Burn.Party, a multi-chain token burning platform that is decentralised, announced the integration of Chainlink Keepers to 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.
Chainlink (LINK), the top blockchain platform, has proven to be reliable and time-tested. If a burn party fails, the token pledges will go back to the holders.
Burn.Party announced that the integration is now live on both Ethereum mainnets and BNB Chain, in a press release. Invezz On Wednesday
What’s a burn party?
Token burn parties are community-organized events that involve large numbers of token holders sending their crypto tokens to a wallet address.
Although burn events are increasingly popular within communities of deflationary tokens eco-systems, organizing and tracking them is often tedious and time-consuming.
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.
Decentralizing the token burning
Chainlink Keepers will help decentralise the token burns, with the endBurnParty, cancelBurnParty and TransferToBurnParty smart contracts secured via Chainlink’s decentralised oracle network.
Automation is designed for smart contracts. It also benefits from the proven reliable node ecosystem, which secures billions of dollars in decentralised finance (DeFi).
“We would have to create infrastructure as a development team to track all burn events. It would have been too expensive to do this as part of the smart contracts. Chainlink Keepers are a decentralized system that allows us to outsource off-chain computation while maintaining strong security and decentralization guarantees. Chainlink Keeper Network minimizes the effort required to create and maintain this solution. This allows us to save significant development time..”
Hasan Aziz is Chief Operations Officer at Burn.Party
The Burn.Party team works to support token burning on other top-chains, such as Avalanche and Polygon, Fantom and Cronos. To help the LUNC token burning, there are plans to support Terra Classic blockchain.