Based on Ethereum Alchemix self-pay loan protocol integrated Chain link participants in its ecosystem to enable more seamless services across DeFi platform, the Chainlink team shared in a release with livetechit.
How Alchemix Improves DeFi Loans
Alchemix transfers user collateral into Yearn vaults — on-chain profit aggregation strategies in pursuit of the highest returns across the DeFi ecosystem. The profit generated is then used to repay the user debt. As a result, users are effectively provided with their future returns, increasing capital efficiency and leading to a new “money LEGO” available for use in other smart contract applications. .
Now, using Chainlink Keepers, Alchemix is now truly set and forgotten, meaning users can borrow DeFi, earn DeFi profits, and repay DeFI loans over time with their returns without need any manual input.
The team also sponsored the launch of a new Chainlink Price Feed for our native token ALCX and stablecoin alUSD to support their use as collateral across the DeFi ecosystem.
The launch of Chainlink Price allows ALCX and alUSD to be easily integrated by any DeFi protocol in a secure and reliable manner. “By leveraging verifiable off-chain computation, Chainlink Keepers continuously tracks off-chain times and enables daily vault harvesting and stock discharge on behalf of users in a reliable and cost-effective manner. low fees,” the team explains their decision to use Chainlink, adding:
“This helps provide users with greater assurance that their positions will continuously be returned over time without any manual interaction from themselves or the Alchemix team.”
Some of the unique benefits of Chainlink Keepers include high uptime, low costs, decentralized execution, and Scalable Computing.
Chainlink Price Feed for alUSD
In addition to using Keepers, Alchemix also sponsored the launch of the Chainlink ALCX/USD Price Feed and alUSD/USD which is now live on the Ethereum mainnet. The Chainlink price feed is secured by a decentralized network of secure oracle nodes that pull financial market data from multiple premium data aggregators, resulting in meaningful price updates. highly available and tamper-resistant with a market-wide scope that the DeFi protocol can rely on for on-chain asset pricing.
Feeds have been proven to be highly resilient to a multitude of unexpected scenarios such as API downtime, flash failure exceptions, and data manipulation (e.g. quick loan).
Protocols like Abracadabra Money have begun to leverage the Chainlink Price Feed to support ALCX as collateral, allowing users to steadily withdraw their MIM against their ALCX. Furthermore, the launch of the Chainlink ALCX/USD Price Feed plays an important role in our work with Aave, where we are working to add support for alUSD in the decentralized currency market. their.
In the future, additional Chainlink Price Feeds are planned, such as alETH, which effectively uses Chainlink as a monetization lego to make it easier for our native assets to be generated in futures. other DeFi apps.
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