Gravity Finance has announced the launching of its DeFi automation and risk management tool known as Silos. As announced in a blog post today, the firm indicated that the solution has launched on the Polygon mainnet. More so, according to the announcement the new initiative is powered by Chainlink Automation. As revealed the Silos leveraged Chainlink’s Automation to ensure the safety and cost-efficient processing of DeFi tasks.
Accordingly, the support from Chainlink will aid Silos by Gravity Finance to manage advanced DeFi strategies. Due to that, the task will be executed independently on behalf of its owner. Likewise, it will fast-track the deployment of personalized and automated DeFi tasks. The Gravity Finance team designed a catalogue of predefined strategies that can aid users to deploy a smart contract.
Meanwhile, the latest invention from Gravity Finance focuses on full decentralization. The project gives users full control over their funds by distributing them in Silos across personal smart contracts which are ERC-721. This system allows users to customize strategies and set parameters based on their preferences.
Additionally, in an advanced way, users can deploy various Silos from the strategy catalog and combine them to design more complex flows. This is possible even when such user doesn’t have background knowledge about coding. According to Gravity Finance, the latest effort will help in redefining the DeFi sector.
Further, the innovation is effective in automating the procedure of depositing a collateral coin into a lending platform. It is feasible through the Collateralized Lending Silo, otherwise known as Borrowing to Farm. The tool through this feature aids users to seamlessly earn interest via a yield farm. Using this feature, a user can explore the catalog to deploy a preferred Borrow to Earn Farm Strategy.
Side notes on Gravity Finance
However, Gravity Finance uses the GFI as a governance token. According to findings, holders of the token can passively earn from the admin fees, which serve as network charges on the usage of the firm’s DeFi product. Though it’s not compulsory to stake GFI to become eligible for the admin fees return.
In addition, returns from the admin fees on Gravity Finance are paid through smart contracts in 50% BTC and 50% ETH. However, users cannot claim their admin fee return paid in BTC instantly. Instead, it stores in a smart contract to form GFI intrinsic value, with that, the token gains support from BTC. Lastly, Returns on ETH can be claimed at any time. According to Coinmarketcap, the GFI token is trading at $0.01837.
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