Base, a new Ethereum layer-2 solution developed by Coinbase, has integrated Chainlink into the testnet to provide secure, off-chain price feeds to decentralized app developers. As it is known, partnership with Optimism (OP) and then Covalent (CQT) was established for this solution. Here are the details…
Selected LINK for Base after Optimism and Covalent
Coinbase recently announced the release of Base, a new Ethereum layer-2 solution aimed at improving the scalability of the Ethereum network. To develop the off-chain price data source for Base, the platform announced its partnership with Chainlink, one of the leading decentralized oracle networks in the cryptocurrency space. The integration of Chainlink’s trusted off-chain price data is a key move for Coinbase’s tier 2 platform. The partnership will allow the Base testnet to access secure off-chain price data via Chainlink’s oracle network.
Additionally, Base announced that it has joined Chainlink Scale, a program aimed at fostering the development of an ecosystem for oracle solutions. As part of the program, Base will support the cost of Chainlink services on the network and lower gas fees for Chainlink nodes while reporting oracle data in Base. Base spokesperson Jesse Pollak expressed his excitement at the partnership with Chainlink and the opportunity to participate in the Chainlink Scale program. He stated that the collaboration will enable developers to access the necessary data and services to build their applications.
The partnership aims to scale the ETH network
Chainlink is a decentralized oracle network designed to provide secure and decentralized off-chain data for smart contracts and applications. It is a leading oracle network with over 650,000 active users according to Dune Analytics. The integration of Chainlink’s oracle solution is expected to increase Base’s scalability and make it more accessible to developers. The launch of Base sparked significant interest in the cryptocurrency community and attracted the attention of several major organizations.
Many projects have announced collaboration with Base, and the number of NFTs printed has increased significantly since launch. All in all, Coinbase’s partnership with Chainlink is an important development that will increase Base’s scalability and reliability. The integration of Chainlink’s oracle network will enable Base to access accurate and secure off-chain price data, making it more attractive to developers. This partnership is a step towards achieving the goal of improving the scalability of the Ethereum network and making it more accessible to users. After the development, there was a jump in the price of Chainlink’s LINK token. The cryptocurrency rallied from $6.87 to as high as $7. At the time of writing, it is changing hands at $ 6.93, up 0.5 percent.
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