Cryptocurrency

Sphynx Labs Is Looking Forward to Integrating with Chainlink

The integration of Sphynx Labs with Chainlink helps in implementing stop-loss and receiving accurate and real-time token pricing data.

Sphynx Labs, called the decentralized exchange, is officially integrating three different decentralized services, Chainlink, the leading network of Oracle, in a decentralized manner.

Sphynx is working towards the enhancement of functions in its platform by-

  1. Using Chainlink VRF to verify that its drawing games are provably fair.
  2. Working with Chainlink Keepers to provide additional stop-loss and take-profit order features to our DEX.
  3. Using Chainlink Price Feeds, you may get reliable, real-time token pricing data.

Building Fair Games using Chainlink VRF

Chainlink VRF is an on-chain random number generator that is both safe and auditable (RNG). Using on-chain cryptographic proofs proving the complete process of RNG is fool-proof, Chainlink VRF offers randomness that drawing games may employ to determine winners.

Integration of Chainlink VRF is quite vital for ensuring irrefutable transparency in all drawing games of Sphynx Labs since any user can now independently change the RNG’s integrity to ensure it’s impartial, unexpected, and fool-proof.

With Chainlink VRF integrated, customers are certain that everyone gets an equal chance to win rewards while playing a fun and exciting new game.

Automating DEX orders using Chainlink Keepers

Chainlink Keepers falls under the smart contract service based on predetermined criteria using off-chain compute. The Keepers service is powered by the same network of premier DevOps teams, organizations, and data suppliers that enable Chainlink Price Feeds, which help safeguard tens of billions of dollars across the DeFi landscape.

Stop-loss also the take-profit orders get support from Chainlink Keepers at Sphynx Labs. Smart contracts are triggered when Chainlink Keepers keep checking orders to see whether specific conditions are satisfied, to execute or sell positions at certain times and prices.

Due to Chainlink Keepers’ decentralized, hyper-reliable design, this functionality essentially allows users to submit “set-and-forget” positions that are performed properly.

Chainlink Price Feeds are currently being used by Sphynx Labs to show price data in real-time for supported items on the Sphynx Labs exchange. Sphynx Labs has first incorporated a few Chainlink Price Feeds, with more on the way.

Click on the link to know more about Chainlink future prices.

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