We’re excited to announce that Moontpot, the no-loss prize pool powered by the multi-chain yield optimizer Beefy Finance, has integrated Chainlink’s Verifiable Randomness Function (VRF) on the Binance Smart Chain mainnet. Expanding Beefy Finance’s selection of smart contract products with Moonpot provides users the chance to win prizes that can be greater than yield farming alone.
Chainlink’s industry-leading decentralized oracle network uses secure off-chain computation to give Moonpot access to a tamper-proof and auditable source of secure randomness needed to select winners in a fair and unbiased manner. This creates a more exciting, transparent, and fraud-proof user experience, as users can participate in Moonpot pools with strong assurances that the winners will be chosen with integrity.
Moonpot is a win-win prize pool on the Binance Smart Chain where users deposit their funds into one of the savings pots and automatically gain the chance to win a portion of the aggregated yield from all user deposits. This is enabled by the fact that all deposits are routed to the Beefy Finance yield aggregation protocol. Additionally, all users who deposit into Moonpot, regardless if they win or not, continue to earn interest on their assets and can withdraw their full deposit with a ten-day timelock.
Already live on the BSC mainnet, users currently have the chance to win over $250,000 in prizes each week within the initial CAKE pool. Each deposit grants users a proportional number of entry tickets, meaning 1 CAKE deposit equals 1 ticket. The greater amount of funds a user deposits, the greater the chance they have to win the prize pool each week when 5 winners are pulled. Over time as the protocol scales, we expect to award over 100 prizes a month to users.
In order to pick the winners each week, we required a secure source of randomness that could not be biased or manipulated. However, traditional RNG solutions are insufficient as using the blockhash means prizes can be manipulated by network validators, while off-chain RNG solutions are commonly opaque and provide no way to verify the RNG is truly random.
Therefore, we chose to integrate Chainlink’s VRF solution, providing users a fully verifiable solution for picking winners. Chainlink VRF works by combining block data that is still unknown when the request is made with the oracle node’s pre-committed private key to generate both a random number and a cryptographic proof.
The Moonpot smart contract will only accept the random number input if it has a valid cryptographic proof. This provides users with automated and publicly verifiable assurances directly on-chain that using Chainlink VRF for randomness is provably fair and cannot be tampered with or predicted by the oracle, outside entities, or the Moonpot team.
Ultimately, Moonpots provide users an innovative way to potentially win additional rewards on top of their existing yield. As a result, users are provided guaranteed yield, while at the same time entering 52 prize events each year where they could win even greater yield. Already live on mainnet, users can enter in the CAKE prize pool today, with more pools for different assets planned to be added over time.
“Chainlinking Moonpot with VRF functionality was a clear choice in terms of accessing the most secure and trustworthy source of verifiable randomness,” stated the Beefy Finance team. “Chainlink VRF was extremely easy to integrate and allowed us to quickly launch our Moonpot product without worrying about the winner selection process being manipulated.”
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
Moonpot is a win-win savings game on Binance Smart Chain powered by Beefy Finance. By depositing crypto into a Moonpot, users gain interest on their assets and enter into a prize draw at the same time. There’s a chance to win weekly prizes paid out in crypto from each Moonpot entered — as well as an exclusive monthly prize draw for $POTS stakers.
Moonpot exists to help as many people as possible grow their assets safely and securely while having fun doing so. Each Moonpot savings vault makes it simple for anyone to access the bank-beating DeFi interest rates available in crypto. The weekly prize draws give everyone saving via Moonpot the thrill of a possible big win without ever risking their deposit.