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Steady State Will Integrate Chainlink Keeper Network to Decentralize Automation of Insurance Claims

Bangkok, Thailand, Aug. 17, 2021 (GLOBE NEWSWIRE) -- We’re excited to announce that Steady State—a comprehensive DeFi insurance platform—will integrate Chainlink Keeper Network on the Ethereum blockchain. We plan to leverage Chainlink Keeper Network to securely and cost-efficiently automate the quantifying of risks and paying out of insurance claims. This will result in comprehensive DeFi insurance coverage while improving the efficiency of claim operations for our users.

We decided to decentralize Steady State’s insurance automation function using Chainlink Keeper Network because it is operated by the same pool of time-tested, provably reliable node operators that currently secure billions of dollars in DeFi, even during record levels of network congestion and extreme volatility. Chainlink’s proven infrastructure ensures that every insurance claim is executed on-time in a trust-minimized manner, giving users additional guarantees that it will function exactly as intended.

Our platform’s core function is to fix the broken DeFi insurance industry by providing comprehensive DeFi insurance solutions, thus protecting users and securing protocols. We achieve this by employing coverage and index pools for DeFi protocols and CeFi platforms, which rely on our Risk Analysis Database (RAD) metrics, allowing for easy optimization of policies. The pools allow for liquidity provision and strategic utilization of funds for insurance against various market factors. By using automated smart contracts, we ensure our services remain transparent through the entire claims process.

To achieve the provision of DeFi insurance, our platform requires the incomparable, accurate, and timely data services of the Chainlink Keeper Network. In tandem with the Risk Analysis Database, Chainlink Keepers will quantify smart contract risks to protocols and help determine claim payouts to Steady State’s policyholders.

Chainlink Keeper Network is a decentralized service offered by Chainlink’s existing network of node operators that is purpose-built to manage tasks on behalf of smart contracts. Chainlink Keeper Network serves as a decentralized, hyper-reliable, and economically incentivized automation bot that wakes 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 of the notable features of Chainlink Keeper Network include:

  • High Uptime - Chainlink Keeper Network are secured by professional DevOps teams with established and well-documented reputations for providing high reliability to Chainlink ecosystem projects.

  • Low costs - Chainlink Keeper Network has several gas optimizing features that help lower the costs of running maintenance tasks, as well as rotating node selection to avoid job competition, further lowering and stabilizing costs for users.

  • Decentralized Execution - Chainlink Keeper Network leverages a decentralized pool of nodes so teams can securely automate maintenance and remove centralized processes.

  • Transparent Reputation - Chainlink Keeper Network provides a robust reputation framework and set of on-chain monitoring tools for users to independently verify its historical performance.

“Steady State has identified Chainlink, whose Keeper Network provides a suitable service that keeps up with the dynamism present in the insurance market segment. Their services will keep our smart contracts up to date with the latest data streams allowing us to effectively deliver robust DeFi insurance services to our dedicated users. We are excited about the many possibilities that lie ahead through this integration.” –Jonathan Libby, Founder and CEO, of State Steady.

About Chainlink

Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.

Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.

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About Steady State
Steady State is one of the first DeFi insurance platforms to utilize Chainlink’s Keepers solution to automate insurance claims. We provide protocols and platforms with practical insurance options to safeguard their financial future. Using automated processes, smart contracts, and risk analysis tools, our platform overcomes inconsistent risk analysis common in the existing DeFi insurance paradigm, delivering comprehensive risk quantification with efficient capital allocation.
We’re on the path of securing a future for DeFi by providing a practical covering for the dynamic value of digital assets locked in the DeFi economy. To learn more about Steady State and the impact of our pragmatic approach to Defi insurance, visit our:

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Media Contact -
Matthew Partington
matthew@steadystate.finance
Steady State LTD