Smart Contract-based Trigger
What is a Smart Contract-Based Trigger?
A Smart Contract-Based Trigger initiates workflows whenever specific events occur on a designated smart contract. These triggers are highly versatile and tailored for Web3 use cases, making them ideal for automating responses to blockchain activity.
Smart contract events can include, but are not limited to:
Token Transfers: Triggered when tokens are sent or received from a wallet.
Swaps/Sales: Triggered by swaps on decentralised exchanges (DEXs) or sales on NFT marketplaces.
Staking Events: Triggered by staking or unstaking tokens in a staking smart contract.
NFT Activity: Triggered by minting, transfers, or sales of NFTs.
Smart Contract Updates: Triggered when a smart contract’s state is updated or modified.
Custom Contract Events: Triggered by custom-defined events within a specific smart contract (e.g., liquidation events, governance votes).
By configuring these triggers, users can monitor blockchain activity in real-time and automate workflows based on predefined conditions.
How Does It Work?
Users select a smart contract address, define the specific blockchain, and choose the type of event they wish to monitor. For instance:
Token Smart Contracts: Trigger workflows on transfers, approvals, or burns.
DEX Smart Contracts: Automate responses to swaps, liquidity additions, or token pair activity.
Staking Smart Contracts: Initiate actions based on staking or rewards distribution events.
NFT Smart Contracts: React to minting, listing, or purchasing events.
Each smart contract event provides granular data, which can be passed as inputs to subsequent functions within the workflow.
Examples of Smart Contract-Based Triggers
We will now explore practical examples for different types of smart contracts:
Token Smart Contracts (e.g., DOGE)
Swap Smart Contracts (e.g., WBTC/USDT)
Staking Smart Contracts (e.g., Staking of ETH/USDT)
NFT Collection Smart Contracts (e.g., monitoring Bored Ape Yacht Club sales)
Data Flow in Token Smart Contract Triggers
One of the key advantages of using Token Smart Contract Triggers is that all the data collected from the trigger is automatically passed to the subsequent steps in your workflow. This means you can utilise the information from the monitored events to:
Set Up Alerts: Send real-time notifications with detailed information, such as transaction amounts, wallet addresses, and event types.
Initiate Transactions: Automatically trigger actions like token transfers, trades, or updates to other blockchain systems based on the event data.
Enrich Databases: Save event data—such as sender, recipient, and transaction value—directly to your database for analytics, reporting, or compliance purposes.
Perform Conditional Actions: Use the data as input for conditional logic in workflows, enabling precise and automated decision-making.
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