Smart contracts that run deterministically on a blockchain become “smart” through their connection to the outside world. This connection is accomplished via decentralized oracle networks that provision the highly reliable, tamper-proof data necessary to execute important time- and event-based on-chain functions, such as executing limit orders on decentralized exchanges, liquidating undercollateralized loans, and releasing locked assets after periods of inactivity.
Manually triggering and performing these essential smart contract operations is costly and time-consuming, which is why prominent DeFi protocols are integrating Chainlink Keepers to reliably automate smart contract triggers, thereby enhancing efficiency and improving user experience without compromising security or transparency.
Last week, DeFi dashboard Pacoca became one of the first protocols to integrate Chainlink Keepers on Binance Smart Chain (BSC) mainnet. Keepers will allow the Pacoca protocol to reliably auto-compound its Sweet Vaults in a decentralized, trustless, and tamper-proof manner.
Pacoca team member “Salt” told Chainlink Today that integrating Chainlink Keepers as an essential ingredient allows Pacoca (named after the Brazilian candy) to refine its unique offering. “The most exciting thing about Chainlink Keepers is that it basically allows us to forget about infrastructure and focus on code,” Salt said. “What used to be semi-manual and done through bots is now able to be automated, ensuring auto-compounding on every vault.”
Integrating Keepers also scales the security of Pacoca’s protocol in sync with its growing user base and approximately $51 million TVL, while increasing its decentralization. “Keepers allows our auto-compounding to be done in a decentralized manner, which pushes our protocol to be truer to Satoshi Nakamoto’s mission for decentralized protocols,” Salt said.
In Salt’s view, the entire DeFi space evolves faster when it evolves together with key open-source innovations.
“It’s a powerful feeling to be part of Chainlink’s family. They have allowed us to utilize their solutions to make DeFi a better space for all. With Chainlink, we can all progress faster by sharing the technology and solutions, which allows us to save both money and time on development and focus on our roadmap.”