Siren recently announced equipping multiple Chainlink services to improve its DeFi user experience. Chainlink Keepers and Chainlink Price Feeds are among the equipped services.
With Chainlink Keepers, the DeFi protocol will improve the functionality and reliability of Siren vaults. Similarly, Chainlink Price Feeds will help the protocol ensure its prices are valued precisely.
Both services will add to Siren’s service reliability, helping liquidity providers to earn yields regardless of network congestion or market volatility. dApps are considered superior to centralized apps, especially in censorship resistance and resilience.
Since protocols, like Siren, are governed through the DAO mode, their control is not assigned to a singular party. The lack of crucial processes and features in existing Web3 models cannot be denied.
However, Chainlink’s trust-minimized services allow developers to build highly reliable and feature-rich apps within this environment. Chainlink Keepers is among the most powerful tools for DeFi developers, as it allows them to replicate a development environment. In addition, it enables a trusted transaction gas price based on the ongoing network conditions.
Siren relied on multiple off-chain methods to moderate tasks, like updating volatility to settle expired contracts or prices. However, this functionality hindered Siren’s decentralization. Thus, the recent integration is of utmost importance to the protocol, as it will bring an additional layer of decentralization.
The DeFi protocol currently offers DeFi Options Vault to earn increased yields. On the other hand, it assists retail users with a trading interface, where they can purchase options contracts at token prices. With the latest integration, Siren contributors have gained the ability to improve and streamline product development. The functionality will be crucial as Siren expands its footprints and ecosystem.
According to SeaFi, a Core protocol developer, Chainlink Keepers can solve the automation problem faced by smart contracts in DeFi. The Siren team is delighted to elevate its contribution to the emerging ecosystem of permission-less monetary applications.