One of the leading providers of data oracles, Chainlink, has announced the successful launch of data on the Arbitrum One mainnet. But that’s not all. In the coming weeks, we will also see the launch of ETH scaling, the so-called “Proof of Reserve” and “Verifiable Random Function” on layer two.
Chainlink and important events
The launch was announced on August 12. Developers working with Arbitrum One will have access to financial market data directly in the chain. This will ensure the extended functionality of decentralized exchanges, algorithmic stablecoins and other DeFi products in the Arbitrum One network.
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
With this move, Chainlink has aroused huge interest in many leading DeFi protocols. The most important protocols that showed interest include AAVE, MCDEX and Tracer DAO. The founder of Offchain Labs, behind the Arbitration, Ed Felten, said:
“There are currently more than 50,000 transactions in Europe that have taken place under the Arbitrum project. Giving Arbitrum One smart contract developers native access to Chainlink’s oracle networks was key to ensuring that all contract usage cases that exist at ETH could be seamlessly transferred to Arbitrum with almost zero changes. ”
Currently, only USD-denominated channels are in operation at Chainlink. Recently, however, there has been a growing demand for hybrid on-chain and off-chain smart contracts, so the company plans to work in this sector as well.
Other important projects will come in the future
Arbitrum One will also launch an application that will allow demonstrable and fair generation of random numbers for games and other applications. Proof of Reserve, in turn, allows secured assets to audit and also connect to any web API.
The network constantly attracts new important partners and investors. Companies such as Reddit, UniSwap and SushiSwap recently rated the Arbitrum One network as trustworthy and neutral. It was a response to competing Rollups Solution Optimism, which refused to put some companies on the whitelist.
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