TL;DR
- Chainlink has released the VRF v2.5 update, improving the Verifiable Random Function (VRF) functionality.
- Improvements include a more efficient billing model, more predictable pricing, and an improved user experience.
- New use cases have been enabled and the adoption by large companies and projects in Web3 stands out.
Chainlink, the leading Oracle project in the blockchain ecosystem, has taken a significant step with the release of VRF v2.5.
This update, which is already live on networks such as Arbitrum, Avalanche, BNB Chain, Ethereum and Polygon, introduces key improvements for developers and users.
#Chainlink VRF has just been upgraded to help dApps scale faster and more sustainably.
Introducing Chainlink VRF v2.5, bringing several enhancements, including low-friction billing, more predictable pricing, & improved UX for upgrading to future versions. https://t.co/nx1kzEdq3H
— Chainlink (@chainlink) April 29, 2024
One of the most notable enhancements revolves around the revamped billing system.
Presently, users have the option to settle payments for Chainlink’s VRF service using either LINK or alternative assets, thereby minimizing transactional hurdles for decentralized applications (dApps), developers, and end-users.
Furthermore, efforts are underway to devise a payment abstraction mechanism aimed at seamlessly converting payments into various alternative assets, augmenting the overall user experience.
Moreover, there has been a significant enhancement in price predictability.
With the new version, rate calculations are based on a percentage of the gas costs associated with the VRF call, providing greater transparency and control over costs for developers.
This gas cost-inclusive fee structure ensures that dApps receive verifiable RNG responses in a timely manner, even under conditions of extreme blockchain network congestion.
Chainlink upgrade makes it easier to migrate to new VRF versions using a built-in migration feature
This significantly simplifies the upgrade process for developers, which in turn promotes greater adoption and continued use of VRF’s enhanced capabilities.
The adoption of Chainlink VRF by big names in the industry is a testament to its reliability and usefulness.
Companies such as Lotte Group, the NBA, and Nexon’s MapleStory Universe have successfully integrated VRF into their strategies and platforms, highlighting the versatility and capabilities of VRF to support complex use cases in Web3.
Chainlink VRF v2.5 not only offers significant technical improvements, such as more efficient billing and predictable pricing, but also strengthens trust and adoption by providing robust and scalable solutions for the growing demands of the blockchain and Web3 ecosystem.
