Dominant smart contract oracle network Chainlink goes live on Base, launched Chainlink Functions and partnered with two Web3 enterprises.
Coinbase L2, Web3 Platform, Consumer Membership, Infrastructure
This week, Chainlink made several major announcements. The dominant smart contract oracle network went live on Coinbase’s hot new blockchain, launched a Web3 serverless development platform, and partnered with a consumer membership platform and a Web3 infrastructure hub.
In this week’s roundup:
Chainlink Price Feeds on Base Testnet
Chainlink Price Feeds went live on Base Testnet, the new Ethereum Layer 2 blockchain incubated by
Base is also participating in the Chainlink SCALE program. As part of the program, Base will cover certain operating costs of Chainlink services on the chain and reduce gas costs for Chainlink nodes submitting oracle reports on Base.
“We’re super excited to launch Base with collaborators such as Chainlink, and to join the Chainlink SCALE program to empower developers with the critical data and services they need to build their applications,” Base lead Jesse Pollak said in a press release.
As the Base blockchain ecosystem matures, the operating costs of the oracle networks will transition toward being fully covered by user fees.
“We’re thrilled to support the testnet launch of Base and work with them on the SCALE program to support the ecosystem growth and long-term adoption of the Base Layer-2 network,” said Niki Ariyasinghe, Global Head of Blockchain Partnerships at Chainlink Labs. “By reducing the operating costs of oracle nodes, Base will be able to bootstrap its ecosystem’s growth and become a more attractive environment for building secure and scalable Web3 apps.”
Chainlink announced the launch of Chainlink Functions, a new Web3 serverless platform that enables developers to connect Decentralized Applications (dApps) or smart contracts to any Web2 API, including Amazon Web Services, Meta, AP and more.
“Web3 has the power to transform our world in countless ways. But for that promise to materialize, we need to make it easier for the 30M developers out there to bridge Web3 with the Web2 tools and infrastructure they’re already using,” Chainlink Labs Chief Product Officer Kemal El Moujahid said in a press release. “With the launch of Chainlink Functions, we are removing a major roadblock in the adoption of Web3, and making it easier than ever for developers to combine smart contracts with the powerful APIs and Web2 data sources they need to build amazing applications. As we help usher in a new era of app development, we are excited to see what developers can build.”
The Beta version of the platform is live on the Ethereum Sepolia and Polygon Mumbai testnets. Chainlink Functions will expand over time and be deployed across more blockchains based on user demand and feedback. When deployed on mainnet, the platform will use a subscription model similar to Chainlink Automation and VRF.
Konnect Joins Chainlink BUILD
Konnect has joined Chainlink BUILD to accelerate the growth and adoption of its on-chain consumer membership program.
“We’re excited to join Chainlink BUILD to gain access to industry-standard oracle services and enhanced technical support that empowers us to build a seamless, end-to-end ecosystem that onboards Web3 businesses and consumers to a new world of digital membership and e-commerce. We look forward to continuing our collaboration together and we welcome the passionate Chainlink community into the Konnect ecosystem,” Konnect CEO Jun Seok Kim said in a Medium post.
Konnect provides its members with perks with an ecosystem of businesses including a luxury hotel chain in South Korea, Samsung-affiliated duty-free stores in Asian airports and a majore Korean entertainment company.
As part of BUILD, Konnect will gain enhanced access to Chainlink services, such as VRF.
In return, Konnect will commit a percentage of its total token supply to Chainlink service providers, including stakers.
0xCord Channel Partnership
Web3 infrastructure hub 0xCord and Chainlink Labs have entered into a channel partnership to assist enterprises in integrating Chainlink services such as VRF.
“[Enterprises] can access Web3 services, like Chainlink VRF, through the 0xCord API and pay for them via credit card. Already, the Web3 ecosystem has seen a wide array of innovative NFT projects from enterprises, such as the NBA using Chainlink VRF to power its NFT collection. This partnership will help expand the VRF user base, make it easier to integrate, and position developers to discover new VRF use cases,” according to a 0xCord blog post.
Last four weekly Chainlink Roundups:
What is Chainlink:
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries and offers global enterprises and leading data providers a universal gateway to all blockchains.
Where to find Chainlink:
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