Leading data oracle provider Chainlink has announced its successful launch on Arbitrum One – the beta mainnet deployment of the Layer Two Ethereum scaling solution Arbitrum.
The launch, announced on August 12, gives developers building on Arbitrum One direct access to financial market data in the chain, and provides advanced capabilities for decentralized 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 with direct access to #Chainlink’s decentralized services, starting with fast, low-cost price feeds to other off-chain calculations.
– Chainlink – Official Channel (@chainlink) August 12, 2021
Many leading DeFi protocols have already announced their intention to use Chainlink’s data oracles for their Arbitrum deployments, including Aave, MCDEX, and Tracer DAO. Ed Felten, co-founder of Offchain Labs – the team behind Arbitrum, said:
“Providing smart contract developers on Arbitrum One with native access to Chainlink’s Oracle networks was critical to ensuring that all smart contract use cases that exist on the Ethereum blockchain were seamless and with near zero changes to Arbitrum can be ported. “
While only Chainlink’s USD-denominated price feeds are currently live, the team plans to quickly roll out new price and data pairs and has a growing demand for “hybrid on-chain / off-chain smart contracts” in the sports arena , Gaming and non-fungible tokens.
Chainlink also plans to roll out its verifiable randomization feature on Arbitrum One, which enables demonstrably fair random number generation for games and other applications. Chainlink’s proof of reserve service will also be rolled out on Arbitrum One so that secured assets can be verified and any web API accessed.
Related: Layer 2 network Arbitrum ships guarded launch, attracts important DeFi protocols
Offchain Labs launched Arbitrum One in late May, marking an important milestone in the growth of Ethereum’s Layer 2 ecosystem. The network has since attracted many leading teams building on Ethereum, including Reddit, Uniswap, and SushiSwap – which this week called Arbitrum a “credibly neutral” solution, as opposed to rival rollups solution Optimism, which refused to go public to whitelist.
Optimism has also made significant strides lately, as Synthetix made it possible to trade the Layer 2 scaling solution two weeks ago.