- FibSwap will use Chainlink Automation to automate its distribution system for staking and yield farming pools in a secure and cost-effective manner.
- FibSwap said that the reason behind choosing Chainlink Automation since it is operated by the same pool of time-tested and reliable node operators.
On Monday, November 7, cross-chain decentralized exchange FibSwap announced its integration with Chainlink Automation. The integration between FibSwap and Chainlink took place live on the Polygon blockchain.
FibSwap said that this integration will help them automate its distribution system for staking and yield farming pools in a secure and cost-effective manner. This will provide greater assurance to users about their asset security. Furthermore, it will also ensure that the FibSwap protocol remains solvent while delivering an optimal depositor experience.
FibSwap is a cross-chain decentralized exchange supporting multiple chains. It allows users to swap tokens of one chain with the native tokens of another chain in a secure manner. FibSwap simplifies the entire process in that users can swap the tokens with just a button click after selecting the network and their respective tokens.
FibSwap said that the reason behind choosing Chainlink Automation since it is operated by the same pool of time-tested and reliable node operators which currently secure tens of billions of dollars in decentralized finance (DeFi). Chainlink Automation has shown stellar performance even during times of extreme market volatility and network congestion.
Chainlink has a proven infrastructure that ensures the on-time execution of every staking and farming transaction in a trust-minimized manner. Speaking on the development, Leo Fibonacci, Founder of FibSwap said:
We’re very excited to integrate the industry-leading Chainlink oracle network. Chainlink Automation provides important infrastructure for FibSwap, helping increase the reliability, efficiency, and security of our protocol.
More about Chainlink automation
Chainlink is very popular in the blockchain ecosystem for offering its oracle services to establish effective communication across different blockchain platforms. Chainlink’s oracle services help to power hybrid smart contracts on any blockchain. Besides, the oracles networks also help to establish communication between blockchains and off-chain platforms.
Chainlink automation is basically a decentralized service built with the purpose of managing tasks on behalf of smart contracts. Its job is to wake up smart contracts when they need to perform critical on-chain functions that take place at regular intervals. Some notable features of Chainlink Automation include:
- Decentralized Execution: Chainlink provides reliable trust-minimized automation with no single point of failure thus mitigating risks associated with centralized services.
- Enhanced Security: Chainlink Automation is totally tamper-proof and Sybil-resistant. It can sign on-chain transactions by itself thereby enabling automated smart contract execution without the need for private keys.
- Increased Efficiency: Projects using Chainlink Automation see reduced time spent on DevOps, streamlined development workflows, and minimize operational overhead.
- Easy to Use: With Chainlink Automation, developers can schedule time-based automation jobs in seconds via the Job’s Scheduler no-code UI.
Chainlink’s native cryptocurrency LINK witnessed a sharp surge in the last 24 hours shooting past $9. This price rally comes as the total active LINK addresses have hit a new 5-month high.
🔗 #Chainlink spiked all the way above $9.20 for the first time since August 13th, a ~3 month high despite very volatile markets. This rise has been supported by the largest amount of active $LINK addresses in 5 weeks, and traders are longing aggressively. https://t.co/ZxsZnveURm pic.twitter.com/lia6XAgSar
— Santiment (@santimentfeed) November 8, 2022
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