Chainlink

Sphynx Labs X Chainlink

Sphynx Swap, an AIO (All-in-One) solution for trading, staking, and farming platform, has partnered with Chainlink, a decentralized oracle network for any smart contract. This strategic collaboration will allow Sphynx Swap to utilize the expert services of Chainlink to enhance its performance by:

1. Utilizing Chainlink VRF in the Sphynx Lottery and NFT Marketplace

2. Utilizing Chainlink Keepers for Stop-Loss Implementation

3. Integrating price feeds on the DEX

Utilities

Sphynx Swap Utilizing Chainlink VRF for Provably Fair Way to Draw Lottery Winners.

As the industry’s leading secure and auditable RNG, Chainlink VRF provides a provably fair source of randomness used to select winners in our Lottery V2 application, along with a supporting cryptographic proof that verifies the RNG process as tamper-proof.

The integration of Chainlink VRF, lottery players can rest assured that all users have an equal opportunity of winning prizes while enjoying the fun new game.

Integrating Chainlink VRF was very important to bringing undeniable fairness and transparency to our random number draws, as any user can independently audit the integrity of the RNG to verify that it’s unbiased, unpredictable, and manipulation resistant.

Sphynx Swap Utilizing Chainlink Keepers to Support Stop-Loss Functionality

Chainlink Keepers utilize decentralized, low-cost off-chain computation to carefully monitor user-defined conditions and then trigger on-chain functions once these conditions are met. Chainlink Keepers are run by the same professional node operators that secure Chainlink Price Feeds, which currently secure tens of billions of dollars across DeFi.

Most notably, these node operators are managed by professional DevOps teams that have proven to be highly reliable during extreme market volatility and network congestion. Chainlink Keepers are also optimized for low cost by using a rotating node framework with automated failover, mitigating against price auction gas wars.

In short, Chainlink Keepers perform automated jobs on-chain whenever key conditions are met.

Sphynx Swap will soon make use of Chainlink Keepers to support stop-loss and take-profit orders.

Our front-end interface will be updated to allow for users to set orders in advance to automatically exercise (or sell) positions at a specified future time or underlying price. This feature will effectively allow users to “set-and-forget” their positions to execute orders, and be assured they will be executed according to their order.

Keep in mind, this will require users to either pre-pay the gas for their sell transaction, or for a community Keeper fund to be created and maintained for this purpose.

We will work with the community over the coming weeks to ensure the best possible solution is utilized by the protocol.

Sphynx Swap to Use Chainlink Price Feeds for Real-Time Token Pricing

Chainlink is the industry standard for providing up-to-date, real time decentralized Data Feeds. With Sphynx Swap looking to set the standard for decentralized options, it would be doing the Sphynx Swap community a disservice to use any provider other than Chainlink for Sphynx Swap’s price feeds.

We are happy to announce that Sphynx Swap will be utilizing Chainlink Data Feeds to provide real-time pricing for the supported assets on the Sphynx Swap exchange. With the launch of V2, this will include ETH, BNB, LINK, & FRAX, with more to come.

Sphynx Swap looks forward to continuing to integrate with Chainlink services to provide best-in-class products and user experiences, not just for Sphynx Swap, but for all of DeFi!.

Chainlink enables smart contracts for a blockchain network to help them leverage off-chain resources such as tamper-proof price data, verifiable randomness, keeper functions, external APIs and much more. Using these resources, Chainlink helps blockchain networks optimize their functionality and develop a reliable and trusted platform for investors with accurate real-time data and decentralization.

About Chainlink

Chainlink is a decentralized oracle network for smart contracts. It offers a decentralized meta-layer of oracle networks that provide smart contracts with the ability to seamlessly use and develop decentralized services accelerating dApp development, cross-chain functionality and harmonizing disparate technologies.

Chainlink is driven by a large open-source community of data providers, smart contract developers, node operators, researchers, security auditors and more. To learn more about Chainlink, visit https://chain.link/.