Unstoppable Integrates Chainlink Automation and Price Feeds To Help Power Zero-Fee GLP Autocompounder
And ensure you get the most out of your GLP.
About two months ago we released the Zero Fee GLP Autocompounder as a public good for the GMX and GLP ecosystem. The Autocompounder leveraged the Chainlink ETH/USD Data Feed on Arbitrum to help mitigate excessive slippage in compounding transactions. We chose to use Chainlink Price Feeds because they were the undisputed industry standard for decentralized price data, and it has proven invaluable in helping mitigate slippage for users.
Today, we’re excited to announce that we also integrated another Chainlink oracle service on Arbitrum to continue to improve the auto-compounding service for our users: Chainlink Automation.
Autocompounding with Unstoppable and Chainlink
Thanks to Chainlinks new Automation service, we now fully automated all yield harvesting and GLP purchase actions in our Autocompounder.
The highly reliable and decentralized automation services help guarantee a minimum of two auto-compound transactions every 24 hours.
Reasons we chose to use 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.
Key benefits of this Chainlink Automation include fully-automated and highly reliable auto-compounding, which in turn help increase users’ GLP yield.
This effectively turns GLP APR into an APY to increase yield. For example, a few weeks ago we saw an already extremely attractive GLP APR of ~50%.
Our Autocompounder increased that with Chainlinks help to a whopping ~65% APY 🚀 — all with zero fees to our users.
Chainlink oracle services are mission-critical for us to provide the best service possible. With Chainlink Automation and Price Feeds, we’re able to provide our users with a more reliable and secure Autocompounder. — Unstoppable
A Look Ahead
We plan to expand our integration of Chainlink Automation to help settle auctions on our Fair Funding platform, and we’re actively exploring new use cases together with the Chainlink team such as managing arbitrage opportunities and liquidations in our new Unstoppable:DEX.
About Unstoppable
At Unstoppable we are fully dedicated to democratize access to DeFi through simple UI/UX and a suite of amazing products.
Right now we are building the next generation decentralized exchange with integrated margin trading, single sided LPing, instant Fiat on-/off-ramp and a mass-adoption friendly wallet.
About Chainlink
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.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
