Thursday, September 23, 2021
HomeNewsChainlink (LINK) integrates its data oracles into Ethereum's Arbitrum One

Chainlink (LINK) integrates its data oracles into Ethereum’s Arbitrum One

Chainlink (LINK / USD) has integrated its data oracles into Ethereum’s scaling solution, Arbitrum One. The data feed leader said its dollar-dominated pricing data is now available, adding that it will add support for new price pairs soon.

Arbitrum pointed out that smart contract developers have requested top notch data from the financial markets and the company is ready to serve their needs. It will enable developers to run algorithms for stablecoins, options futures, and option platforms.

Chainlink offers high-frequency price updates

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As part of the integration, Chainlink feeds will offer high-frequency price updates for Arbitrum, which means that assets can be valued both in real time and on-chain.

Arbitrum confirmed that the integration now gives developers access to the same reliability and data quality as an Ethereum (ETH / USD) base layer. However, it is updated more regularly and at a lower cost.

Offchain Labs co-founder Ed Felten stated that several DeFi protocols have shown interest in using Chainlink’s data oracles to deploy arbitrum. These include Tracer DAO, MCDEX, and Aave. As a result, the integration is expected to be more widely adopted by the DeFi protocols.

Easily transfer smart contracts to Arbitrum

He added that it was important to give smart contract developers on Arbitrum One native access to Chainlink’s Oracle. This ensures that the use cases of all smart contracts on the Ethereum blockchain can be easily transferred to Arbitrum without having to change the other variables.

A growing demand for on-chain / off-chain smart contracts

The Chainlink team stated that their plans to introduce the new price and data pairing are necessary due to the high demand for “hybrid on-chain / off-chain smart contracts”. Demand was high in the non-fungible token, gaming and sports sectors.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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