Pera Finance will Integrate Chainlink Keepers to Reliably Automate Daily Trading Competitions
Pera Finance is excited to announce that we will integrate Chainlink Keepers on Ethereum to reliably automate daily trading competitions. Chainlink Keepers use decentralized, verifiable, and economically-incentivized off-chain computation to trigger on-chain functions when predefined conditions are met. For Pera Finance, Chainlink Keepers will be used to start/stop on-chain trading competitions based on preset time parameters and trigger distribution of reward to winning parties as soon as a contest ends.
We decided to automate our trading competitions using Chainlink Keepers because they are run by the same group of time-tested and provably reliable node operators that currently secure tens of billions of dollars for DeFi applications. Chainlink’s high-quality node operators are proven to operate deterministically, even during periods of extreme market volatility and network congestion.
Pera Finance is a novel DeFi platform that combines yield farming with trading competitions to create a sustainable ecosystem and incentivize network participation. Pera Finance allows users to securely yield farm within a growing list of liquidity pools and actively participate in daily trading competitions. For more information on how our daily trading competitions work, check out our official documentation here: https://docs.pera.finance/trading-competition/how-it-works
For our trading competitions, we wanted to create a decentralized application that was automated end-to-end. Since smart contracts are not auto-executing, they need to be called on-chain (via a transaction) in order to trigger execution of their coded logic. In the case of Pera Finance, the smart contract needs to be called to start and end trading competition and distribute rewards.
Chainlink Keepers provide a reliable automation solution, which we can outsource jobs to with specific instructions and time parameters. Chainlink Keepers will monitor the timing of competitions off-chain and call on-chain functions once these time-based conditions are satisfied, saving us development resources and providing users strong guarantees that winner payouts will be received on time.
Some of the benefits of integrating Chainlink Keepers over other solutions 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 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 are a game-changing technology because they allow our developers to focus on what’s most important — programming — instead of manually initiating processes and performing routine contract maintenance checks,” stated Eren Yecan, Co-Founder of Pera Finance. “We look forward to integrating Chainlink Keepers to bring about fully automated and decentralized trading competitions while keeping costs low and ensuring high reliability for end-users.”
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
About Pera Finance
Pera Finance is a platform where traders, liquidity providers, holders and stakers can yield farm together. With DeFi’s first decentralized trading competition, Pera Finance aims to be DeFi’s most sustainable and profitable yield farming protocol.
Pera Finance is a new type of trading and yield farming protocol, designed to secure long term trading volume and liquidity utilization for the whole DeFi ecosystem. Pera Finance offers decentralized and customizable trading competitions to DeFi space and include traders to the yield farming space for the first time, what we call DeFi 2.0!