ApeSwap has successfully integrated Chainlink Keepers to allow it to automatically compound vault rewards in a highly secure and affordable manner. The integration was done on the BNB Chain mainnet.
The integration generally enhances the decentralization and reliability of the ApeSwap DeFi platform.
According to ApeSwap, they decided to integrate the Chainlink Keepers since “Keepers are operated by the same pool of time-tested, provably reliable node operators that currently help secure tens of billions of dollars across DeFi, even during periods of network congestion and extreme volatility.”
Chainlink has a time-tested infrastructure that ensures that every automated vault compound is executed in a timely manner.
ApeSwap’s BANANA token auto-compounding yield
ApeSwap features a unique product offering called BANANA Maximizers that reward members for staking Liquidity Provider tokens (APE-LP tokens) with an auto-compounding yield using the BANANA utility token.
The Chainlink Keepers integration will therefore help in ensuring that BANANA tokens are auto-compounded into the high-yield BANANA Maximizers once a community member stakes APE-LP tokens in any of the twenty upcoming vaults.
By integrating the Chainlink Keepers, ApeSwap users will pay some of the lowest auto-compounding fees in the DeFi space for staking Liquidity Provider tokens. ApeSwap will also be able to reduce continuous sell pressure from predatory vault aggregators.
What are Chainlink Keepers?
Chainlink Keepers are a decentralized service designed to manage tasks on behalf of smart contracts. They work as decentralized, hyper-reliable, and economically incentivized automation bots that trigger the execution of smart contracts when they need to perform critical on-chain functions that normally take place at regular time intervals (for example every day at the same time) or based on external events (for example when an asset hits a specific price).
Commenting about ApeSwap’s integration of Chainlink Keepers, ApeSwap co-founder Apetastic said:
“Chainlink Keepers are the most reliable smart contract automation solution in the DeFi space. By integrating Chainlink Keepers into our DeFi platform, we’re able to make our vault compounding more reliable, cost-efficient, and decentralized.”
Chainlink Keepers have become a darling for developers building on the BNB Chain because of decentralized execution, increased efficiency, enhanced security, and reduced costs.
The post ApeSwap integrates Chainlink Keepers for automatically compound vault rewards appeared first on CoinJournal.
