CroxSwap Has Integrated Chainlink VRF
CroxSwap Integrates Chainlink VRF to Help Determine Lucky Draw Winners
The CroxSwap has integrated Chainlink VRF. CroxSwap — a decentralized dual farming and staking platform — has integrated Chainlink Verifiable Random Function (VRF) on BNB Chain mainnet. By integrating the industry-leading decentralized oracle network, they now have access to a tamper-proof and auditable source of randomness needed to help determine winners in their lucky draw. Ultimately this creates a more exciting and transparent user experience, as users can independently verify that draw outcomes are fair.
VPOTS Feature:
VPOTS = Vaults + Jackpots. It is a unique approach to creating competitive staking with the added bonus of potentially winning a reward. VPOTS is divided into two phases.
Phase 1
The Vault phase where users deposit their assets into the Vault to earn rewards with a minimum deposit fee of around 5%. As it is a competitive staking game, early depositors will earn the 3% fee paid by new depositors. In other words, each time a new deposit takes place in the vault. Previous depositors earn a flat 3% share for parking their tokens in the vault. 1% of new deposits is supply to the lucky draw pool and the remaining 1% from the deposit fee goes to the Crox liquidity pool.
Phase 2
The lucky draw enabled. The lucky draw happens every 15 days. The deposit fees accumulate throughout the 15 day period are convert into the Prize Pool. This where Chainlink VRF is use to help pick a random winner for each draw.
In order to help ensure that the randomness supporting the lucky draw is provably fair, we 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 exploit by miners/validators, while off-chain RNG solutions derived from off-chain APIs are opaque & don’t provide users with definitive proof about the integrity of the process.
Chainlink VRF
After reviewing various solutions, we selected Chainlink VRF because it’s based 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 CroxSwap 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 is tamper-proof. This provides their users with automated & verifiable assurances directly on-chain that game outcomes supported by Chainlink VRF. Provably fair and were not tampered with by the oracle, outside entities, or the CroxSwap team.
CroxSwap also intends to launch on Polygon, Fantom, and other EVM-based networks. Also, mplement Chainlink VRF on those networks as the preferred randomness solution. Other Chainlink services, ChainlinkPriceFeeds and ChainlinkKeepers, are also being considered for future products such as a DEX & bridge aggregator.
About Croxswap
CroxSwap is a decentralized next-generation multichain yield farming protocol which offers dual rewards for staking and farming. CroxSwap’s cross-chain bridge aggregator (in progress) will be the cheaper & faster service to transfer your assets across networks without any hassle.
About Chainlink
The Chainlink the industry standard for building, accessing, & 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.
