Chainlink (LINK) integrates its data oracles into Ethereum’s Arbitrum One

Chainlink (LINK) integrates its data oracles into Ethereum’s Arbitrum One
фото показано с : invezz.com

2021-8-14 13:52

Chainlink (LINK/USD) has integrated its Oracles data on Ethereum’s scaling solution, Ethereum One. The top data feeds provider said its U.S.-dollar dominated price deeds are now available, adding that it will be adding support for new price pairs soon.

Arbitrum pointed out that smart-contract developers have requested first-class data from financial markets, and the company is poised to oblige to their needs. It will enable the developers to power algorithms stablecoins, options futures, and options platforms.

Chainlink to offer high-frequency price updates

With the integration, Chainlink feeds will be offering high-frequency price updates for Arbitrum, which will allow assets to be valued both in real-time and on-chain.

Chainlink is now live on @Arbitrum One, providing hundreds of smart contract applications direct access to #Chainlink's decentralized services, starting with high speed, low-cost Price Feeds and expanding to more off-chain computations.

— Chainlink – Official Channel (@chainlink) August 12, 2021

Arbitrum reiterated that with the integration, developers now have access to the same reliability and data quality as an Ethereum (ETH/USD) base layer. However, it will have more regular updates and at a lower cost.

Co-founder of Offchain Labs, Ed Felten, stated that several DeFi protocols have shown interest in using Chainlink’s data oracles to deploy Arbitrum. These include Tracer DAO, MCDEX, as well as Aave. As a result, the integration is expected to see more adoption from the DeFi protocols.

Easy movement of smart contracts to Arbitrum

He added that it was important to provide native access to Chainlink’s oracle to smart contract developers on Arbitrum One. It can ensure that the use cases on all the smart contracts on the Ethereum blockchain can easily move to Arbitrum with almost no change made to the other variables.

A growing demand for on-chain/off-chain smart contracts

The Chainlink team stated that its plans to roll out the new price and data pairing is necessitated by the high demand for ‘hybrid on-chain/off-chain smart contracts.’ The demand has been high in the nonfungible token sectors, as well as the gaming and sporting sectors.

The post Chainlink (LINK) integrates its data oracles into Ethereum’s Arbitrum One appeared first on Invezz.

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