Cranker

Cranker with chainlink automation upkeep

Chainlink Automation provides a decentralized network of automated agents (keepers) that trigger on-chain smart contract executions based on predefined conditions, eliminating manual intervention and operational risks.

Use Cases in Polystream

• Epoch Management: Automated triggering of epoch changes to handle yield harvesting, yield optimization, and state updates at consistent intervals.

• Reward Distributions: Automating distribution and accounting of accrued yield rewards at each epoch boundary to ensure timely and fair distribution.

How it Works (Technical Flow)

1. Condition Definition: On-chain conditions (checkUpkeep) defined in the smart contract specify precisely when automation triggers should activate.

solidityCopyEditfunction checkUpkeep(bytes calldata) external view returns (bool upkeepNeeded, bytes memory performData) {
    upkeepNeeded = (block.timestamp >= lastEpochTime + EPOCH_DURATION);
}

1. Automated Execution: Once conditions are met, Chainlink Automation calls the performUpkeep function on your deployed contract:

solidityCopyEditfunction performUpkeep(bytes calldata) external {
    checkAndHarvest(); // Harvest yield and distribute rewards
    optimizeYield();   // Automatically selects best yielding protocol
}

1. $LINK Token Payments: Each automation execution consumes Chainlink's $LINK tokens from the project's Automation balance, compensating the keepers for their service.

Chainlink Automation dashboard showing periodic performUpkeep executions and $LINK payments