Chainlink

Scallop Integrates Chainlink Automation to Help Trigger Staking Reward Payouts

Scallop, a provider of regulated blockchain-based banking infrastructure, is proud to announce its integration of Chainlink Automation on the BNB Chain mainnet. Chainlink Automation now helps securely and cost-effectively trigger staking reward payouts in the Scallop staking application. This integration will streamline the staking process for Scallop users and allow them to benefit from automated staking rewards.

Notably, Scallop uses a membership system with different levels of staking requirements — an efficient staking mechanism ensuring the system runs smoothly. Scallop’s proof-of-stake (PoS) blockchain also requires staking for full participation. Businesses can access liquidity and custody services when they stake up to $5,000 worth of Scallop tokens and become a Business account holder.

Scallop decided to use Chainlink Automation to support Scallop’s staking functions because it is the most reliable automation service in Web3. The Chainlink Automation Network is operated by the same pool of time-tested and 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 transaction is executed on time in a trusted manner, giving users additional guarantees that it will function as intended.

Scallop is a licensed and regulated banking institution offering a comprehensive suite of innovative banking products. Scallop’s next-generation products have been launched to approximately 1.5 billion potential customers in the EU, Canada, and UAE. Scallop’s banking ecosystem offers products and solutions that are built on the powerful and fully regulated Scallop Chain — a fast, fault-tolerant, and regulated blockchain that incorporates a KYC and AML module at the protocol level. Scallop provides a suite of products on-chain to help empower millions of retail and business customers to transact on a regulated blockchain comfortably. Scallop Chain also uses ZK roll-ups and offers selective asset privacy features.

Scallop integrated Chainlink Automation to provide users with an all-in-one staking solution. The advanced automation of smart contracts provides an improved user experience. Using Scallop’s staking platform, users can rest assured that their assets remain secure while they benefit from the opportunities provided by enhanced staking options.

Chainlink Automation is a decentralised service purpose-built to manage tasks on behalf of smart contracts. Chainlink Automation leverages decentralised, hyper-reliable, and economically incentivised automation nodes to wake up smart contracts when they need to perform critical on-chain 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 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.

Thus, Chainlink integration not only helps boost the capabilities of the current product but also opens doors to explore various future possibilities to expand automation within the Scallop ecosystem and streamline the user experience. We look forward to exploring further possibilities with Chainlink services as we continue developing products in the Scallop ecosystem.

“Chainlink’s battle-tested oracle technology — which is highly reliable, performant, and decentralised — was the ideal solution for Scallop’s staking application. By automatically triggering staking reward payouts, Chainlink Automation helps ensure a seamless staking experience on Scallop.” — Raj Bagadi, founder and CEO, Scallop.

---

About Chainlink

Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralised oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.

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