Benchmark Protocol Integrates Chainlink Keepers to Automate and Decentralize Token Rebasing


October 26th, 2021 — Decentralization matters. That’s why Benchmark Protocol is excited to announce that we have deployed Chainlink Keepers on the Ethereum blockchain in order to execute fully decentralized rebase functions for MARK token — a supply-elastic, collateral utility designed to inject liquidity during periods of high volatility in correlation with global equities markets. Going forward, the community will be able to dictate when rebases occur, thus decentralizing the underlying Benchmark Protocol Network even further. The integration of Chainlink Keepers takes a critical function (calling the rebase) and automates it based on triggers at certain time intervals. Every 12 hours, the rebase will be called automatically. However, with the upcoming launch of the BEND token, this rebase window and the associated trigger can be adjusted to whatever the majority of users vote on. It will then be possible for rebases to occur every minute, every second, or for every single transaction in the future. To call rebase functions, a certain amount of LINK tokens and Ethereum gas must be paid. This design will be ready to scale alongside Ethereum 2.0, when transaction throughput and gas will be significantly optimized. This is Benchmark Protocol’s second mainnet Chainlink integration, following our previous integration of Chainlink oracles. Several further changes will be implemented in the future to completely decentralize the protocol, which must have the necessary capabilities to become the underlying settlement layer for representing value and collateral. Benchmark Protocol has chosen to work with Chainlink again because Chainlink has a proven track record of helping manage tens of billions of dollars in assets through its secure oracle solutions. Chainlink decentralized infrastructure continues to prove itself as robust, tamper-proof, and reliable even during times of extreme volatility and network congestion. The decentralized smart contract automation service provided by Chainlink Keepers is extremely efficient, able to be triggered regularly (e.g., a specific time of the day) or based on external events (e.g., when a price threshold is met), allowing developers to reduce attack vectors for protocols. Chainlink Keepers work by determining when predefined events occur using off-chain computation, then executing on-chain functions automatically. Chainlink Keepers have high uptime and transparent frameworks for users to independently verify performance. Chainlink Keepers are also optimized for low costs via a rotating jobs framework to eliminate gas price auction wars. The Benchmark Protocol team continues to work on the launch of our governance token, BEND, as well as our P2P Marketplace. Underlying these two innovations will be our MARK token, which is now more decentralized than ever and ready to scale. Chainlink Keepers will help ensure a consistent and trustless rebase event occurs every 12 hours, which will be subject to change when governance functions are fully enabled for the community. “We have high expectations for the success of Benchmark Protocol, as we believe the DeFi space is only scratching the surface of the advantages a decentralized algorithmic stablecoin alternative such as MARK can provide over centralized stablecoins,” said the Benchmark Protocol team. “Decentralization matters and our developer team has successfully integrated Chainlink Keepers to trigger our critical on-chain rebase function on Ethereum in a fully permissionless manner. Next, it will be up to the community to decide the frequency of rebase events.” 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. About Benchmark Protocol Benchmark Protocol mitigates liquidation events and hedges risk with the MARK token; a supply elastic, stablecoin-alternative that connects traditional capital markets to DeFi. The protocol operates as a rules-based utility that dynamically adjusts supply based on the CBOE volatility index (VIX) and deviations from the target metric — equal to 1 Special Drawing Rights (SDR) unit. Employing the SDR creates a larger use case rather than exposure to just one currency; the application of this creates a larger user base and delineated exposure to markets around the world. The DeFi space needs a collateral utility that retains its efficacy and increases inherent, baseline liquidity during periods of high volatility. Learn more by visiting the project website: Find us on: Twitter|Telegram|Discord|Reddit| Benchmark Protocol Integrates Chainlink Keepers to Automate and Decentralize Token Rebasing was originally published in BenchmarkProtocol on Medium, where people are continuing the conversation by highlighting and responding to this story.

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