Siren has added Chainlink Keepers and Price Feeds to it’s own DeFi Options Protocol to improve usability for its users
Siren, a DeFi options protocol and vault, has integrated Chainlink Keepers and Chainlink Price Feeds to enhance usability for its users. Chainlink Keepers works to improve the reliability and functionality of Siren vaults, and Chainlink Price Feeds was integrated to help ensure that options are priced correctly.
Siren’s automated market maker (AMM) connects options buyers and sellers on-chain without a traditional middleman or order book. The team claims that their options protocol was meant to do for options what Uniswap did for spot trading.
Chainlink is the world’s largest decentralized oracle network, making off-chain data usable on blockchains. According to a report by Bank of America, Chainlink has powered DeFi’s growth, and Chainlink Labs recently released a report with Tecnalia on how oracles and blockchains can help us transition to clean energy and improve efforts to manage climate change.
With Chainlink Keepers, Siren is looking to ensure that liquidity providers can continue to access yields through volatile market conditions and any potential network congestion. Keepers is a battle-tested solution that was launched on mainnet last August, and has attracted top projects including Aave, Bancor, Alchemix, and PoolTogether.
Before integrating Keepers, Siren was using various off-chain methods to manage tasks like updating the implied volatility used to calculate options prices or settling expired contracts. However, Siren claimed that past methods reduced decentralization, whereas Keepers by nature works in a highly decentralized manner, significantly increasing Siren’s decentralization and reliability.
