Horizon Protocol Integrates Chainlink Keepers

Chainlink Keepers will allow Horizon Protocol to securely and cost-efficiently automate the distribution of Horizon Exchange fees and staking rewards to HZN stakers in Horizon Genesis. This marks another step forward in removing all centralized dependencies and achieving the complete decentralization of Horizon Protocol.

Horizon Protocol brings traditional financial markets products into the world of decentralized finance in the form of synthetic assets. Synthetic assets, known as “zAssets” on Horizon Protocol, can track the price movement and risk/reward profiles of both traditional and crypto assets, and even baskets of multiple assets.

Using Chainlink Keepers helps achieve greater decentralization by eliminating a centralized point of failure — the triggering of smart contract functions. Chainlink’s widely used and time-tested infrastructure helps ensure that the weekly distribution of Horizon Exchange fees and staking rewards are executed on time in a trust-minimized manner, giving users stronger assurances that it will function exactly as intended.

On Horizon Genesis, users who provide collateral and mint synthetic assets via HZN staking will be eligible to earn all the exchange fees accrued on Horizon Exchange in addition to staking rewards. These minted synthetic assets can then be used to trade and develop a portfolio of real-world and crypto assets on Horizon Exchange, Horizon Protocol’s DEX for synthetic assets.

Chainlink Keepers is a decentralized smart contract automation service run by professional DevOps teams. The service is purpose-built to manage tasks on behalf of smart contracts. Decentralized, hyper-reliable, and economically incentivized, Chainlink Keepers trigger smart contracts when they need to perform critical on-chain functions, for example, at regular time intervals (e.g., every day at the same time), based on external events (e.g., when an asset hits a specific price), or according to other predefined conditions.

Chainlink

Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications.

Horizon Protocol

Horizon Protocol is a DeFi protocol on the Binance Smart Chain that facilitates the issuance and trading of borderless derivatives. Horizon Protocol bridges the products of traditional financial markets and brings them into the world of decentralized finance (DeFi) in the form of synthetic assets. Synthetic assets, or zAssets on Horizon Protocol, allow users to gain exposure to the risk/reward profiles of a wide-range of real-world assets and derivative products, including equities, commodities, cryptocurrencies, NFTs, fiat, and even combinations, or baskets of assets. Horizon Protocol users can invest or speculate on zAssets in borderless spot, futures, and options markets.

Source

https://horizonprotocol.medium.com/horizon-protocol-is-integrating-chainlink-keepers-to-help-automate-on-chain-synthetic-assets-3aed8f259b45

Source: https://thebittimes.com/horizon-protocol-integrates-chainlink-keepers-tbt14238.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam

Category: Chain news

Post by: TheBitTimes.com