SynFutures Integrates Chainlink VRF To Help Ensure Fair Award Distribution in Campaigns
The SynFutures team is excited to announce that we have integrated Chainlink Verifiable Random Function (VRF) on Polygon mainnet. By integrating the industry-leading decentralized oracle network, we now have access to a tamper-proof and auditable source of randomness needed to help fairly select winners in non-custodial marketing campaigns on SynFutures V2 mainnet, as well as on future iterations of the platform. Ultimately this creates a more exciting and transparent user experience, as SynFutures campaign participants can rest assured that winners are impartially chosen.
To help ensure non-custodial marketing campaign winners are determined in the most transparent way possible, 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 derived from blockchain data like block hashes can be exploited by miners/validators, while off-chain RNG solutions derived from off-chain APIs are opaque and don’t provide users with definitive proof of the integrity of the process.
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 SynFutures 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 campaign winner selection is provably fair and was not tampered with by the oracle, outside entities, or the SynFutures team.
In addition to campaign winner selection, we will also explore other use cases for Chainlink VRF, including NFT distribution. SynFutures currently uses Chainlink Price Feeds as a spot index price feeder for SynFutures V1, the first iteration of our decentralized derivatives trading platform.
“As the SynFutures community continues to grow, having a secure, transparent way of selecting rewards winners is important in maintaining an equitable trading environment and democratizing derivatives trading for the next generation of users,” said Rachel Lin, co-founder and CEO of SynFutures. “Having integrated Chainlink’s services in other capacities on our platform, we’re excited to utilize Chainlink VRF in future marketing campaigns.”
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Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
SynFutures is a next-generation derivatives exchange focused on creating an open and trustless derivatives market by enabling futures trading on anything, anytime, anywhere. By cultivating a free market and maximizing the variety of tradable assets, SynFutures is lowering the barrier to entry in the derivatives market, creating a more equitable derivatives market.