TheStandard.io Integrates Chainlink Automation and Price Feeds to Help Power Smart Vaults

We’re excited to announce that TheStandard.io has integrated Chainlink Automation and Chainlink Price Feeds on Arbitrum and Ethereum. We are leveraging Chainlink Automation to help securely and cost-efficiently monitor vaults and execute liquidations, and Chainlink Data Feeds to access market data for pricing vault assets in EUR.

We chose Chainlink Automation and Price Feeds because they are 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 liquidation is executed on time in a trust-minimized manner, giving users additional guarantees that our protocol executes exactly as intended.

TheStandard.io enables users to mint stablecoins against their collateralized assets with 0% interest. By removing traditional lending from the equation, TheStandard ensures that users retain full ownership and decision-making power over their assets while accessing the liquidity they need.

TheStandard.io Liquidation Pools (Yield Accounts) yields are sourced from liquidating undercollateralized vaults. We utilize Chainlink Automation Custom Upkeeps to help monitor vaults and execute liquidations. This process involves iterative checks on the collateral status of each Smart Vault, liquidating those that are undercollateralized. The assets obtained from these liquidations are then allocated to the Liquidation Pools for distribution among stakers.

In addition, our Yield Accounts and Smart Vaults utilize Chainlink Data Feeds to help price assets in the vaults. This helps enable us to determine the number of EUROs to be burned from the pool in exchange for acquiring liquidated assets with a 9.91% discount for accounts that have deposited TST and EURO into TheStandard.io Yield Account smart contracts.

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 onchain 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.

“We’re excited to integrate the industry-standard Chainlink Automation and Price Feeds to help bolster the security of our smart vaults. Security is paramount for TheStandard.io, which is why leveraging Chainlink’s highly secure, reliable, and decentralized Web3 services is a must for our protocol.” —Joshua Scigala, Founder at TheStandard.io

About Chainlink

Chainlink is the industry-standard decentralized computing platform powering the verifiable web. Chainlink has enabled over $9 trillion in transaction value by providing financial institutions, startups, and developers worldwide with access to real-world data, offchain computation, and secure cross-chain interoperability across any blockchain. Chainlink powers verifiable applications and high-integrity markets for banking, DeFi, global trade, gaming, and other major sectors.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link.

About TheStandard.io

TheStandard is an Arbitrum native CDP focused on 0% interest, 110% collateral, multi collateral lock up, locked collateral trading and yield accounts. Starting with EUROs, our aim is to launch a stablecoin tracking every major fiat to bring the forex market on-chain while providing the easiest and cheapest way to borrow value and earn a yield.

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Get Started

Enjoy access to premium crypto assets below market with our new pools: https://app.thestandard.io/liquidation-pools

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