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"On-chain automation" has vast untapped potential and could be the next big thing.Here's a deep dive into the pioneer of on-chain automation- @oak_network and the possibilities it unlocks.OAK refers to "Onchain Autonomous Kernel". OAK Network is an architecture that provides on-chain automation in a decentralized way. It allows other blockchains to offload costly automation onto it using an "event-driven execution virtual machine".Being a parachain on @Polkadot , OAK can perform trustless cross-chain automation. This means you can automate transferring GLMR from address A to B on Moonbeam without first sending GLMR to the OAK network.The automation process works in two steps:Inclusion- including the task in the blockchainExecution- execute the task when the condition triggers The automation fee, therefore, depends on the network congestion at the time of inclusion and execution.OAK provides automation in three categories: • Time-based, • Price-based, • Event-based,​https://ift.tt/4NgLA1i time-based automation • Automated payments: You can use Oak Network to automate regular payments, such as salary and rent. • DCA: OAK can help you in dollar-cost averaging by deploying stablecoins to buy any crypto-asset periodically.​https://preview.redd.it/fhen2439ptja1.jpg?width=900&format=pjpg&auto=webp&v=enabled&s=30f369ca884ee4b34b317b1d0718dc7573699dd1• Auto-compounding rewards: Time-based automation can claim the LP and staking rewards daily and re-stake them. MangataX has become the first DEX to automate claiming LP rewards and re-staking them using Oak Network pallets.For price-based automation • Trading strategies: If you trade on DEX, you can set stop-loss, take-profit and OCO orders. Using a stop-loss can protect users' capital from violent crashes. Thus, Turing Network is working with MangataX and Karura to create such features.​https://preview.redd.it/9gmhkrn9ptja1.jpg?width=900&format=pjpg&auto=webp&v=enabled&s=676be11faa517f02bf254405642e0ad270fd1f20• Smart DCA: You can put a condition to buy an asset when its price falls more than 20% within a day. In this way, you can accumulate at cheap valuations without manual intervention.For event-based automation • Margin management: In DeFi borrowing protocols, the borrower must repay the debt/ interest periodically. You can use OAK's automation to add additional margin balance when your collateral ratio falls below a specific value.https://preview.redd.it/rz773fgaptja1.jpg?width=900&format=pjpg&auto=webp&v=enabled&s=b06efc693d876d324c431d5ff4ebd338af8979f8• Escrow services: On-chain automation can automate the holding of funds in escrow, which can be helpful in various types of transactions, including P2P trades. These are some potential use cases of Oak Network automation. However, endless possibilities exist with OAK.++++++Benefits++++• Cross-chain execution: The automation is not limited to the #OAK layer-1 blockchain. Instead, all the parachains can use Oak's automation to automate their trades, payrolls, and compounding.• Saves time and effort: Since there is no need to remember and manually execute tasks, this saves time and effort. • Reduced costs: Automation eliminates intermediaries and other manual processes, reducing the commission and expenses.credit: https://twitter.com/ProphetDotsama/status/1624332890246115331
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