PEAKDEFI Integrates With Chainlink
PEAKDEFI integrates with Chainlink Verifiable Random Function (VRF) and Chainlink Keepers on the BNB Chain mainnet. They are using the industry-leading RNG solution to help randomly select winners in its launchpad, and the decentralized automation solution to help automatically calculate and distribute IDO allocations.
PEAKDEFI is constantly striving to offer new products and services from which our DeFi community can benefit. Most recently, its new project, the PEAKDEFI Launchpad, came on the market. It’s a platform that allows users to gain early access to the latest blockchain projects.
HOW CHAINLINK HELPS PEAKDEFI
In order to help select launchpad winners, PEAKDEFI needed access to a secure random number generator (RNG) that any user could independently audit. However, RNG solutions for smart contracts require several security considerations to prevent manipulation and ensure system integrity.
For instance, RNG solutions derived from blockchain data like block hashes can be exploited by miners/validators, while off-chain RNG solutions derived from off-chain APIs are opaque and don’t provide users with definitive proof of the integrity of the process.
After reviewing various solutions, PEAKDEFI selected Chainlink VRF. Because it is base on cutting-edge academic research. Supported by a time-tested oracle network, and secured through the generation and on-chain verification of cryptographic proofs that prove the integrity of each random number supplied to smart contracts.
Chainlink VRF works by combining block data that is still unknown when the request is made with the oracle node’s pre-committed private key to generate both a random number and a cryptographic proof.
The PEAKDEFI smart contract will only accept the random number input if it has a valid cryptographic proof, and the cryptographic proof can be generates if the VRF process is tamper-proof. This provides its users with automated and verifiable assurances directly on-chain that the randomness used to select winners is provably fair and was not tampered with by the oracle, outside entities, or the PEAKDEFI team.
Moreover, Chainlink Keepers are a decentralized service purpose-built to manage tasks on behalf of smart contracts. In addition, Chainlink Keepers serve as a decentralized, hyper-reliable, and economically incentivized automation bot. Wakes up smart contracts when they need to perform critical on-chain functions.
Furthermore, Chainlink Keepers enables PEAKDEFI to automatically distribute allocations to winners in a decentralized manner. Saving valuable developer resources and helping avoid the risks of using a centralized automation solution.
ABOUT PEAKDEFI
PEAKDEFI is a self-funded project that brings promising projects to the DeFi community. It started in 2020 and has since established itself as an ecosystem powered by various DeFi dapps. Furthermore, the ecosystem consists of a decentralized Launchpad to maximize profits through new projects, a DeFi Fund. Automatically helps investors achieve the best investment performance. Through smart contracts and an efficient, multichain DeFi wallet for iOS and Android. Provides users with direct access to a fast app browser and staking features, all in one mobile app.
ABOUT CHAINLINK
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink 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.
