Burn.Party, a decentralised multi-chain token burn platform, has announced integration of the Chainlink Keepers to help boost its token burn system.
With the integration, the burn platform can guarantee decentralised execution, streamlined development workflows and tamper-proof, Sybil-resistant transactions, with added advantage of cost-efficiency for those setting up a community token burn.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
Chainlink (LINK) is a top blockchain platform and its time-tested and provably reliable technology will help ensure that every burn party executes as intended, or where it is cancelled, voluntary token pledges go back to the holders without the involvement of the burn platform or third parties.
The integration is live on both the BNB Chain and Ethereum mainnets, Burn.Party noted in a press release shared with Invezz on Wednesday.
What’s a burn party?
A token burn party is a community-organised burn event that involves large groups of token holders voluntarily sending their crypto tokens to a wallet address for burning.
Burn events are increasingly becoming popular across communities within deflationary tokens ecosystems, but organising and tracking the events is often time-consuming and often manual.
The Burn.Party platform makes it easy for token burns by offering a hub where communities across Web3 can undertake token burns in two simple steps – select a token and set the burn target (end date).
The burn triggers if the target is hit (by the end date), while a cancellation is triggered if the burn wallet doesn’t meet the targeted number of tokens, in which case people get their tokens back.
Decentralising the token burn
Chainlink Keepers will help decentralise the token burns, with the endBurnParty, cancelBurnParty and TransferToBurnParty smart contracts secured via Chainlink’s decentralised oracle network.
The automation is purpose-built for smart contracts and benefits from the provably reliable node ecosystem that secures billions worth of value in the decentralised finance (DeFi) ecosystem.
“As a development team, we would have had to build infrastructure to keep track of all the burn events going on. Doing that as part of the smart contract would have been too costly in terms of gas fees. Chainlink Keepers provide a decentralised system where we can outsource the off-chain computation required while still keeping strong security and decentralisation guarantees. The Chainlink Keeper Network minimises the work needed to build and maintain such a solution, saving us significant development time.”
Hasan Aziz, Chief Operations Officer at Burn.Party
The Burn.Party team is working to support token burns on other top chains, Avalanche, Polygon, Fantom, and Cronos. There are also plans to add support for the Terra Classic blockchain to help LUNC token burn.
68% of retail CFD accounts lose money