By integrating the industry-leading decentralized oracle network, Zeus Finance now has access to a highly secure and reliable smart contract automation service to help automate rewards distribution within the staking suite; high-quality data feeds needed to help convert prices for accurate fee estimations; and a tamper-proof and auditable source of randomness needed to support randomized airdrops of the ZEUS token. Ultimately, Chainlink’s trust-minimized services help enhance the reliability, transparency, and fairness of the zeus protocol.
Zeus Finance is building a decentralized financial community on the Avalanche Network. The main focus is on providing a DeFi-as-a-Service (DaaS) protocol to their community and then expanding into a platform that provides users with a safe place to store their capital while earning interest. Zeus Finance also offers its users the ability to launch a personalized blockchain node with an easy-to-use interface. By running a node, users can earn the native token ZEUS. This token can then be used for various purposes within their financial suite.
Zeus Finance uses smart contracts to calculate and distribute staking rewards at regular intervals. xZEUS is a staking option that provides users with yield in the form of a stablecoin. Users stake ZEUS to earn USDC and xZEUS stakers receive rewards proportional to their share of the xZEUS vault. However, smart contracts can’t trigger themselves. A human or an external service has to trigger them. Triggering them manually is not scalable and prone to human error. Using a self-hosted off-chain service, such as a cron job, makes the smart contract vulnerable to compromise. Chainlink Keepers is a great solution because they allow us to run smart contracts in response to external conditions in a reliable and secure way. These conditions can include the passage of time, a specific event occurring, complex calculations, and more.
Some of the notable features of Chainlink Keepers include:
- High Uptime — Chainlink Keepers are run by the same professional DevOps teams that have an established on-chain performance history of providing high reliability 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 for users, 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 teams time and mitigating the risks around manual interventions or centralized servers.
- Expandable Computation — Chainlink Keepers perform off-chain computations and generate call data verifiable by smart contracts, allowing developers to build advanced, trust-minimized dApps at lower costs.
Users can use AVAX to purchase and stake ZEUS tokens and earn yield in USD. To convert between these tokens, we need up-to-date price data. Chainlink Price Feeds provide the highly accurate, reliable, and robust market data we need to help enable users to more easily calculate fees and staking rewards.
Zeus Finance chose Chainlink as their go-to oracle solution for price data because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
As a bonus incentive for staking, Zeus Finance randomly airdrop ZEUS tokens to users when they unstake. Users can also buy tickets to participate in the Olympus Lottery for the chance to win a percentage of the USDC prize pool. For both of these use cases, we turned to Chainlink VRF to help randomly select recipients for airdrops and lottery prizes in a tamper-proof and transparent manner, helping to ensure all users have an equal chance of receiving these randomly distributed rewards.
Chainlink VRF works by combining block data that is still unknown when the request is made with the oracle node’s pre-committed private key to generate both a random number and a cryptographic proof. The Zeus Finance smart contract will only accept the random number input if it has a valid cryptographic proof, and the cryptographic proof can only be generated if the VRF process is tamper-proof. This helps provide users with automated and publicly verifiable proof directly on-chain that each smart contract using Chainlink VRF for randomness is provably fair and cannot be tampered with or predicted by the oracle, outside entities, or the Zeus Finance team.
Looking Ahead: Becoming a Leading DeFi-as-a-Service (DaaS) Protocol
As the roadmap evolves, Chainlink trust-minimized services will continue to play a crucial role within the platform’s tech stack. For example, we plan to introduce bonding to reward users for locking up their tokens for fixed periods of time. To support this feature, we plan to use Chainklink Keepers to automate the daily bonding emissions rate of tokens released into circulation and Chainklink Price Feeds to provide the required currency conversions. Price Feeds will also help us to provide users with more clarity on the size of the treasury by enabling us to convert and display the total in multiple currencies. We also plan to launch Tradable NFT collections centered on Greek Mythology that provide utility to the ZEUS protocol — these will also be airdropped to randomly selected recipients, so we’ll expand the use of Chainlink VRF to help randomize the airdrops in a provably fair manner. Supported by the integration of these Chainlink services, Zeus Finance emits roughly $67.5k a month through Single Sided Staking.
“Chainlink was the obvious choice for us. Chainlink trust-minimized services are the industry standard for DeFi and they help to make our platform as robust as possible. Chainlink Price Feeds, Chainlink Keepers, and Chainlink VRF all work in tandem to give our users a consistent and transparent experience. Users benefit from automated and provably fair reward distribution enabled by Chainlink Keepers and VRF, and accurate currency conversions enabled by Chainlink Price Feeds. We look forward to building out our use of all three services as we implement our roadmap”
— Frank, CEO
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.
About Zeus Finance
Zeus Finance is a decentralized financial suite built on the Avalanche Network. Their main focus is on providing a DeFi-as-a-Service (DaaS) protocol to their community and then expanding into a platform that provides a safe and prosperous place to store capital. Zeus Finance intends on being the most rewarding, trustworthy, and innovative decentralized financial community on the Avalanche Network, all organized around the idea that the citizens of Olympus deserve the opportunity to become financially free. Their only issued token, ZEUS, provides investors with a safe, sustainable, and profitable yield potential while providing further utility to expand their buying power.
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