FibSwap DEX Integrates Chainlink Automation To Help Automate Asset Distribution in Staking and Yield Farming Pools
We’re excited to announce that FibSwap — a cross-chain, decentralized exchange — has integrated Chainlink Automation live on Polygon mainnet. We are leveraging Chainlink Automation to securely and cost-efficiently automate the distribution systems for our staking and yield farming pools. As a result, users can feel assured that their assets are safely secured while helping ensure the protocol remains solvent and delivers an optimal depositor experience.
We decided to use Chainlink Automation to automate FibSwap’s pools in a decentralized manner because Chainlink Automation is operated by the same pool of time-tested, provably reliable node operators that currently help secure tens of billions of dollars in DeFi, even during record levels of network congestion and extreme volatility. The proven infrastructure of Chainlink helps ensure that every staking and farming transaction is executed on-time in a trust-minimized manner, giving users additional guarantees that it will function exactly as intended.
FibSwap is a cross-chain, decentralized exchange that supports multiple chains and allows users to swap tokens from one chain to the native tokens of another chain in a safe and effective manner. Simply choose the network and token you’d like to swap from, the network and token you’d like to swap to, and finally, you click a button to make it happen.
Chainlink Automation is a decentralized service purpose-built to manage tasks on behalf of smart contracts. Chainlink Automation serves as a decentralized, hyper-reliable, and economically incentivized automation bot that wakes up smart contracts when they need to perform critical on-chain functions, which usually take place at regular time intervals (e.g., every day at the same time) or based on external events (e.g., when an asset hits a specific price).
Some of the notable features of Chainlink Automation include:
- Decentralized Execution — Chainlink Automation provides reliable, trust-minimized automation with no single point of failure, mitigating risks around manual processes and centralized servers.
- Increased Efficiency — Projects that use Chainlink Automation are able to reduce time spent on DevOps, minimize operational overhead, and streamline development workflows.
- Enhanced Security — Tamper-proof, Sybil-resistant Chainlink Automation sign on-chain transactions themselves, enabling automated smart contract execution without exposing private keys.
- Easy-to-use — Developers are able to schedule time-based automation jobs in seconds using the Chainlink Automation Job Scheduler’s no-code UI.
“We’re very excited to integrate the industry-leading Chainlink oracle network. Chainlink Automation provides important infrastructure for FibSwap, helping increase the reliability, efficiency, and security of our protocol.” — Leo Fibonacci, Founder of FibSwap.
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. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
FibSwap saves valuable time and money in an ever-changing market. It has some of the lowest fees on the market with its unique lowest-fee swap aggregator, most swaps take seconds to complete, thus giving our users a competitive advantage.
Compatible with most wallets, including cold storage, FibSwap DEX is available on PC and is also one of the first DEXs available as a mobile app.
FibSwap has also released one of the world’s first cross-chain NFT Payment systems, FibPal which will be available to all NFT marketplaces. The payment gateway allows users to buy NFTs directly with tokens on other chains.
Learn more about FibSwap by visiting fibswap.io or reach out to us on our Telegram channel at https://t.me/FibSwapOfficial if you have any questions.