Ooki Integrates Chainlink Keepers to Reliably Automate Liquidations
Ooki is excited to announce that we have successfully integrated Chainlink Keepers to increase the reliability of our liquidation mechanism. Given the great success of Chainlink Price Feeds in securing Ooki’s oracle mechanism on mainnet despite extensive market volatility and network congestion, we felt confident in expanding our integration with Chainlink to Keepers. Chainlink Keepers are secured by the same highly reliable network of node operators and enhance the functionality of the Ooki protocol without compromising on security and transparency.
Making the Ooki Liquidation Mechanism More Robust With Chainlink Keepers
Ooki is a secure, non-custodial, and multi-chain DeFi protocol currently live on Ethereum, Binance Smart Chain, and Polygon that facilitates transactions between lenders, borrowers, and traders.
A robust and accurate liquidation mechanism is essential to protecting both lenders and borrowers—it keeps lenders solvent and protected from downside market movements while ensuring borrowers don’t lose capital by being falsely liquidated. Triggering liquidations requires the use of external entities known as keepers, which monitor the collateralization of users off-chain and call our liquidation function on-chain when positions are found to be under-collateralized. The Ooki liquidation contract will then verify the work of the keeper by calling Chainlink Price Feeds to confirm the position was indeed under-collateralized.
We integrated Chainlink Keepers to increase the reliability of our liquidation mechanism, further ensuring solvency of all lending pools and upholding the integrity of user’s collateralization ratios. Some of the features of Chainlink Keepers that make them a great addition to the Ooki protocol include:
- 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.
- Low Costs — Chainlink Keepers incorporate several gas-optimizing features that lower and stabilize the costs of automating maintenance tasks for users, most notably a rotating node selection process to prevent gas price auction wars.
- Decentralized Execution — Chainlink leverages a decentralized and transparent pool of Keepers to 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 for smart contracts, allowing developers to build advanced, trust-minimized dApps at lower costs.
About Chainlink
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.
About Ooki
The Ooki protocol is an multi-chain decentralized platform built for DeFi lending and margin and leverage trading that differentiates itself from competitors through a smart contract-powered token system. Ooki protocol’s unique architecture ensures that the gas fee associated with using Ooki does not increase along with the number of assets supported by the platform.
On Ooki, iTokens and pTokens can be composed into novel financial products, used as collateral for loans, or listed on any exchange to instantly enable margin lending and trading. Ooki Protocol allows anyone to build applications that empower lenders, borrowers, and traders with the most flexible decentralized finance protocol on Ethereum.
