Chainlink’s Oracle Network Enhances Scalability of Coinbase’s Layer-2 Platform, Base

By 0xGorki 03/4/23 6:20 AM

Coinbase has recently announced the launch of Base, a new Ethereum layer-2 solution aimed at improving the scalability of the Ethereum network. In a bid to enhance the off-chain price data source for Base, the platform has announced its partnership with Chainlink, one of the leading decentralized oracle networks in the cryptocurrency space.

The integration of Chainlink’s reliable off-chain price data is a significant move for Coinbase’s layer-2 platform. The partnership will enable the Base testnet to access secure off-chain price data through Chainlink’s oracle network. Additionally, Base has also announced its participation in Chainlink Scale, a program that aims to promote the development of an ecosystem for oracle solutions. As part of the program, Base will support the cost of Chainlink services on the network and reduce gas fees for Chainlink nodes when reporting oracle data on Base.

🔵 @BuildOnBase by @Coinbase has integrated Chainlink Data Feeds on testnet and is joining the #ChainlinkSCALE program.#Base is covering the operating costs of #Chainlink services to empower devs, drive ecosystem growth, & support network sustainability.https://t.co/uTYm09uAiG pic.twitter.com/ggTt9DWpDF

— Chainlink (@chainlink) March 3, 2023

Jesse Pollak, a spokesperson for Base, expressed his enthusiasm for the partnership with Chainlink and the opportunity to join the Chainlink Scale program. He noted that the collaboration would empower developers to access essential data and services to build their applications.

Chainlink is a decentralized oracle network designed to provide safe and decentralized off-chain data for smart contracts and applications. It is a leading oracle network with over 650,000 active users, according to Dune Analytics. The integration of Chainlink’s oracle solution is expected to enhance the scalability of Base and make it more accessible for developers.

According to Dune Analytics, the number of active users on four leading oracle platforms has been compiled.

The launch of Base has generated significant interest in the cryptocurrency community and attracted several large organizations. Many projects have announced their collaboration with Base, and the number of minted NFTs has increased significantly since its launch.

In conclusion, Coinbase’s partnership with Chainlink is a significant development that will improve the scalability and reliability of Base. The integration of Chainlink’s oracle network will ensure that Base has access to accurate and secure off-chain price data, making it more attractive to developers. This partnership is a step towards achieving the goal of improving the scalability of the Ethereum network and making it more accessible to users.