Burn.Party, a decentralized multi-chain token burn platform, has integrated Chainlink Keepers live on BNB Chain and Ethereum mainnets. The app is leveraging Chainlink Keepers to help securely and cost-efficiently automate Token Burn Party closing and delivery of all pledged tokens to a given project’s officially registered dead wallet. As a result, community members can have high assurances that when a burn party ends successfully, their voluntarily pledged tokens will be sent to the dead wallet without any intervention by the Burn.Party platform or any other third party.
The EG team chose to decentralize Burn.Party’s endBurnParty, cancelBurnParty, and TransferToBurnAddress functions using Chainlink Keepers because it is operated by the same pool of time-tested, provably reliable node operators that currently help secure tens of billions of dollars in DeFi, even during record levels of network congestion and extreme volatility. The proven infrastructure of Chainlink helps ensure that every call to cancelBurnParty or endBurnParty (and the resulting transfer of tokens to the dead wallet) is executed on time in a trust-minimized manner, giving users additional guarantees that it will function exactly as intended.
With the rise of community-led deflationary tokens, many communities have self-organized “burn events”. The burn event uses the community’s social networks to organize large groups of token holders to voluntarily send some of their tokens to a burn wallet address.
The organization is time-consuming, difficult to track, and often manual. The Burn.Party multi-chain community burn platform helps solve these issues by creating a central hub for a Web3 community to support their token of choice by voluntarily burning some supply. The concept is simple. Select a Token, set a target number of tokens to burn, set a target end date, and voila— your burn party is created. Now you can promote it on social media and encourage other community members to participate. If the target is met on the end date, the tokens are burnt. If the target isn’t met, the party is cancelled, and everyone who pledged their tokens to the party can claim them back.
When the burn party end counter hits zero and it’s time to burn the tokens, the smart contract needs to be told (triggered) to burn the tokens for that particular burn party. If EG keeps the trigger in our hands, then that creates a centralization problem. There may be an error on the platform side, the servers may go down, a rival or bad actor may carry out a DDoS attack on the servers, the APIs may become unavailable, etc. If the trigger fails, the burn party won’t end and tokens won’t be burnt. It can also be argued that for some reason, the operators may choose not to do the token burn and stop it for whatever reason. This would be a fair concern for such a centralized solution.
Decentralized systems need to be secure and hyper-reliable from end to end. They need to work in all market and network conditions and provide guarantees that outcomes will happen in a permissionless and automatic manner, unmanipulatable by any party. This is where Chainlink Keepers come in to help ensure token burns and party cancellations are automatically triggered by a secure, decentralized, and hyper-reliable decentralized oracle network.
Chainlink Keepers are a decentralized service purpose-built to manage tasks on behalf of smart contracts. Chainlink Keepers serve 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 Keepers include:
- Decentralized Execution — Chainlink Keepers provide reliable, trust-minimized automation with no single point of failure, mitigating risks around manual processes and centralized servers.
- Increased Efficiency — Projects that use Chainlink Keepers are able to reduce time spent on DevOps, minimize operational overhead, and streamline development workflows.
- Enhanced Security — Tamper-proof, Sybil-resistant Chainlink Keepers sign on-chain transactions themselves, enabling automated smart contract execution without exposing private keys.
- Easy-to-use — Developers are able to schedule time-based automation jobs in seconds using the Chainlink Keepers Job Scheduler’s no-code UI.
Currently, Burn.Party is a multi-chain token burn platform running on Binance Smart Chain and Ethereum, with plans to support tokens on Polygon, Avalanche, Fantom, and Cronos. Chainlink Keepers are already supported on the Polygon, Avalanche, and Fantom networks, and we aim to integrate this onto our Burn.Party platform shortly. Burn.Party will also support the Terra Classic blockchain to enable the burning of LUNC tokens.
“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 decentralized system where we can outsource the off-chain computation required while still keeping strong security and decentralization guarantees. The Chainlink Keeper Network minimizes the work needed to build and maintain such a solution, saving us significant development time.”
Hasan Aziz, Chief Operations Officer at Burn.Party
About Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About Burn.Party
With the rise of community-led deflationary tokens, many communities have self-organized “burn events”. The burn event uses the community’s social networks to organize large groups of token holders to voluntarily send some of their tokens to a dead wallet address.
The organization is time-consuming, difficult to track, and not on the blockchain or automated. There have also been a lot of examples where the token burn was used as an excuse to deceive investors. Developers can claim to burn tokens when they’re actually sending those tokens to a wallet they control.
Burn.Party, created by ELONGATE, is a decentralized multi-chain community token burn platform that solves these issues by creating a central hub for a community to support a token burn of their choice. For every successful burn party that results in a token burn, a meal for every contributor in that burn party is donated via ShareTheMeal, or a food drive is carried out by using ELONGATE’s vast network of volunteers.
Learn more by visiting Burn.Party, read the comprehensive documentation & user guide on the wiki or read the litepaper. Learn more about ELONGATE by visiting elongate.cc.
Alex G
admin
Evan Johnson
