By Shelly Melancon (Switzerland)
Chainlink has launched its data oracles on the Arbitrum One Network and also plans to launch its Proof of Reserve and Supportable Random Function on layer-2. Chainlink is now live on the Arbitrum platform to give hundreds of smart contract applications straightforward admission to Chainlink’s decentralized services, beginning from its high speed, low-cost Price Feeds and broadening to more off-chain enumerations.
Some major DeFi protocols have already signified their desire to utilize these Chainlink’s data oracles for their Arbitrum deployments. They include Aave, MCDEX and Tracer DAO. Furnishing smart contract developers on Arbitrum One with access to Chainlink’s oracle networks was an important decision to guarantee that all of the smart contracts that use the cases on the Ethereum blockchain can be seamlessly moved over to Arbitrum with just little modification.
What This Means
Arbitrum One is now running industry-leading Chainlink’s data oracles. The merging of Chainlink data oracles with Arbitrum One implies that DeFi applications on the network will be able to fetch high-quality financial market data quickly on-chain to encourage money markets, DEXes, options platforms, and algorithmic stablecoins to operate without issues. The original integration has native support for several USD-denominated Chainlink prices feeds, there are also intentions to initiate support for new price pairs and other data feeds.
In addition to this integration Chainlink also intends to give extra services on Arbitrum One in the future, including Chainlink Verifiable Random Function (CVRF) and Chainlink Proof of Reserve (PoR) that aid in auditing the collateralization of tokenized assets.
New Price And Data Pairings
Currently only chainlink’s USD-denominated price feeds have gone live. However, the crew have plans to soon launch the new price and data pairings, pointing out the growing demand for “hybrid on-chain/off-chain smart contracts” in the sporting, gaming and Non-Fungible Token sectors. Chainlink also intends to launch its verifiable random function on Arbitrum One, which would enable provably fair random number outcomes for games and other applications.
In May, Offchain Labs founded Arbitrum One commemorating a crucial landmark in the development of Ethereum’s layer-two ecosystem. Since then the network has captivated many dominating companies building on Ethereum, like Reddit, Uniswap and SushiSwap. SushiSwap defined Arbitrum as a “credibly neutral” solution compared to competing Optimism. Optimism has also made substantial recent growth, with Synthetix facilitating trading on the layer-two scaling solution two weeks ago.
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