TeaSwap Finance Integrates Chainlink VRF to Secure SUGAR & TeaSport Raffles
We’re excited to announce that TeaSwap Finance — the social farming project on DeFi — has integrated Chainlink Verifiable Random Function (VRF) on the Binance Smart Chain mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, we now have access to a tamper-proof and auditable source of randomness needed to create fully efficient and automated Raffles. Ultimately this creates a more exciting, transparent, and fraud-proof user experience, as users can participate in Raffles using 2 of the 3 TeaSwap cryptocurrencies: SUGAR and TEASPORT while having the assurance of a fair game thanks to randomness verified through Chainlink VRF.
TeaSwap Finance is the first project combining DEFI (Decentralized Finance) and Gamified Farming (through TeaParties) in order to fund associations through their cryptocurrency funding programs and donations.
In order to launch, secure and automate our Raffles, we need 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 using on-chain data like block hashes can be exploited by blockchain miners, while off-chain RNG solutions like traditional data providers are opaque and don’t provide users with definitive proof about the integrity of the process.
After reviewing various solutions, we selected Chainlink VRF because it’s based on cutting-edge academic research, supported by Chainlink’s time-tested oracle infrastructure, and secured through the generation and on-chain verification of cryptographic proofs that guarantee 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 Raffle smart contract will only accept the random number input if it has a valid cryptographic proof, and the cryptographic proof can only be generated if the VRF process is tamper-proof. This provides our users with automated and verifiable assurances directly on-chain that TeaSwap is provably fair and cannot be tampered with by the oracle, outside entities, or the TeaSwap team.
This is the first step of integration for TeaSwap. After long discussions with ChainLink, we clearly understood the potential of their VRF and integration of data feeds. These discussions lead us to the following ChainLink product we want to integrate for the Olympics, together with Keeper Network, to ensure an additional protection against Flash Loans — again thank you ChainLink team for the joint efforts and help in code integration. We strongly believe this is the start of a strong and beneficial integration.
“When we first discussed with Chainlink team, especially solution architect, we clearly understand Chainlink had the tools to automate a lot of things in our innovative interactive farming. This leads to bring TeaSwap in a new dimension as the possibilities were, before that integration, limited by the team resources.
Chainlink made us break our chains and gave us the means to achieve new challenges until now labeled “unreachable”. Thank you Chainlink team and let’s bring the integration to a deeper level!”
Crash, CEO of TeaSwap Finance
With Taste! 🍵
And Sports ! ⚽🥇
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
About TeaSwap Finance
TeaSwap Finance is the first project combining DEFI (Decentralized Finance) and Gamified Farming (through SportParties and TeaParties) in order to fund associations through their cryptocurrency funding programs and donations.
Through current SportParties, users get a real opportunity and interest to discover, follow and be incentivized by sports & e-sports. The gaming aspect helps discover and support sports but also helps to know and understand DEFI mechanics and endless possibilities. Education to DEFI is one of the strong TeaSwap pillars.
During Q3 2021, we will launch one of our main DEFI feature and famous DEFI events that we called TeaParties, to let holders and farmers earn famous coins like Bitcoin, Etherum , Link, Elrond with TeaSwap tokens.
With a lot of these things already live and some coming: Gamified Farming through sport/e-sport, discover a lot of top-tier Cryptos (through Tea Parties), Vaults (Auto-compounding Yield aggregator), Raffles, DAO (Decentralized Autonomous Organization) and votes, IFOs (Initial Farms Offerings), AMM, Crosschain,… TeaSwap aims to be a central place and main player of the DEFI for now and the coming challenges.