ARVO Integrates Chainlink VRF on Mainnet to Fairly Distribute ARVO Node Rewards
ARVO is now using the Chainlink Verifiable Random Function (VRF) to ensure a provably fair distribution of weekly bonus rewards to ARVO Node operators.
ARVO, a DeFi protocol created to help users earn maximum rewards on their crypto assets through various decentralized finance solutions, is now using Chainlink Verifiable Random Function (VRF) live on mainnet. Chainlink is the market-leader in providing secure, decentralized oracle networks that enable the development of auto-executing smart contracts based on real-world data and events outside the blockchain (off-chain). One of its popular oracle solutions is Chainlink VRF, a provably fair on-chain random number generator (RNG) built specifically for smart contracts. By using Chainlink VRF, distribution of bonus rewards to ARVO Node operators will be done in a secure, unbiased, and transparent manner.
How It Works
ARVO Finance is a decentralized finance protocol consisting of a yield aggregator, staking nodes, StableCoins, and yield farming pools. Through the rewards terminal, ARVO holders can maximize the value of their StableCoins and LP tokens by investing them in the ARVO smart aggregator.
The ARVO ecosystem is powered by ARVO Nodes, a subset of the ARVO community of users, who collectively maintain the protocol through a decentralized on-chain governance process in which they propose changes to the ecosystem rules. In order to reward ARVO Node operators for their contributions, they will receive incentives in various ways like staking, bonuses, allocated voting power, etc.
Most notably, all ARVO Nodes will have the opportunity to participate in a Weekly Lucky Winner (WLW) event. During the WLW event, the winning ARVO Node will be chosen at random and receive 5% of the total allocated rewards in the Arvo Nodes pool. And now, thanks to ARVO’s latest integration with Chainlink VRF, the process of selecting a winning Node is tamper-proof and provably fair.
Chainlink VRF provides a cryptographically-secure source of randomness for blockchain-based products like ARVO, generating fair and unbiased outcomes that can be independently verified by any user via on-chain cryptographic proofs.
By integrating Chainlink VRF, ARVO ensures the outcome of the weekly node rewards event cannot be influenced or tampered with by any user, node operator, or even the ARVO team members. Even more, the source of randomness used in the selection process is auditable on-chain, allowing the community to consistently verify the integrity of the process.
“Chainlink VRF ensures a more secure and transparent selection process for the ARVO Nodes Weekly Lucky Winner event,” said Chris Fletcher, ARVO Co-Founder & CEO. “This allows us to build-in protocol incentives that encourage users to run ARVO nodes, while still maintaining the utmost security and transparency in how rewards are distributed to those that contribute.”
About ARVO
ARVO is a decentralized finance protocol created to help users maximize yield on their crypto assets using a variety of DeFi services like staking, liquidity mining, and investments in other DeFi protocols through a smart yield aggregator.
Website | Dapp | Telegram | Twitter
About Chainlink
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
Docs | Discord | Reddit | YouTube | Telegram | Events | GitHub | Price Feeds | DeFi | VRF
