Decentralized finance (DeFi) offers users superior yield, transparency and control over their assets. As a result, DeFi has grown substantially in just the past year. Chainlink’s industry-standard Price Feeds and decentralized services are not only laying the groundwork for DeFi; capabilities like Chainlink VRF are powering exciting elements like dynamic NFTs and no-loss prize pools that are attracting even more users to DeFi.
Today, multi-chain yield optimizer Beefy Finance announced that its no-loss prize pool, Moonpot, integrated Chainlink VRF on the Binance Smart Chain mainnet. Moonpot was conceived as an innovative, fun opportunity for Beefy Finance users to win additional rewards on top of their existing guaranteed yield. VRF provides the tamper-proof, auditable source of secure randomness Moonpot requires to select weekly winners in a fair and unbiased manner.
“Moonpot would not be possible without a service like Chainlink VRF,” the Beefy Finance team told Chainlink Today. With Chainlink VRF, both Moonpot’s prize draws and users’ earnings are verifiable on-chain. “This allows users to trust Moonpot because they can verify every detail and every winning wallet each week,” the team said.
Chainlink VRF provides random number generation (RNG) with cryptographic proof, allowing hybrid smart contracts like Moonpot to access randomness while maximizing security and usability. Beefy Finance’s Head of Communications, pseudonymously known as Mooncow, told Chainlink Today that Moonpot’s integration of Chainlink VRF stems from Beefy Finance’s commitment to putting safety and security first.
“We see DeFi as a marathon, not a sprint,” he said. “When we look for partnerships, we only want to work with the best platforms and the best technology. The launch of Moonpot has given us the opportunity to add Chainlink to our list of credible partners.”
“Moonpot is built to onboard as many people into DeFi as possible.” Mooncow said he sees Moonpot achieving this goal as part of the Chainlink network, which is powering the vast majority of DeFi.
“Together we are stronger, and the best projects will rise to the top by supporting each other’s growth.”
To learn more about Moonpot, visit their website, Twitter, Discord, Telegram and GitHub.
Elizabeth Licorish is a writer and author whose work has appeared in HuffPost, PhillyVoice and Bustle. In 2008, she wrote and co-authored Innovation for Underdogs. In 2010, she wrote and edited Charles Manson Now. She received her MFA in creative nonfiction from Rutgers University and has ghostwritten hundreds of executive thought leadership pieces for some of the world’s leading experts across diverse industries. She has been writing and editing for influential blockchain projects since 2017, when she fell in love with decentralized finance’s potential to empower individuals in an economically just world. As the editor-in-chief of Chainlink Today, she’s passionate about telling the human stories behind some of the most promising technology in the fastest-growing blockchain ecosystem.