Potluck Labs Integrates Chainlink Price Feeds and VRF

Published on: 16.07.2022
Potluck Labs Integrates Chainlink

The Potluck Labs Integrates Chainlink Price Feeds and VRF. Potluck Labs initially referencing the AVAX/USD Price Feed on Avalanche & the FTM/USD Price Feed. On Fantom to help NFT buyers make informed decisions by displaying accurate price conversions. In addition, Potluck Labs has integrated Chainlink VRF to help ensure NFT projects launching on the platform have full access to a source of tamper-proof randomness, giving them the ability to fairly distribute rare NFTs to their community members in a seamless manner.

Potluck Labs was launched by Potluck Protocol in December 2021. Since that time, Potluck Labs has seen over 30 unique NFT mints, from projects Astrokids, Bot Squad Chickens, & Swol Chads. A unique aspect of the NFT incubator is that wallets holding NFTs from Potluck Labs-approved collections gain a small number of LABS — Potluck Labs’ native token — on a second-by-second basis. Currently, Potluck Labs live across Avalanche, Fantom, & Polygon, there are plans to expand to additional blockchains in the future.

The Potluck Labs team decided to integrate Chainlink Price Feeds for pricing conversions because they are hyper-resistant to data manipulation attacks and single points of failure, helping ensure NFT prices reflect globally accurate fair market rates with a high level of reliability.

Additionally, being an NFT incubator, one of the requests coming from users was that they needed a verifiably random way to distribute rare NFTs when launching collections on Potluck Labs. Thus, they decided to integrate VRF because it is the fairest, most transparent randomness solution available in the blockchain space.

Chainlink VRF works by combining block data that is still unknown when the request made with the oracle node’s pre-committed private key to generate both a random number and a cryptographic proof. The Potluck Labs smart contract will only accept the random number input if it has a valid cryptographic proof. The cryptographic proof can only be generate if the VRF process tamper-proof. This helps users with automated & publicly verifiable proof directly on-chain that NFT drops using VRF for randomness provably fair.

About Chainlink

Chainlink the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Oracle networks provide smart contracts with a way to reliably connect to any external API & leverage secure off-chain computations for enabling feature-rich applications. Currently secures tens of billions of dollars across DeFi, insurance, gaming, major industries, & offers global enterprises & leading data providers a universal gateway to all blockchains.

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About Potluck Labs

They help artists build out generative projects that are focused on the art first & foremost. Beyond the art, they then provide an ecosystem of value. This includes: NFT staking, $LABS utility token, GameFi partnerships & much more. Potluck also on the forefront of cross-chain & technical innovation. Many of the collections are traversable between multiple chains.

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