Synapse Network Integrates Chainlink VRF, Price Feeds, and Keepers to Enhance Its Ecosystem
Synapse Network is proud to announce the beginning of an ongoing integration of Chainlink, the industry-standard decentralized oracle network. Multiple Chainlink-powered decentralized services will be used to enhance the functionality of our cross-chain launchpad, such as Chainlink VRF to fairly select participants in IDO launches, Chainlink Price Feeds to determine exchange rates on our native SNP token, and Chainlink Keepers to automate our staking and vesting contracts.
With Chainlink being our top and recommended oracle solution for all launchpad projects, our ecosystem will be perfectly set up for mainstream success and faster product launches.
At Synapse Network, we believe that a crypto project is only as secure as its oracle solution. Hence, why we selected Chainlink as it’s the most widely used and trusted oracle solution in our industry, already securing tens of billions of dollars for leading DeFi projects. Chainlink offers a wide-range of decentralized services and is blockchain agnostic, meaning our cross-chain launchpad can retain the same high-quality services as we expand multi-chain.
Powering Our Ecosystem With Chainlink Decentralized Services
Synapse Network is developing a cross-chain investment ecosystem — the launchpad plus an investment and start-up acceleration ecosystem based on blockchain technology — designed to give everybody an equal chance to contribute to great upcoming projects. We are creating a bridge to a new world of fundraising across all smart-contract-based blockchains. Our platform is accessible to everyone and includes a democratized tier system redesigned from scratch that allows for investment at any stage of project development.
Chainlink’s oracle technology is at the absolute forefront of the crypto world and will provide our launchpad with the stability, functionality, and efficiency necessary for a smooth launch.
One of the initial integrations is Chainlink Verifiable Random Function (VRF) — a verifiable random number generator purpose built for smart contracts. We will use Chainlink VRF to fairly select people who get to take part in in-demand IDO launches, ensuring that everyone has the same chance of being chosen. Once selected, Synapse Network will create a “whitelist selection” smart contract on one of the Chainlink supported blockchain networks. The functionality has already been integrated in the Synapse Network to support the early stage community round being handled last week.
The verifiable source of on-chain randomness provided by Chainlink VRF determines which participants are selected for each round of our sale, including seed and private sale rounds. Chainlink VRF provides a cryptographic proof on-chain to verify its integrity as tamper-proof and unpredictable, meaning whitelisted addresses are chosen without bias and cannot be influenced by our team, the oracle, or any other entity.
Our initial collaboration doesn’t stop there. We will also use Chainlink Price Feeds to calculate the price of our native SNP token. Chainlink Price Feeds offer us highly secure, reliable, and accurate price data that we can use to assign users to the various tiers in our ecosystem, as well as to easily calculate the TVL in our staking contracts. We also plan to apply Chainlink Price Feeds solution to power our native cross-chain DEX and DeFi platform in the future.
Synapse Network will also be early adopters of Chainlink Keepers. Essentially, Chainlink Keepers automate contract maintenance tasks that otherwise would be performed manually by development teams by issuing transactions that notify the smart contract when it’s time to execute. With Chainlink Keepers, our developers can save valuable time by outsourcing routine operations for our staking and vesting contracts, particularly waking these contracts up when it’s time to distribute staking rewards based on certain thresholds being hit and unlock tokens when they are seen to be fully-vested.
Exploring the Significance of our Chainlink Network Integration
Chainlink VRF, Price Feeds, and Keepers are all valuable tools that significantly increase the functionality of our launchpad. At Synapse Network, we pride ourselves in wanting to create the fairest way to fundraise projects with solid fundamentals, and our integration of Chainlink showcases the seriousness of our approach. All of our users will have the same basis for starting an investment, and the best and latest data to gain an unbiased view of projects launching on our platform.
Our project goes beyond the scope of a single feature — we will be combining multiple high-value tools to create an entire Investment Syndicate ecosystem. By combining our accelerator and launchpad, we will be giving advanced functionality to our project, scoring a big win for users and potential IDO launchpad projects. As we develop our cross-chain DEX and DeFi platform, we will look to create a seamless cross-chain ecosystem powered by Chainlink oracles.
All projects launched from our platform will be backed with Chainlink oracle, meaning that our whole ecosystem will get fast-track access to the best possible tech available, and in particular to the latest bridge to the mainstream market with seamless smart contract integration, fast data gathering ability and uncanny precision.
“Chainlink’s extensive suite of decentralized services significantly enhance our platform, such as Chainlink VRF ensuring fair access to IDOs, Chainlink Price Feeds enabling accurate pricing on-chain assets, or Chainlink Keepers automating key on-chain processes in a highly reliable manner,” stated Paweł Łaskarzewski, Co-Founder of Synapse Network. “We look forward to exploring even more integrations of Chainlink Network as we continue to march towards our launch date.”
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, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
About Synapse Network
Synapse Network is developing a cross-chain investment and start-up acceleration ecosystem based on blockchain technology, to give everybody an equal chance to contribute to great upcoming projects and to do so early on. We are bridging the gap between the traditional & crypto market. The idea of the Synapse Network technology goes beyond the standard offer of launchpads available on the market, becoming a true technological brand providing tech solutions.