Finding trustworthy and reliable data streams in decentralized protocols is one of the greatest challenges for many DeFi projects like YGY. The primary hurdle consists of the need to ensure that our protocol’s randomized NFT distribution schedule is provably fair and secure.
The problem: How do we attain access to randomness as an input to a smart contract, and execute upon it securely without any potential manipulation?
The solution: Chainlink VRF (Verifiable Randomness Function)
We are ecstatic to announce that YGY has integrated Chainlink VRF live on our mainnet! Chainlink VRF is a novel oracle solution that supplies smart contracts with a secure, provably fair source of on-chain randomness. This means that YGY can now prove to its users via an on-chain cryptographic proof mechanism that NFT lottery winners are selected in a fair and unbiased manner, which neither YGY developers nor external entities can tamper with. To understand its importance, let’s look at how YGY leverages NFTs.
YGY Gamification with NFTs
YGY’s NFTs are the gateway to the valuable gamification elements of yield farming within popular protocols such as yield boosts, governance, and the upcoming honeypot game. NFTs make up a significant part of the gamification aspect of YGY, and their generation/minting is just as gamified as their use. We use a percentage “chance” to determine the likelihood an NFT is generated, which depends on the user’s deposited amount into various smart contracts in the YGY ecosystem. Users and participants are therefore able to strategize how to best allocate funds in YGY to maximize their chances of winning yield-boosting NFTs.
To motivate users to participate and definitively prove that everyone has an equal chance to win and earn, we need to make sure that NFTs are distributed fairly. Fair, random selection is what keeps YGY fun, engaging, and profitable. However, while users can maximize their chances by increasing their deposit amounts, it is critical to note that they have no way of manipulating the root source of randomness to their benefit.
Chainlink VRF was the obvious choice for us as our Random Number Generator (RNG) solution, both from a paradigmatic perspective as well as on facets like security, reliability, and most importantly trust. Their proven track record of securing billions of dollars in value for leading smart contract applications on the mainnet instills our team with great confidence in their ability to provide us with the most secure and reliable solution. This protocol is also incredibly easy to integrate and employ as a shared cost model with other projects to create sustainable economics.
So what does this mean for you, the user? Above all else this means security. By using Chainlink’s trusted solution, we have removed a significant attack vector, paving the way for a reliable, secure YGY platform for all to use.
Introducing the NFT lottery system provides several more opportunities for adding value and fun to the YGY ecosystem, as the facet of randomness and entropy within smart contracts is an area we believe holds a lot of advanced use cases for YGY products, tokens, and the overall project; as well as others that may leverage our solutions.
We believe that the integration of the VRF system into our NFT structure is only the start of our integration with Chainlink, and we have identified several additional possibilities we plan to explore as we expand and build upon the YGY vision. Check out our social media links below to join our fast growing community!
YGY is a community-owned DeFi yield farming environment with a novel take on stablecoin farms, gamified yield boosting, and derivative collateral pools all tied together with unique weighted governance and LP+ regenerator systems.
The core vision of YGY is to build from the success of past projects and move into the near future through offering the logical next step in buybacks, gamification, unique rolling collateral pools among many other features.
If you’re interested in following the YGY project then feel free to join our social media channels below.
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
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