For the technical folks, think of Chainlink Functions as a more trust-minimized and blockchain-enabled version of AWS Lambda, GCP CloudFunctions, or Cloudflare Workers
Distributed serverless architecture powered by the same OCR-powered DONs that secure billions with data feeds
Functions makes it 10,000x easier for devs to connect their dApps to external data/compute
Some examples:
- Fetch outcome of a @SnapshotLabs vote
- Vest tokens via @tokenterminal metrics
- Pay artists in real-time with @Spotify data
- Trigger a SMS/email message via @twilio
The sky is truly the limit
Check out some community created Functions code examples on usechainlinkfunctions.com, including some examples I submitted myself 🙂
There is VAST amounts of data on AWS Data Exchange alone, which can now be seamlessly connected to smart contracts prnewswire.com/news-releases/…
Chainlink Functions is currently in beta, operating on the @ethereum Sepolia and @0xPolygon Mumbai testnets, and will expand to more chain in the future based on user demand
Access the private Beta for testing before the full open release 👇 chain.link/functions
This represents a wide range of Web3 verticals, from AI integrations to DAO governance
Devs, would love to hear how you're using Functions
And before you ask
TOKEN IS NEEDED
Chainlink Functions operates using a subscription model, where $LINK is funded into a contract and drawn down each time a Function executes and puts results on-chain
Note: YOU, as a developer, are responsible for ensuring both the quality of any JavaScript code sent the network to be executed and validating any APIs used are of a sufficient quality/reliability for your relevant use case
Great power -> Great responsibility
Ultimately, Functions is the realization of Chainlink as a Web3 services platform
A generalized oracle framework that can molded and shaped by devs to meet their exact use case requirements to enable increasingly advanced dApps
Excited to see all the unique ways that devs will leverage Functions in their dApps
Just as we couldn't predict what use cases would eventually blow up on the Internet during the 90's, time will tell which Functions-enabled use cases will take the main stage
The most bearish thing about DeFi is the seemingly complete lack of risk management that some dApps undertake
And with smart contract apps being so composable and interconnected, the risk is contagious and nearly systemic
Devs, circuit breakers, use them
Btw proper risk management is not a “one and done” deal, it is a continual on-going process of creating, refining, and adjusting risk framework: and using them regularly to adjust parameters
Also having automatic monitoring systems in place as well as falsesafes
Want to know why so many DeFi applications are upgradable and have adjustable parameters managed by multi-sigs or plutocratic token weighted voting?
Risk management and immutability are often incompatible! Adjustments are often required years after deployment
Doesn’t appear to be an oracle exploit, but rather market manipulation (e.g. thinly traded token was pump and dumped)
Protections at the money market protocol layer like a circuit breaker, flow rate limier, or more robust collateral risk parameters would have helped here
Uh I guess @mangomarkets is just straight up throwing Pyth under the bus here
As far as I can tell, this was not an oracle exploit, the $MNGO token was pump and dumped