Oracle service provider Chainlink has continued to expand its ecosystem with a recent partnership with the Base Layer 2 protocol. As Chainlink revealed
Base Layer 2 protocol has recently announced a partnership with Oracle service provider Chainlink to integrate its data streams and VRF on the Coinbase-incubated protocol.
Both Chainlink and Base are key players in the Ethereum ecosystem, with Chainlink being the leading Oracle service protocol and Base being a new Layer 2 protocol that has quickly outpaced its rivals. This partnership brings together two of the most strategically positioned protocols in Ethereum.
The integration of Chainlink's services will provide Base developers with access to a wide range of data and tools, which will be essential for the growth of the Base ecosystem. As DeFiLlama data shows, Base has quickly attracted liquidity, with its Total Value Locked (TVL) increasing from $451 million in January to $1.542 billion currently.
This growth trend is expected to continue, and Base will need reliable data from Oracle for the proper aggregation of price feeds, a task that Chainlink is well-suited to handle.
As Chainlink describes in its announcement, its Data Streams solution provides bespoke data provision for the DeFi market, which has been instrumental in "combining low-latency market data and automated execution to unlock a new generation of ultra-fast and user-friendly high-throughput DeFi products."
The deployment of this product will enable Base to pursue similar user experiences as many centralized exchanges are known for, which could lead to explosive growth for the Layer 2 protocol.
Furthermore, Chainlink VRF will aid the Base developer in any use case that requires high-speed feedback, such as generating NFT metadata on the fly or determining the winner of a game in the L2 ecosystem.
As a frequently upgraded Random Number Generator (RNG), Chainlink VRF will be able to help Base developers in the highly dynamic L2 ecosystem, which will likely demand such a tool.
The push for market share is never-ending, and data from L2Beat shows that Base is leading Ethereum, Arbitrum One, and Optimism in the Transaction Per Second (TPS) count. While Base boasts an actual TPS of 46.98, Arbitrum and Ethereum TPS come in at 20.94 and 14.80, respectively.
To maintain this level, Base needed a significant partner, thus informing the partnership.
Chainlink is on a mission to dominate the data infrastructure scene for the new Web3 world, and despite its extensive reach, Base represents a new world that can drive increased demand for LINK.
Only Chainlink has a native token that can benefit directly from the association in the partnership. To access some of its interoperability features, a LINK is needed, which automatically creates a major buying channel for the token, creating a basis for price growth in the long term.
At the time of writing, the price of LINK is $10.49, and the partnership news likely accounts for its 1.22% uptick. As described in earlier reports, Chainlink has what it takes to retest the $20 price mark in the long term.
Beyond the linkup with Base, the protocol has charted related integration partnerships with other partners, such as Arbitrum and DTCC, for the most optimistic Analysts. The jump in price to $50 in the long term due to this expansion cannot be ruled out.
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