Transmute Protocol Deploys Chainlink VRF on the Ethereum Mainnet in a Unique Suite of On-Chain Alchemy Games
In the works since mid-2020, the Transmute Protocol found exactly what it was lacking in the newly released Chainlink VRF randomness solution. Chainlink VRF is used on the Transmute DeFi platform to power the trustless, provably fair (and readily auditable) alchemy-themed games of chance.
Transmute empowers its users’ imaginations, enabling them to become modern-day blockchain alchemists and try their hand at transforming the protocol’s Lead Token (XPb) into other, more valuable tokens, such as WETH and even WBTC:
- The chance for a successful transmutation is given by a simple formula based on the ratio of value staked vs reward value.
- The outcome of each of these on-chain transactions is then decided by requesting and receiving a random number generated by Chainlink VRF, in a prime example of seamless, elegant on-chain gaming trustlessness.
VRF: Provably Fair Randomness for Blockchain Gaming Apps
Although very appealing to users, *fair, unalterable, on-chain* gaming and betting have always posed a series of problems. The need for affordable and reliable on-chain randomness for the underlying smart contracts has remained a largely unresolved issue up to this point, albeit a quintessential one, which the team behind Transmute has also been battling for the better part of 2020.
The recent addition of the VRF on-chain randomness solution to the Chainlink Mainnet portfolio could not have come at a better time for the Transmute Protocol, as the project has just had its Ethereum Mainnet debut on January 14th.
In the seemingly entropic era of DeFi, Chainlink brings blockchain technology closer to real-world infrastructure and makes it easier than ever for developers to offer modern smart contract solutions to traditionally complex problems. By enabling smart contracts with on-demand access to any sort of publicly or privately (if the oracle has permissions like an API subscription) available data feed and offering secure and reliable ready-made on-chain price oracles, the Chainlink Network has already established itself as one of the essential pillars of the DeFi ecosystem and the newly added VRF service perfectly complements the already deployed array of services.
The Transmute team decided to play out their project’s first steps as safe as possible because if 2020 in DeFI has taught anyone anything, it’s that lack of caution, bold as it may seem, can lead to an abrupt and unpleasant end.
Transmute’s Gaming Engine
Transmute debuts with its main gaming elements on-chain in order for all token alchemy games to be unequivocally fair and transparent at all times, while maintaining non-mission-critical aspects under their own management. This will help the team better mitigate unforeseen risks and keep transaction costs at the lowest possible levels for their users.
All user activity records are stored off-chain, as this greatly saves on gas costs, making the games more affordable and all game entries easily traceable by their respective Ethereum Txns.
The main game users can partake in is the Transmutation Engine. It is currently deployed in its most cost-conscious iteration:
- Users(alchemists) are given 7 transmutation formulas, through which they can wager a number of XPb tokens for the chance to transmute them into 1 valuable token.
- Each of the 7 formulas has an increasingly more valuable single token reward, should the transmutation succeed.
- Each alchemists’ chances at a successful transmutation increase based on the amount of XPb tokens they commit, as calculated by this formula:
TransmuteChance = (XPbAmt * XPb/ETH Price) / (1 * Result/ETH Price) * ChanceModifier
- The ChanceModifier for the Transmutation Engine is 97% and is meant to keep the Transmute Protocol active.
- The Transmutation Engine is triggered at the end of every hour, at which time all pending transmutations registered since the last trigger event are calculated and on-chain randomness is requested from Chainlink VRF.
- Full uint256 Randomness is received from Chainlink and simmered down to a value between 0 and 65535.
- Transmutations that have TransmuteChance * 65535 >= Randomness are successful and reward tokens are sent to successful alchemists.
- XPb/ETH Price and Result/ETH Price are calculated as the mean Uniswap price for the round’s duration (last 60 minutes), with a sampling rate of 3/minute.
The Transmute team will also be implementing Chainlink Price Feeds as a planned upgrade to our price oracles after the first few months of operation.
As the project matures, the team’s goal is to sequentially upgrade the protocol to a fully on-chain, self-sustaining gaming and staking miniverse, in which all DeFi tastes and preferences can be accommodated.
“The perfect on-chain randomness solution should be technically sound, cost-effective, easy to prove, easy to understand, and as friction-less for the end-user as possible. Chainlink VRF is all of these things.”
– 0xFaust, Transmute Core Developer.
“We are very happy to be among the early adopters and wouldn’t have had the courage to launch without a reputable and dependable randomness solution like Chainlink VRF.”
– 0xConcorde, Transmute Core Developer.
Transmute Protocol — Trustless On-Chain Alchemy
Transmute is an on-chain alchemy-themed gaming protocol that offers users multiple transparent, provably fair and seamlessly auditable games of chance on the Ethereum Blockchain. Users can try their luck at transmuting ERC20 tokens, compete with others in governance-driven jackpot events and even receive guaranteed daily rewards.
Transmute Protocol can be found at transmute.fi, on Twitter: @TransmuteFi and Telegram: transmuteprotocol .
ChainLink — Blockchain Oracles for Connected Smart Contracts
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.