Penguin Finance Will Integrate Chainlink VRF to Secure the Penguin Arena Gamified dApp
We’re excited to announce that Penguin Finance — the leading gamified DeFi hub on Avalanche — will integrate Chainlink Verifiable Random Function (VRF) on the Avalanche blockchain. By integrating Chainlink’s industry-leading decentralized oracle network, we can obtain access to a tamper-proof and auditable source of randomness needed to determine the victors of the Penguin Arena and distribute rewards accordingly. Ultimately this creates a more exciting, transparent, and fraud-proof user experience, as users can enjoy ultra-fast settlement on their actions with peace of mind.
Penguin Finance is an innovative DeFi project on the Avalanche Network. In the last five months, PeFi has managed to build a fully-fledged ecosystem; leveraging on near-instant transactions, paramount levels of decentralization, and low gas fees. Currently, the project offers yield-aggregation, farming, staking, fundraising, and gaming dApps that can’t be found on any other blockchain. The upcoming Penguin Arena will be ground-breaking, marking the first interactive NFT game ever built on Avalanche. By incorporating programmatically, randomly generated Penguin NFTs in a PvP gaming dApp, this DeFi project plans to make history.
In order to securely and fairly determine the winners within the Penguin Arena game, 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 Penguin Finance 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 the Penguin Arena is provably fair and cannot be tampered with by the oracle, outside entities, or the Penguin Finance team.
This integration will not only power the Penguin Arena but also the Penguin NFTs themselves. Their core stats will be determined in a provably fair fashion along with the result of each duel. Penguin Finance will also leverage Chainlink’s Price Feeds within its Prediction Markets. This enables their users to predict price movements and receive rewards in a vast array of cryptocurrencies.
“After testing several off-chain and on-chain solutions to settle battles within our PvP game, nothing seemed to be both secure and fast. At least, that’s until we discovered Chainlink’s VRF. It is the industry’s gold standard for such applications. It’ll provide the safest, most convenient solution for our users playing on the battlegrounds.”
-Frostbyte, Project Manager
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 Penguin Finance
Penguin Finance is a platform powered by Avalanche building an innovative set of decentralized applications, financial products, and documentation for both technologically savvy individuals and those with absolutely no knowledge of cryptocurrency.
We’re bridging the gap between DeFi and mass adoption by offering ultra-low fees, an intuitive UX design, and the best documentation/tutorials. PeFi is made for penguins, by penguins.