We’re excited to announce that MetaStreet—a protocol for decentralized NFT lending markets—has integrated Chainlink Keepers live on Ethereum mainnet. We are leveraging Chainlink Keepers to help securely and cost-efficiently automate functions in our capital vault, including loan repayments and collateral liquidations. As a result, the MetaStreet vaults are able to automatically recoup capital from loans in the event of defaults, helping ensure the protocol remains solvent and delivers an optimal depositor experience.

MetaStreet unlocks liquidity for NFT holders by powering NFT-backed credit markets. MetaStreet vaults feature diversified NFT credit portfolios in which depositors can earn yields on loans backed by different NFT collections with varying risk profiles. To date, MetaStreet has facilitated over $40M in NFT lending volume.

We decided to use Chainlink Keepers to automate MetaStreet’s vault functions in a decentralized manner because the Chainlink Keeper network 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 vault upkeep function is executed on-time in a trust-minimized manner, giving users additional guarantees that it will function exactly as intended. Without Chainlink Keepers, individual users would need to call vault maintenance functions that would introduce latency into the protocol and make for a less efficient user experience.

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.

“We’re pleased to integrate the industry-leading Chainlink oracle network. Chainlink Keepers provide important infrastructure for MetaStreet vault maintenance, increasing the security, reliability, efficiency and decentralization of our protocol. ” – David Choi, Co-Founder & CEO

About MetaStreet

MetaStreet is a liquidity scaling protocol for NFT credit markets. MetaStreet vaults facilitate diversified NFT credit exposure for capital depositors along with perpetual secondary market liquidity for NFT credit markets. Participants allocate capital and control interest rates across NFT types, achieving optimal capital efficiency and scaling the GDP of the metaverse.

Learn more about MetaStreet by visiting metastreet.xyz or reading the documentation at docs.metastreet.xyz, and reach out in our discord at discord.gg/metastreet if you have any questions.

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.