Chainlink Automation Teams Up with Thales for Staking Rewards

• Chainlink Automation launched on the Arbitrum and Optimism mainnet to leverage its unique features. 

• According to the lead strategist at Thales, Chainlink Automation would play a crucial role in claiming rewards. 

Chainlink (LINK) has announced that Thales has integrated the Chainlink Automation on the Arbitrum and Optimism mainnets. It is important to note that Thales operates as a novel protocol that powers the on-chain and parimutuel market.

.@thalesmarket has integrated #Chainlink Automation on @Arbitrum and @optimismFND.

Understand how Automation helps enable Thales stakers to automatically claim weekly rewards.https://t.co/9dImQy1DjR

— Chainlink (@chainlink) October 11, 2023

According to the report, the decision was to take advantage of the unique features of Chainlink Automation to secure and enable its claimOnBehalf method while securing the protocol and facilitating operations at a cheaper cost. It is important to note that the claimOnBehalf method makes it easier for stakers to automate reward claims. This implies that the Chainlink Automation would be used to power Thales’ staking rewards claiming function. It was specifically chosen because of its track record of offering the most reliable automation service in the Web3 industry. 

The Chainlink Automation Network is operated by the same pool of time-tested, provably reliable node operators that have enabled trillions of value across Web3, even during record levels of network congestion and extreme volatility. The proven infrastructure of Chainlink helps ensure that every rewards claim is executed on time in a trust-minimized manner, giving users additional guarantees that it will function exactly as intended.

The Chainlink Automation was purposely designed to perform specific tasks on the smart contract. It purposely triggers smart contracts to perform some important on-chain functions by taking advantage of the decentralized, hyper-reliable, and economically incentivized automation nodes. 

More on the Chainlink Automation Integration 

Considering the fact that staking rewards from Thales is expected to be claimed manually every week, Chainlink Automation is expected to ensure that the claimOnBehalf method is provided to users to enable them to automatically claim rewards. 

Thales Lead Strategist commented on this:

Chainlink Automation is the most reliable and performant automation solution available. By using Automation, stakers can now automatically claim their weekly rewards.

One of the features of Chainlink Automation is highly reliable, performant, and decentralized automation. It ensures that transactions are identified and confirmed instantly even in situations where there is heavy network congestion.

It’s time-tested infrastructure which also helps to save costs. According to the official post, it eliminates in-house automation infrastructure costs. This enabled the increase in speed and efficiency cost. It also enables faster scaling. This prevents the challenges that come with building and maintaining infrastructure. On top of that, it unlocks new use cases and appears to be easier to use. 

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 decentralized 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.

Link currently has a bearish market sentiment with a trading price of $7.23. In the last seven days, the asset has fallen by 6 percent, and 1.54 percent in the last 24 hours. 

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