Libre DeFi Integrates Multiple Chainlink Services to Support Fair Giveaways and Multi-Chain DeFi
Libre is excited to announce that they have integrated several Chainlink services into the Libre Ecosystem.
The integration involves the use of Chainlink Verifiable Random Function (VRF) on Binance Smart Chain and Polygon to help them select winners in the upcoming ‘staking for NFTs’ event later next month. Libre is also using Chainlink Price Feeds on Avalanche, Binance Smart Chain, and Polygon to provide their staking/farming platform with high-quality price data.
Chainlink VRF enables smart contracts to access on-chain verifiable randomness without compromising on security. With every new request for randomness, Chainlink VRF generates a random number and a cryptographic proof of how that number was determined. The proof is published and verified on-chain before it can be used by any consuming application. This process ensures that the results cannot be tampered with nor manipulated by anyone, including oracle operators, miners, users, and smart contract developers.
Since the Libre NFTs are limited and only available to those who stake Libre tokens in designated pools, not all users who stake will earn an NFT. As such, Libre is using a raffle system to distribute NFTs to users. This is where Chainlink VRF comes into play, helping ensure a verifiably fair and transparent selection process to choose which wallets will be awarded the NFTs.
As their platform grows, Chainlink VRF will support more raffle-type events. For example, in the future, they will integrate various LIBRE-based rewards that will be dependent on a raffle system. Chainlink VRF helps ensure that the selection process in these events is verifiably fair and transparent.
In addition to VRF, they are also using Chainlink Price Feeds — a staple in the DeFi space — to provide the Libre staking/farming platform with accurate, up-to-date price data. Chainlink Price Feeds power the Libre Dashboard for V2 of the farming protocol in order to help ensure accuracy in a single call, making the end-user experience more efficient and streamlined. Premium price data supplied by Chainlink also supports accurate portfolio tracking information in the Libre dApp.
“We believe the DeFi ecosystem has a lot of room to grow — both in terms of users and the number of networks it can expand to. By integrating multiple Chainlink services, the Libre DeFi platform gains access to time-tested decentralized infrastructure that has already proven to be key to the blockchain industry.” — Julian Vasil, Founder and CEO of Libre DeFi
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 and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or read the documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About Libre
Libre is a next-gen DeFi protocol that provides a scalable, all-inclusive, cross-chain platform for new and veteran cryptocurrency enthusiasts alike. The ethos of Libre is to provide “DeFi for all” by allowing users to take advantage of all of the benefits DeFi has to offer under one roof. With its simultaneous launch on BSC, Polygon, and Avalanche, Libre combines components of influential DeFi projects to bring one holistic platform that comes with all-encompassing features for crypto enthusiasts. What started out as a Single Asset Entry yield farming and staking protocol, is quickly growing into a host of additional features such as a DEX, Stablecoin, Retail Marketplace, NFT platform, Launchpad, and much more!
