Achievement Unlocked: Sphynx Labs Plans Integrations with Leading Oracle Provider, Chainlink
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.
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.
This feature effectively allows users to post “set-and-forget” positions that are executed accurately thanks to Chainlink Keepers’ decentralized, hyper-reliable architecture.
Accessing Secure, Reliable Price Data With Chainlink Price Feeds
Chainlink Price Feeds are the industry-standard market data solution providing smart contract applications with up-to-date, globally accurate price data. Integrating Chainlink Price Feeds was an essential part of Sphynx Labs’ plan to become a premium, all-in-one DEX solution.
Sphynx Labs is now utilizing Chainlink Price Feeds to display real-time price data for each supported asset on the Sphynx Labs exchange. Initially, Sphynx Labs has integrated several Chainlink Price Feeds, with more to come in the future.
“With Chainlink, we now have the high-quality off-chain computation and real-world data we need to enhance our all-in-one platform and help move Sphynx Labs one step closer to becoming a leading DEX. Sphynx Labs is looking forward to integrating more Chainlink services with the goal of providing premium products and user experiences to both Sphynx Labs users and eventually, the entire blockchain industry.” — Lonzo of Sphynx Labs.
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 reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About Sphynx Labs
Sphynx Labs is a multi-chain decentralized exchange, AMM, and launch pad that aims to provide an all-in-one solution for trading, farming, staking, and launching projects.
The platform provides a birds-eye view of your assets, dynamic charts, farms, staking portals, and launchpad for projects to create and manage their presales.
To learn more about Sphynx Labs, visit https://sphynxlabs.co/.
