Bancor V3 to Use Chainlink Keepers to Simplify DeFi Usage and Add Advanced AMM Features

This post was originally published on Bancor

We are pleased to announce that we’re planning to integrate Chainlink Keepers as part of Bancor’s upcoming V3 update to further simplify the staking experience for liquidity providers and automate advanced trading features for Bancor users.

Chainlink Keepers is a decentralized service that uses low-cost, verifiable off-chain computation to automate on-chain processes when predefined conditions are met. The result is Bancor V3 being able to remove manual maintenance for end users through simple automated processes, making it even easier to earn passive yield on your assets in a set-and-forget fashion without impermanent loss.

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 is a decentralized liquidity protocol that facilitates automated trading and liquidity provision. Traders can access immediate on-chain liquidity on asset swaps, LPs can earn passive income without impermanent loss by staking tokens in single-sided liquidity pools, and developers can easily tap into Bancor’s liquidity from their own dApps. Bancor is open-source and permissionless, as well as owned and operated by our community via the BancorDAO, allowing all stakeholders to shape the protocol’s future by submitting and voting on proposals.

Bancor V3 development has three core missions: 1) make DeFi staking simple, safe and profitable for users, 2) onboard as many assets as possible onto Bancor, and 3) drive increased usage and trading volume on the platform. Tactically, this means minimizing friction and maximizing yield for LPs, streamlining the whitelisting process for new assets, and upgrading the trading features available to end-users.

A key piece of infrastructure aimed at supporting our V3 improvements are Chainlink Keepers. Since smart contracts are not auto-executing, they need to be called by external entities known as keepers in order for their execution logic to be triggered. Instead of requiring users to constantly monitor markets and manually trigger processes, we decided to use Chainlink Keepers to automate those processes for users. Stay tuned for more information on the Chainlink Keepers integration as Bancor V3 gets closer to deployment.


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