Leading data oracle provider Chainlink has announced its successful launch on Arbitrum One – the mainnet beta deployment of the second-layer Ethereum scaling solution, Arbitrum.
Announced Thursday, the launch will allow developers based on Arbitrum One to access financial market data directly on-chain, providing enhanced functionality for decentralized exchanges, algorithmic stablecoins, and other advanced decentralized finance (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, 2021
“Chainlink is already live on @Arbitrum One, providing hundreds of smart contract applications with direct access to #Chainlink’s decentralized services, starting with low-cost, high-speed Price Feeds and expanding to more off-chain calculations.”
Many of the major DeFi protocols have already expressed the intention to use Chainlink’s data oracles for their Arbitrum implementations., including Aave, MCDEX, and Tracer DAO. Ed Felten, co-founder of Offchain Labs, the team behind Arbitrum, stated:
“Providing native access to the Chainlink oracle networks to smart contract developers on Arbitrum One was crucial to ensuring that all smart contract use cases that exist on the Ethereum blockchain can be seamlessly ported to Arbitrum with almost zero changes. “
While only Chainlink’s USD-denominated price sources are currently active, the team plans to quickly release new price and data pairs, noting the growing demand for “hybrid smart contracts on and off chain” in the sports, gaming and non-fungible token sectors.
Chainlink also plans to launch its verifiable random feature on Arbitrum One., allowing the creation of demonstrably fair random numbers for games and other applications. Chainlink’s test booking service will also launch on Arbitrum One, allowing for auditing of secured assets and calling any web API.
Offchain Labs launched Arbitrum One in late May, marking an important milestone in the growth of Ethereum’s layer two ecosystem. Since then, the network has attracted many leading Ethereum-based teams, including Reddit, Uniswap, and SushiSwap, who this week described Arbitrum as a “credibly neutral” solution unlike rival rollup Optimism, which refused to white list the echange.
Optimism has also made significant progress recently, with Synthetix enabling trading on the layer two scaling solution two weeks ago.