According to a blog post published on 10 August, Bancor’s upcoming V3 upgrade will be among the first to integrate Chainlink’s newest decentralized service Chainlink Keepers. The service uses a decentralized network of security-reviewed and historically reliable DevOps teams to expedite smart contract innovation.
The company said it chose to implement Chainlink Keepers because it’s a decentralized network made up of the same time-tested, professional DevOps already running the infrastructure for Chainlink Price Feeds. Keepers will optimize the protocol to enable low costs and perform advanced off-chain computations with verifiable call data, enabling Bancor to offer advanced features in a trustless manner.
With Bancor’s smart contracts not being auto-executing, they need to be called by external entities in order to trigger their execution. Instead of requiring users to constantly monitor markets and manually trigger processes, Bancor V3 will use Chainlink Keepers to automate those processes for users. This will effectively remove all manual maintenance for end-users, providing them with a much smoother and safer yield farming experience.
Announced last week, Chainlink Keepers has already gone live on the Ethereum mainnet and is set to be adopted by some of the largest DeFi protocols on the market. Aave, Synthetix, Barnbridge, Alchemix, and PoolTogether have all announced they will use Chainlink Keepers to strengthen their protocols’ uptime guarantees and automate critical on-chain functions.