Data Oracle Provider Chainlink Announces its Launch on Arbitrum One
Chainlink Data Oracle Provider Launched on Arbitrum One
In an announcement made on August 12, it was revealed that the launch will be allowing the developers building on Arbitrum One to access financial market data directly on-chain.
It will reportedly be providing advanced functionality to decentralized exchanges, enhanced Defi products, and algorithmic stablecoins on the Arbitrum One network.
Ed Felten, the co-founder of the team behind Arbitrum, OffChain Labs, provided the details on the same and stated:
“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.”
In addition to this, it should be noted that Chainlink is planning to quickly launch new price and data pairings, noting the rise in demand for hybrid on-chain/off-chain smart contracts in the sporting, gaming, and NFT sectors.
More About the Verifiable Random Function
The firm reportedly has plans to launch its Verifiable Random Function on Arbitrum One, which will enable attestably fair random number creation for games and other applications.
Moreover, the Proof of Reserve service of Chainlink will also be launching on Arbitrum One and will be allowing collateralized assets to be audited and any web API to be called.
Back in the month of May, OffChain Labs launched Arbitrum One, marking a major milestone in the growth of the layer-two ecosystem of Ethereum.
Also, Optimism has made notable progress with Synthetix authorizing trading on the layer-two scaling solution two weeks ago.