Decentralized finance (DeFi) protocol Bancor announced it will integrate Chainlink Keepers for Bancor V3.
Bancor V3 to Integrate Chainlink Keepers
In an announcement made today, Ethereum-based on-chain liquidity provider, Bancor Network (BNT) said it would integrate Chainlink Keepers as part of its upcoming V3 upgrade that aims to simplify user experience with regard to staking crypto-assets and providing liquidity.
For the uninitiated, Chainlink Keepers is a decentralized service that leverages low-cost, verifiable off-chain computation to automate on-chain processes as and when certain predefined conditions are met.
By integrating Chainlink Keepers, Bancor V3 will be able to do away with manual maintenance for end-users via simple automated processes, thereby making it easier for liquidity providers to earn yields on their digital assets without running the risk of incurring any potential impermanent loss.
As previously reported by BTCManager, Bancor offers a unique and innovative approach to earning yields on crypto-assets via single-sided token staking that completely protects liquidity providers from impermanent loss if they provide liquidity for at least 100 days.
The announcement reads in part:
“We chose to implement Chainlink Keepers because it’s a decentralized network made up of the same time-tested, professional DevOps already running infrastructure for Chainlink Price Feeds, securing tens of billions of dollars in value throughout DeFi. Chainlink Keepers are also optimized for low costs and perform advanced off-chain computations with verifiable calldata, enabling Bancor to offer advanced features in a trustless manner.”
Bancor V3 Launch on the Cusp
Bancor, one of the oldest DeFi protocols in the crypto industry dubs Chainlink Keepers a ‘key piece of infrastructure’ geared toward supporting the launch of Bancor V3.
According to the announcement, Bancor V3 has three core missions – making DeFi staking simple, safe, and profitable for users, onboarding as many digital assets on Bancor as possible, and fostering increased trading volume on the Bancor protocol.
The launch of Bancor V3 is a highly anticipated one as it promises to bring capital efficiency and a whole host of other robust features to the protocol to maximize the yield earning potential for liquidity providers.
Recently, acclaimed billionaire Mark Cuban accepted that he holds BNT – Bancor’s native token – citing the simplicity, impermanent loss protection, and user-friendly features of the protocol.
Like BTCMANAGER? Send us a tip!
Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4