OlympusDAO has built-in Chainlink VRF on Ethereum mainnet, opening entry to a verifiably random quantity generator that’s used to decide on winners of our no-loss raffle on the OlympusDAO protocol.
“This helps guarantee customers that the raffle is provably honest and clear, constructing a extra enjoyable and thrilling staking expertise for ohmies collaborating within the recurring (3,3) Collectively raffle,” the group stated in a word to CryptoSlate.
OlympusDAO and the (3,3) mania
Operated by a decentralized autonomous group (DAO), OlympusDAO goals to turn into a decentralized monetary reserve protocol for your complete blockchain ecosystem.
OlympusDAO ensures that every OHM will all the time be backed by at the least one greenback in worth by holding a specific amount of MakerDAO’s DAI inside its DAO treasury—though the token can enterprise upwards as a floating forex that’s topic to the whims of the free market.
The protocol accomplishes this by altering its provide by both minting or burning tokens based mostly on OHM’s worth. If the token worth drops beneath a greenback, making a surplus for the risk-free treasury worth relative to OHM’s provide, the protocol will purchase again and burn tokens utilizing treasury funds till the market worth returns to 1 greenback.
If the worth of OHM exceeds a greenback, the protocol will mint and promote tokens on the open market to purchase reserve belongings and improve its treasury funds.
OlympusDAO individuals may also stake their tokens on the platform to obtain sOHM, or staked OHM, which might all the time be redeemed for an equal quantity of OHM, as the availability of sOHM stays at a 1:1 ratio to the OHM token.
At any time when the protocol mints extra OHM and sells it on the open market, an equal quantity of sOHM is distributed to stakers in a provide rebase that occurs at 8-hour intervals, leading to repeatedly compounded rewards that may be redeemed for OHM at any time.
Alternatively, stakers can delegate their staking rewards to the (3,3) Collectively raffle—a no-loss raffle that swimming pools staking rewards collectively and rewards 3 fortunate winners who cut up the whole sOHM quantity.
How Chainlink helps
With the intention to assist guarantee provably honest drawings for the raffle, OlympusDAO wants entry to a safe random quantity generator (RNG) that any person may independently audit. Nonetheless, RNG options for good contracts require a number of safety concerns to stop manipulation and guarantee system integrity.
“After reviewing numerous options, we chosen Chainlink VRF as a result of it’s based mostly on cutting-edge tutorial analysis, supported by time-tested oracle infrastructure, and secured via the technology and on-chain verification of cryptographic proofs that show the integrity of every random quantity provided to good contracts,” the group stated.
Chainlink VRF works by combining block information that’s nonetheless unknown when the request is made with the oracle node’s pre-committed non-public key to generate each a random quantity and a cryptographic proof.
The OlympusDAO good contract will solely settle for the random quantity enter if it has a sound cryptographic proof, and the cryptographic proof can solely be generated if the VRF course of is tamper-proof. This gives our customers with automated and verifiable assurances instantly on-chain that raffle drawings are provably honest and weren’t tampered with by the oracle, exterior entities, or the OlympusDAO group.
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