The DeFi Network is excited to announce our integration with Chainlink, the industry-leading decentralized oracle network, to support our development across many unique smart contract use cases. Our first implementation will involve the use of Chainlink Keepers and a Chainlink Price Feed within The Curse NFT project — a single dynamic NFT representing a 3D-rendered art piece of Krystall Schott that changes based on the Ethereum price.
Smart contracts are tamper-proof programs that execute deterministically on blockchains. So, in order for dynamic NFT art to change autonomously, external entities called ‘keepers’ are necessary to ping their underlying smart contracts and let them know it’s time to update, based on predefined parameters.
For the project described above, Chainlink Keepers will monitor the price of ETH off-chain, and let The Curse NFT smart contract know if daily price changes were positive or negative. When the price of ETH increases one and five days in a row, the NFT will display positively valenced 3D renderings. When the price of ETH decreases for one and five days in a row, the display will be negatively valenced. Additionally, if the price of ETH hits $20,000 USD, the NFT will display a fully “blessed” and final form of Krystall Schott — the #1 Google search result for the word ‘face’. This is all made possible by Chainlink Keeper triggers in the smart contracts.
To read more about the inspiration behind the project, visit: https://accursedshare.art/the-curse-nft/
We selected Chainlink to automate this foundational NFT maintenance task because Chainlink’s decentralized network of nodes is the most well-established and time-tested in production when it comes to securing high-value smart contacts. By outsourcing maintenance to Chainlink Keepers, The DeFi Network is able to free up time and resources to work on other new and exciting projects knowing that The Curse Project is running autonomously in a highly reliable and secure manner.
Some of the notable features of Chainlink Keepers that helped our decision, 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, which currently secure tens of billions of dollars in TVL across DeFi.
- Low Costs — Chainlink Keepers leverage several gas-optimizing features that lower the costs of automating maintenance tasks for users, including a rotating node selection process to prevent gas price auction wars, stabilizing the costs of triggering key smart contract functions.
- Decentralized Execution — Chainlink leverages a decentralized and transparent pool of Keepers to provide users strong guarantees around secure contract automation, saving teams time and mitigating the risks around manual interventions or centralized servers.
- Expandable Computation — Chainlink’s Keeper Network performs off-chain computations and verify call data for smart contracts, allowing developers to build advanced, trust-minimized dApps at lower costs.
“Chainlink Keepers will allow our team to sleep easy knowing that basic contract upkeep functions are automated by a verifiably reliable network of professional DevOp-run nodes,” said Chaitenya Gupta, DeFi Network Co-Founder. “Having a proven and decentralized solution for maintaining The Curse Project allows us to extend our services to other innovative projects, ultimately empowering us to bring even more value to the DeFi and NFT ecosystems. ”
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, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
About The DeFi Network
We’re a full-service, global network that builds digital products & apps on the blockchain. Whether you need a complete project developed, a little extra manpower, or anything in between, our teams will work quickly and closely with you to get the job done. Learn more about The DeFi Network — including our partners and projects at thedefi.network. Follow TheDeFiNetwork on Twitter, and join our discord to stay tuned with our latest works.