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 mainnet beta deployment of Ethereum’s la...



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

Announced August 12, launch will allow developers relying on Arbitrum One to access financial market data directly on the 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 their 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, said:

“Providing smart contract developers on Arbitrum One with native access to Chainlink’s oracle networks was crucial to ensure that all smart contract use cases that exist on the Ethereum blockchain can be seamlessly transferred to Arbitrum with almost no change. . “

While only Chainlink’s USD-denominated price feeds are currently live, the team plans to launch new price and data pairs quickly, noting the growing demand for “on-chain / off-chain hybrid smart contracts” in markets. sports, games and non-fungible tokens sectors.

Chainlink also plans to launch its Random verifiable function on Arbitrum One, enabling the creation of fairly proven random numbers for games and other applications. Chainlink’s Proof of Reserve service will also be launched on Arbitrum One, allowing auditing of guaranteed assets and invoking any web APIs.

Related: Arbitrum Layer 2 Network Ships Monitored Launch and Attracts Major DeFi Protocols

Offchain Labs launched Arbitrum One at the end of May, marking a major milestone in the growth of The Ethereum Layer Two Ecosystem. The network has since attracted many top Ethereum-backed teams, including Reddit, Uniswap, and SushiSwap – who this week described Arbitrum as a “credibly neutral” solution unlike rival rollup solutio Optimism, which refused to whitelist the exchange.

Optimism has also made significant strides lately, with Synthetix allow trading on layer two scaling solution two weeks ago.