Horizon Protocol Integrates Chainlink Automation to Help Trigger the Process of Claiming Weekly Rewards
We’re excited to announce that Horizon Protocol — a DeFi platform for synthetic assets — has integrated Chainlink Automation on BNB Chain mainnet. We are leveraging Chainlink Automation to provide users with the option to help securely and cost-efficiently trigger the claim function that distributes weekly rewards. As a result, users will be able to automate the rewards-claiming process and not have to manually claim every week. A full guide on how to implement this can be found on Horizon Academy.
We decided to automate the claim function using Chainlink Automation because it is the most reliable Web3 automation service. The Chainlink Automation Network is operated by the same pool of time-tested, provably reliable node operators that 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 claim on Horizon Genesis is executed on-time and in a trust-minimized manner, giving users additional guarantees that it will function exactly as intended.
Horizon Protocol is a decentralized finance project on BNB Chain with the mission of creating a borderless financial market for synthetic assets. Horizon Protocol facilitates the on-chain creation and trading of synthetic assets that represent real-world assets, providing exposure to them via smart contracts that track their price movements.
To create on-chain synthetic assets, (known as zAssets on Horizon Protocol) Horizon Genesis is used to stake and mint zUSD, a stablecoin with a high collateralization ratio. Each week, rewards are given out to all Horizon Protocol stakers on Genesis and these rewards must be claimed during that week. Active staking is required to make sure the collateralization is balanced and protected, which is where Chainlink Automation comes in. Chainlink Automation provides users with a way to automatically claim their weekly rewards instead of having to manually claim them every week.
Chainlink Automation is a decentralized service purpose-built to manage tasks on behalf of smart contracts. Chainlink Automation leverages decentralized, hyper-reliable, and economically incentivized automation nodes to wake 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:
- Highly reliable, performant, and decentralized automation — Chainlink Automation ensures transactions are identified and confirmed quickly even during periods of heavy network congestion by leveraging Chainlink’s battle-tested transaction manager.
- Time-tested infrastructure that helps save costs — Chainlink Automation enables us to eliminate in-house automation infrastructure costs, reduce resources spent on DevOps, and increase speed and efficiency.
- Built to enable faster scaling — Chainlink Automation enables us to scale faster and avoid the challenges that come with building and maintaining the infrastructure needed to reliably automate across multiple chains.
- Unlocks new use cases — With smart contract automation, we’re able to explore new use cases and unlock capabilities that would otherwise not have been possible.
“Chainlink is the leading provider of decentralized oracle services, which are critical to Horizon Protocol. It is exciting to continue to leverage Chainlinks services in the form of Chainlink Automation to continue our journey towards becoming a completely decentralized synthetic asset DeFi offering.” — Stanton Wong, Education Director at Horizon Protocol.
Horizon Protocol is excited to take its first step into decentralized automation with Chainlink Automation and will continue exploring use cases that can offer users a better experience while maintaining our ethos of creating a borderless financial market for synthetic assets.
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.
About Horizon Protocol
Horizon Protocol is a DeFi platform that facilitates the on-chain trading of synthetic assets that represent the real economy. Horizon Protocol seeks to provide exposure to real-world assets risk/return profiles via smart contracts on the blockchain.
Forked from Synthetix, Horizon Protocol will leverage the time-tested derivative liquidity protocol and bring interoperability, scalability, and a whole new array of tradable, real-world derivative products to the DeFi ecosystem.