3’s leading decentralized oracle service, Chainlink has enabled nearly $7 trillion in transaction value while its ecosystem has expanded beyond 1,500 projects. Recently, Chainlink co-founder Sergey Nazarov announced the launch of Chainlink Economics 2.0 – a framework of initiatives, including a roadmap for staking, aimed at continuing to scale Chainlink’s cross-chain expansion through sustainable growth, cryptoeconomic security, and revenue capture.
A key component of Economics 2.0 is Chainlink BUILD, a program designed to foster the success of promising early-stage startups within the Chainlink ecosystem. Participating projects receive benefits such as priority access to new Chainlink services, enhanced technical support, and custom data feeds in exchange for increasing the Chainlink Network’s cryptoeconomic security by paying fees and providing incentives to Chainlink service providers such as stakers.
Among the first ten projects accepted into BUILD is Cask, a decentralized noncustodial protocol that uses Chainlink Price Feeds and Automation (formerly Keepers) to power automated money flows within the web3 ecosystem. In an announcement, Cask’s team said joining BUILD will help the protocol accelerate web3’s adoption of automated money flows through Chainlink’s infrastructure, community reach, and technical support.
In an interview with Chainlink Today, Cask co-founder Matt Brickley described the need for a convenient, secure, cost-efficient automation layer for moving money in web3.
“In TradFi, we’ve come to rely on being able to easily subscribe to services, auto-invest, schedule peer-to-peer payments, and more,” he explained. “In web3, these types of transactions have been cumbersome to set up for developers. And for web3 users, they have relied on making manual transactions, which are inconvenient and, as a result, frequently forgotten.”
To solve this problem, Cask offers users two noncustodial methods for funding recurring transactions: holding a balance in a Cask wallet or setting an allowance in their personal wallet. “Both methods keep a user’s funds liquid and never locked,” Brickley said.
He believes building out funding source technology that broadens users’ ability to automate their lives is key to web3’s mainstream adoption. Furthermore, he said Cask is focused on innovating web3 solutions that solve some of the problems plaguing web2. For example, Cask enables a web3 subscription model that applies discounts using NFTs instead of coupons, which can be copied and shared.
“This opens up opportunities for brands to limit discounts or rewards to those users who have engaged with their brand by earning an NFT or holding their token,” Brickley explained.
He said participating in BUILD will allow Cask to innovate advanced use cases for automated money flows using Chainlink services like Automation and VRF (Verifiable Random Function) with the ultimate goal of expanding web3’s reach.
“Joining Chainlink BUILD will help accelerate the development and adoption of automated money flows on web3. We look forward to our continued collaboration with the Chainlink ecosystem and building new services that will benefit the community.”