Chainlink launches data oracles on Arbitrum One’s Ethereum scaling solution

Polkadot DOT and Chainlink LINK price have both gone up by 40
Polkadot DOT and Chainlink LINK price have both gone up by 40

Chainlink launches data oracles on Arbitrum One’s Ethereum scaling solution – Leading data oracle provider Chainlink has announced its successful launch on Arbitrum One — the beta mainnet deployment of layer-two Ethereum scaling solution, Arbitrum.

Announced August 12, the launch will allow developers building on Arbitrum One to access financial market data directly on-chain, providing enhanced functionality to decentralized exchanges, algorithmic stablecoins and other advanced DeFi products on the Arbitrum One network.

Many leading DeFi protocols have already expressed an intention to use Chainlink’s data oracles for their Arbitrum deployments, including Aave, MCDEX, and Tracer DAO. Ed Felten, co-founder of Offchain Labs — the team behind Arbitrum, stated:

“Providing smart contract developers on Arbitrum One with native access to Chainlink’s oracle networks was crucial to ensure all of the smart contract use cases that exist on the Ethereum blockchain can be seamlessly ported over to Arbitrum with next to zero changes.”

While only Chainlink’s USD-denominated price feeds are live currently, the team plans to quickly launch new price and data pairings, noting growing demand for “hybrid on-chain/off-chain smart contracts” in the sporting, gaming and nonfungible token sectors.

Chainlink also plans to launch its Verifiable Random Function on Arbitrum One, enabling provably fair random number creation for games and other applications. Chainlink’s Proof of Reserve service will also launch on Arbitrum One, allowing collateralized assets to be audited and any web API to be called.

Offchain Labs launched Arbitrum One in late May, marking a major milestone in the growth of Ethereum’s layer-two ecosystem. The network has since attracted many leading teams building on Ethereum, including Reddit, Uniswap, and SushiSwap — which this week described Arbitrum as a “credibly neutral” solution unlike rival rollups solutio Optimism, which refused to whitelist the exchange.

Optimism has also made significant recent progress, with Synthetix enabling trading on the layer-two scaling solution two weeks ago.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.

About Sam Gabriel 1696 Articles
Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

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