Recharge Finance Integrates Chainlink VRF to Help Secure Recharge Zaps
We’re excited to announce that Recharge Finance — a cross-chain passive yield ecosystem — has integrated Chainlink Verifiable Random Function (VRF) on Binance Smart Chain mainnet. By integrating the industry-leading decentralized oracle network, we now have access to a tamper-proof and auditable source of randomness needed to fairly select winners in each Zap. Ultimately this creates a more exciting, transparent, and fraud-proof user experience, as users can enter Recharge Zaps for free knowing that winners are truly chosen at random.
Recharge Zaps are just a small part of the Recharge ecosystem, a game of chance allowing anyone, whether they are an existing Recharge holder or not, to win Recharge tokens and build up yield-boosting referrals for Recharge’s exciting upcoming products. This product offering also gives users an extremely low barrier for entry to the Recharge Ecosystem. This is a critical piece of our #GoodFi initiative to bring more users into the decentralized finance crypto ecosystem. Any user may participate in Zaps, even if they do not hold one of our native tokens. The tokens acquired give the user the ability to interact with our ecosystem and vote on important governance issues. Anyone, in any location, has the opportunity to join us as we build this outstanding community-based ecosystem.
In order to pick winners in Zap divisions, 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 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 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 Zaps 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 Recharge Zaps are provably fair and were not tampered with by the oracle, outside entities, or the Recharge Finance team.
As Recharge continues to innovate in the passive yield space, we plan on integrating Chainlink services into some of our exciting V2 products — asset bonds and treasuries — both of which will benefit from Chainlink Price Feeds and Keepers.
“Using Chainlink VRF for our Zaps allows us and our users to rest assured that winners are randomly chosen in a secure, decentralized manner. It is a powerful tool providing true on-chain verifiable randomness to our randomized reflection-based Zap contract, which allows our users to engage and feel confident with Recharge Reflection smart contracts. ” –Kate Wilson, Recharge Finance Project Lead
About Chainlink
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.
Learn more about Chainlink by visiting chain.link or read the documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About Recharge Finance
Recharge Finance is developing an entire ecosystem of passive-yield products that work seamlessly across different blockchains — removing the hassle of keeping track of staking contracts and having to bridge across different blockchains to maximize yield. Upcoming wrapped assets will provide stable passive yield on a variety of tokens, NFTs and other assets. Please visit our website at Recharge.Finance or check out our documentation at docs.recharge.finance
