Unicly Integrates Chainlink Keepers to Automate Key Smart Contract Functions
The industry-leading tech powering Chainlink keeps the blockchain world ticking, and it will soon be greasing the wheels of Unicly’s smart contracts. As such, we’re pleased to announce that Unicly has integrated Chainlink Keepers on mainnet to automate key smart contract functions on the platform. Specifically, Chainlink Keepers are used to automate farming reward distributions to token holders, as well as automatically swap NFT trading fees to our native token and distribute the fees back to token holders.
We decided to integrate Chainlink Keepers because it is a decentralized network run by the same time-tested and professional DevOps teams powering Chainlink Price Feeds, which help secure tens of billions of dollars in value across. Chainlink Keepers are also optimized for low costs and decentralized security to avoid single points of failure.
Why is this integration such a big deal? Well, due to the complexity of Unicly’s fractionalized NFT protocol, there are a lot of moving parts that need to be taken care of in order to run end-to-end. Beneath the hood, each of these parts are controlled by a smart contract interaction — code that’s executed on-chain. However, smart contracts, by default, are incapable of triggering their own functions at arbitrary times or under arbitrary conditions — keepers fix that.
At present, several of these commands are triggered manually on a daily basis. While there are good grounds for this being the case in Unicly v1, this isn’t a long-term solution that can scale as the protocol grows and more users are onboarded. This is why we turned to Chainlink Keepers.
An Elegant Solution to a Complex Problem
As it stands, the smart contracts that control the Unicly protocol must be manually triggered each day to execute functions such as swapping trading fees into UNIC once they reach a certain balance threshold and then distributing these to xUNIC holders. Additionally, there’s the function that takes a portion of farming rewards and distributes these to xUNIC holders when certain balances are hit, which must also be manually triggered. Not only is overseeing these processes on a manual basis inefficient and burdensome, but it’s the antithesis of the decentralization that is meant to underpin this industry.
Enter Chainlink Keepers, a decentralized service that allows us to outsource automation of these smart contract maintenance tasks by specifying jobs with predefined conditions. Chainlink Keepers will then perform these jobs on our behalf in a decentralized, timely, and lost cost manner which is full variable on-chain.
After searching through various keepers options, we chose Chainlink Keepers because it offers several unique advantages:
- 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 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 help to automate core components of Unicly’s daily operations and decrease the burden placed on developers. We’re excited to be working with Chainlink in integrating their best-in-class smart contract solution, and we are confident that this integration won’t be our last.
“Chainlink Keepers was an obvious choice given its historical reliability during the most volatile market conditions and extreme network congestion periods,” stated 0xLeia, Co-founder of Unicly. “We’re excited to have a proven, low-cost and decentralized smart contract automation solution for previously manual processes, opening up our development team to innovate upon core project offerings.”
Unicly is a permissionless protocol to combine, fractionalize, and trade NFTs. It allows anyone to fractionalize a collection of NFTs to create ERC20 uTokens that can be traded on the platform. Whitelisted pools, meanwhile, can farm the UNIC governance token. Unicly features more than $65 million in NFTs from fractionalized collections including Jenny DAO, Crypto Punks, Bored Apes YC, Aavegotchi, Hashmasks, Axie, and Beeple, making it the largest NFT platform of its kind.
Learn more: https://www.unic.ly/
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 and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.