WigoSwap, a DeFi platform that offers multiple services, has integrated Chainlink Automation, Price Fees, and Verifiable Random Function (VRF) to help enhance their upcoming lottery feature with a transparent source of randomness needed.
WigoSwap is an integrated DeFi platform on the Fantom network, offering many Web3 products to its users, including a Decentralized Exchange (DEX), a farming and staking pool, a mini-game, an NFT marketplace, and many more valuable products.
“We are pleased to integrate multiple Chainlink services to bring new functionality to our platform and enhance the user experience. Chainlink Automation is the most battle-tested automation service in DeFi, and it will undoubtedly increase the reliability of our on-chain prediction minigame.”Aaron, CEO at WigoSwap.
By integrating the world’s most transparent and user-friendly oracle network, WigoSwap now has access to a tamper-proof and auditable source of randomness needed to help trigger rounds in its mini-game, in which players predict if the price of FTM/USD will be higher or lower. (Chainlink Automation)
It will also help settle the prediction rounds based on tamper-proof price data Chainlink Price Feeds offers. In addition to that, Chainlink VRF will assist WigoSwap in determining the selection of winners in their upcoming lottery game.
Chainlink VRF is a highly secure and provably fair source of on-chain randomness for all kinds of blockchain-based applications, NFTs, and games. Random Number Generation (RNG) is a mechanism for unpredictability.
RNG secures the outcome against reverse engineering. However, it’s vulnerable to miner attacks, and it requires complete trust in the data provider when it comes to off-chain implementation.
Chainlink VRF is explicitly designed to support smart contracts’ needs, providing them with an open-source and easily integrated RNG solution directly auditable on-chain by any user via cryptographic proofs. With this technology, even the oracle provider or the project developers can’t tamper the outcome.
Chainlink Price Feeds
Chainlink Price Feeds provide real-time and accurate price data as the users have to pay for transactions. With Price Feeds, users must ensure what they are paying for.
The Chainlink Price Feeds is the most time-tested oracle solution and not only that, it has secured tens of billions of dollars of investment from leading projects in GameFi, Blockchain gaming, and De-Fi.
Still, that’s not why Chainlink Price Feeds is hailed and appreciated in the market. Why is it then? Let’s talk about some of the key features.
Decentralized: This network is decentralized from the core. Not only at the data source but also at its oracle network levels and oracle nodes are, as well. This can be used to predict downtime which is a crucial problem in this domain.
Transparent: Chainlink Price Feeds provides a number of tools for monitoring that can be used to acknowledge the past performance of oracle networks and node operators. Not only that, the real-time price can also be checked.
High-Quality Data: This chain takes data from high-quality sources and reputed exchanges to for performing the analysis. The chain makes sure to maintain the quality of the data by eliminating irrelevant patterns and outliers. All this makes it possible for the Chainlink model to generate a more precise and accurate market price. This result is highly unlikely to be affected by API downtime, flash loans, and other data manipulation attacks.
Chainlink Automation is a decentralized service built to manage tasks on behalf of smart contracts. It is a highly reliable, performant, and decentralized automation system that ensures transactions are identified and confirmed quickly!