BSC News

ApeSwap Integrates Chainlink VRF to Create Random Non-Fungible Apes NFT Distribution

ApeSwap will adopt the random number generator for their ecosystem to ensure that weekly draws are transparent, adding more utility value to the custom NFTs.

ApeSwap Announces Chainlink VRF Integration 

ApeSwap announced the integration of the random number generator from Chainlink VRF (Verifiable Random Function). The announcement through Medium on June 30th explained how ApeSwap would use the VRF to select winners of its weekly Non-Fungible Ape (NFA) holder rewards draw. When it comes to random number generation (RNG), Chainlink VRF is number one in the industry. Nobody can tamper with selecting random numbers, so ApeSwap’s weekly distributions of BANANA tokens to random Non-Fungible Apes (NFAs) holders will be fair as can be. 


Non-Fungible Apes NFT Rewards Program Powered By RNG

ApeSwap provides a full suite of decentralized finance (DeFi) products on Binance Smart Chain (BSC). The protocol offers users numerous services such as yield farming, Initial Ape Offerings (IAO) for newly created tokens, NFAs for non-fungible token (NFT) collectors, plus BANANA staking pools, and more. ApeSwap created its platform to make the DeFi experience worthwhile for lovers of Binance Smart Chain, and as such, its ecosystem has experienced significant growth with $280M+ in Total Value Locked (TVL)

Source

To show appreciation and reward the community for their tremendous support, the decentralized exchange (DEX) created a rewards program called “Saturdays Are For The NFAs.” The program is exclusive to all NFA holders, and each stands a chance to win awards in BANANA tokens. The RNG solution offers transparency and is tamper-proof, ensuring that every NFA holder has the opportunity to win rewards. Although many RNG solutions are vulnerable to attacks and manipulation, Chainlink’s VRF is tested and trusted. 

Why Chainlink VRF? 

ApeSwap selected Chainlink’s VRF due to its tamper-proof randomness solution. With this solution, users can independently verify its authenticity. The VRF solution works by combining unknown block data when the request has been made with a seed supplied by the user and the oracle node’s private key to create a random number and a cryptographic proof. 

The unique product provides smart contracts with an on-chain source of secure randomness, verifiable by users. ApeSwap’s reward contract will only accept random numbers with valid cryptographic proof. If the VRF is not tampered with, cryptographic proof will be created. Therefore, NFA holders are assured that winners are chosen reasonably without the interruption of users, oracles, and the ApeSwap team. 

Final Thoughts

Chainlink’s VRF addition should propel more users to obtain NFAs. It creates a genuinely unpredictable gamified experience for NFA holders while ensuring that rewards are obtainable without fear of manipulation. Anyone who purchases NFAs will automatically enter the rewards program and stand a chance to obtain rewards via the VRF tamper-proof model. In short, Chainlink VRF integration into the ApeSwap ecosystem will provide users the assurance that weekly draws are transparent, trustworthy, and winners are randomly selected. 

Source

About ApeSwap 

ApeSwap is a top name in the BSC network. It is the leading DEX on the BSC, which offers users the best trading experience. ApeSwap is a blend of a decentralized exchange, yield farming, staking, and an automated market maker (AMM). ApeSwap users are urged to partake in its liquidity pool offerings via yield farming to earn its native BANANA token. What's more, these earned tokens can be used to stake and earn other tokens and unlock deluxe features. 

For more information about ApeSwap, visit the platform's media links: Website | Twitter |Medium | Telegram


How would you rate this article?

Related News