xWIN Finance Integrates Chainlink VRF to Bring Verifiable Randomness to Its Lucky Draw
xWIN Finance is excited to announce that we have integrated Chainlink Verifiable Random Function (VRF) to fairly select winners in our weekly lucky draw. Chainlink VRF is the leading RNG solution for smart contracts that need on-chain randomness, helping make the xWIN lucky draw and tamper-proof and transparent game.
What is xWIN?
xWIN Finance is a decentralized fund management platform built on Binance Smart Chain. Our goal is to create a one-stop DeFi protocol where even beginners can earn profits. The xWIN platform provides the following main features:
- Crypto Indexes: Baskets of tokens that track a variety of sectors.
- Trading Vaults: Baskets of crypto assets managed by social and professional traders.
- Stablecoin Fixed Rate Staking: Fixed-rate USDT/BUSD staking.
- Yield Optimizer Vault: Auto-compounder for the Pancakeswap farming pool.
- Private Investor Vault: Vault where we cater to the specific investment needs of private investors.
- Farming: Farm with your xWIN Vault token or XWIN token to gain even more XWIN tokens.
- Lucky Draw: Our latest addition. The motivation behind it is to attract new users while creating more benefits for our existing user base.
What Is the Lucky Draw and How to Participate
It’s free and simple, you are eligible to enter the lucky draw if you meet EITHER of the following criteria:
- Stake at least 5 XWIN/BNB LP tokens in xWIN Farm
- Stake at least 400 XWIN tokens in xWIN Farm
Once you’ve made sure that you meet either of the criteria to enter, click on “Register for Lucky Draw” and sign the transaction. You only need to register your wallet once. After that, you will be automatically enrolled for every round of the lucky draw as long as you maintain the required amount of staked tokens.
How Is the Random Number Picked in the Smart Contract?
xWIN is using Chainlink VRF to select winners in its lucky draw. Chainlink VRF is important because accessing a provably fair and secure RNG solution is a more challenging task than many projects think. For example, using RNG solutions derived from on-chain data like blockhashes introduce vulnerabilities where miners can choose to publish a block only when this would generate more favorable results for themselves. On the other hand, RNG solutions derived from off-chain providers are opaque, requiring users to trust that the centralized data provider won’t manipulate the results to their benefit.
Chainlink VRF overcomes these limitations 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 xWIN 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 helps provide users with automated and publicly verifiable proof directly on-chain that our lucky draw is provably fair and was not tampered with or predicted by the oracle, outside entities, or the xWIN team.
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 xWIN Finance
xWIN Finance (symbol: XWIN) is a decentralized fund management platform built on Binance Smart Chain. We make investment easier for you by simplifying the investment process in DeFi. Our products focus on portfolio diversification (Crypto Indexes, Trading Vaults) and yield-earning functions (Stablecoin Fixed Rate Staking, Yield Optimizer Vault, Farming).
