OlympusDAO integrates Chainlink VRF for ‘provably fair’ no-loss raffles

OlympusDAO has integrated with Chainlink to provide verifiable random function (VRF) services for choosing winners of the protocol’s ‘no-loss’ (3,3) Together raffle.

The integration will assure users of Olympus that the raffle is ‘provably fair and transparent’ via the use of a random number generator – all controlled and guaranteed by VRF. 

Olympus chose Chainlink to provide VRF services as it is “supported by time-tested oracle infrastructure, and secured through the generation and on-chain verification of cryptographic proofs that prove the integrity of each random number supplied to smart contracts”.

According to Olympus, using Chainlink VRF builds a “more fun and exciting staking experience for ‘ohmies’ participating in the recurring (3,3) Together raffle”. 

Operated by a decentralised autonomous organisation (DAO), OlympusDAO works as a ‘decentralised financial reserve protocol’ across the crypto industry. 

Users can purchase its native token, OHM, and stake them or delegate their staking rewards to the (3,3) Together raffle – a no-loss raffle that ‘pools’ staking rewards together and then rewards three winners with their fair share from the funds.

The OympusDAO team also mentioned it is considering further integrations of Chainlink products like Chainlink Keepers so users can receive staked rewards automatically.

The team commented on the integration and its focus on long-term viability in the space:

“By integrating Chainlink VRF, we are further committing to building a transparent environment in which the entire OlympusDAO community can independently verify the results of the (3,3) Together Raffle,” it said.

“We look forward to adding more Chainlink services to our tech stack and building a robust product that will stand the test of time.”