Achievement Unlocked: Sphynx Labs Integrates 3 Decentralized Services From Leading Oracle Provider Chainlink

By January 14, 2022DeFi
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Wilmington, Delaware--(Newsfile Corp. - January 14, 2022) - Sphynx Labs, an AIO (All-in-One) decentralized exchange (DEX), has officially integrated three different decentralized services from Chainlink, the industry-leading decentralized oracle network.

Sphynx Labs

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Specifically, Sphynx Labs is enhancing the functionality of its platform by:

1. Helping ensure its drawing games are provably fair with Chainlink VRF
2. Implementing new stop-loss and take-profit order functionality in our DEX with Chainlink Keepers
3. Receiving accurate, real-time token pricing data with Chainlink Price Feeds

Building Fair Drawing Games With Chainlink VRF

Chainlink VRF is a secure and auditable on-chain random number generator (RNG). Chainlink VRF provides a provably fair source of randomness that drawing games can use to select winners, with on-chain cryptographic proofs showing that the RNG process was tamper-proof.

Integrating Chainlink VRF was very important to bringing undeniable fairness and transparency to Sphynx Labs' drawing games, as any user can now independently audit the integrity of the RNG to verify that it's unbiased, unpredictable, and tamper-proof.

With the integration of Chainlink VRF, users can rest assured that all users have an equal opportunity of winning prizes while enjoying a fun and amazing new game.

Automating DEX Orders With Chainlink Keepers

Chainlink Keepers is a secure smart contract automation service that uses off-chain computation to automate smart contracts according to predefined conditions. The Keepers service leverages the same groups of leading DevOps teams, enterprises, and data providers that help power Chainlink Price Feeds-which currently help secure tens of billions of dollars across the DeFi landscape.

Sphynx Labs is now using Chainlink Keepers to support stop-loss and take-profit orders. Chainlink Keepers continuously monitor user orders to verify whether predefined conditions are met, triggering smart contracts to exercise or sell positions according to preset times and prices.

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