Chainlink’s data oracles are now available on Arbitrum One, with the company hoping to make its Proof of Reserve and Verifiable Random Function available on the layer-two network in the near future.
Chainlink, a leading data oracle provider, has announced that it has successfully launched on Arbitrum One, the beta mainnet deployment of the layer-two Ethereum scaling solution, Arbitrum, on the Ethereum blockchain.
The launch, which was announced on August 12th, will allow developers building on the Arbitrum One platform to access financial market data directly on-chain, enhancing the functionality of decentralised exchanges, algorithmic stablecoins, and other advanced DeFi products on 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, 2021The Aave, MCDEX, and Tracer DAO protocols are just a few of the DeFi protocols that have expressed an interest in using Chainlink’s data oracles in their Arbitrum deployments. Felten, who is also a co-founder of Offchain Labs – the company that developed Arbitrum — made the following statement:
“Providing smart contract developers on Arbitrum One with native access to Chainlink’s oracle networks was crucial to ensure all of the smart contract use cases that exist on the Ethereum blockchain can be seamlessly ported over to Arbitrum with next to zero changes.”
The team at Chainlink intends to quickly launch new price and data pairings, noting a growing demand for “hybrid on-chain/off-chain smart contracts” in the sporting, gaming, and nonfungible token sectors. While only Chainlink’s USD-denominated price feeds are currently live, the team plans to quickly launch new price and data pairings.
Chainlink also wants to make its Verifiable Random Function available on Arbitrum One, which will allow for the generation of provably fair random numbers in games and other applications.
Arbitrum One will also see the introduction of Chainlink’s Proof of Reserve service, which will allow collateralized assets to be audited and any online API to be invoked.
Arbitrum One was introduced by Offchain Labs in late May, representing a significant step forward in the development of Ethereum’s layer-two ecosystem.
It has now attracted many leading teams developing on the Ethereum platform, including Reddit, Uniswap and SushiSwap — which last week called Arbitrum as a “credibly neutral” solution, in contrast to rival rollups solutio Optimisim, which refused to whitelist the exchange — among others.
Synthetix, a trading platform for the layer-two scaling solution, enabled trading on the solution two weeks ago, signalling a huge increase in optimism in recent months.
