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Wednesday, August 10, 2022

Origin Dollar Uses Chainlink Keepers to Automate OUSD Rebasing and Harvesting Functions

Origin is happy to announce that we have integrated Chainlink Keepers to make Origin Dollar (OUSD) rebasing more predictable and user-friendly! The integration furthers our mission to make OUSD the easiest and most cost-effective way to obtain the best risk-adjusted yields that DeFi has to offer.

Previously, OUSD would increase everyone’s balances by distributing earned yield when rebases were triggered by large mints or redeems. However, this meant that users of OUSD did not know when their next yield would arrive.

Now we are excited to bring daily delight to our users, who will get to see their balances increase every day with a little help from Chainlink Keepers.

As a refresher, Origin Dollar earns yield in 3 ways — interest from lending platforms, trading fees from decentralized exchanges, and harvesting (selling and reinvesting) rewards from any governance tokens that are offered as incentives by the underlying protocols. In the past, these harvests happened infrequently and at unpredictable times, which is why we’ve added logic for Chainlink Keepers to enable harvesting of these rewards on a regular weekly schedule.

Chainlink Keepers is a decentralized smart contract automation solution that automatically triggers key smart contract functions based on predefined conditions. We’ve written a smart contract that is called once a day by Chainlink Keepers to update our users’ OUSD balances at 11 pm PST | 2 am EST, every day.

In the future, we may change OUSD to only rebase on this set schedule, as the increased predictability may make OUSD integrations simpler for centralized exchanges. For now, our users can enjoy both scheduled rebases and additional rebases during the day based on user actions.

We ultimately chose Chainlink Keepers over other smart contract automation solutions because of its superior features, such as:

  • High Uptime — Chainlink Keepers are run by the same professional DevOps teams that have an established on-chain performance history of providing highly reliable data to Chainlink Price Feeds during extreme network congestion and market volatility.
  • Low Costs — Chainlink Keepers have several gas-optimizing features that lower the costs of automating maintenance tasks, including a rotating node selection process to prevent gas price auction wars and stabilize costs.
  • Decentralized Execution — Chainlink leverages a decentralized and transparent pool of Keepers to help provide strong guarantees around secure contract automation, saving time and mitigating the risks around manual interventions or centralized servers.

“In our journey to make our platform and OUSD the easiest and most cost-effective way to earn competitive DeFi yields, we will continue partnering with other top DeFi projects that can help us achieve our goals. Integrating Chainlink Keepers delivered a remarkable improvement in user experience for OUSD holders, and was an easy decision given their time-tested security and reliability during even the most extreme market volatility and network congestion.”

— Josh Fraser, Co-founder of Origin Protocol.

About Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.

Learn more about Chainlink by visiting chain.link or read the documentation at docs.chain.link. To discuss an integration, reach out to an expert.

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