- Earlier last week at ETHDenver, Coinbase Global and Chainlink (LINk) announced that Chainlink Price Feeds are live on Base testnet.
- According to the Global Head of Blockchain Partnerships at Chainlink Labs, Niki Ariyasinghe, the foundation for building advanced applications on Base all starts with Chainlink Price Feeds.
The prolonged cryptocurrency winter has not deterred Coinbase Global Inc. from preparing for future bull markets. Rated among the top centralized exchanges in the United States, a country that controls approximately 25 percent of global economic activities, Coinbase recently announced the launch of Base, an Ethereum layer 2 scaling solution. Without plans of offering a Base token, Coinbase indicated that layer 2 would tap into Ethereum’s system security and the exchange’s decade of experience in developing crypto products.
Notably, Coinbase Global intends to help onboard over 1 billion Web3 users into the cryptocurrency industry. Moreover, the Base layer 2 protocol intends to create a bridge that brings Coinbase users to on-chain and enables them to go anywhere, including L1, other L2s, and ecosystems like Bitcoin and Solana.
6/ Base is for Everyone.
We’re excited to launch Base with an incredible group of builders from across the crypto ecosystem, with more joining in every day.
The best products are built in community and Base will be an open ecosystem where anyone, anywhere can build. pic.twitter.com/TD1UqY9WRv
— Base (@BuildOnBase) February 23, 2023
Coinbase Partners With Chainlink to Streamline Base Oracles
Earlier last week at ETHDenver, Coinbase Global and Chainlink (LINk) announced that Chainlink Price Feeds are live on Base testnet. Additionally, the two crypto organizations announced that the Base layer 2 networks would join Chainlink SCALE to accelerate the development of its ecosystem by providing developers with low-cost access to Chainlink’s industry-standard decentralized services.
Our goal with Base is to make it as easy, as cost-effective, as secure as possible for developers to build useful applications.
Base lead Jesse Pollak explained.
As part of that, developers need access to real-world data, and that’s where Chainlink fits in. And we’re super excited to work with them to make it happen.
Chainlink SCALE (Sustainable Chainlink Access for Layer 1 and 2 Enablement) allows layer 1 blockchains and layer-2 networks to fast-track smart contract innovation in their native ecosystems by covering the operating costs of Chainlink oracle networks for a period of time. The Chainlink SCALE was launched in September last year as an economic 2.0 for the link army.
According to the Global Head of Blockchain Partnerships at Chainlink Labs, Niki Ariyasinghe, the foundation for building advanced applications on Base starts with Chainlink Price Feeds.
Chainlink Functions goes to the heart of connecting web2 to web3, which is really enabling web3 developers and web2 developers to bridge that divide.
Ariyasinghe said, adding that he has high expectations for what developers will build with Functions on Base.
Pollak believes integrating Chainlink will allow Base to function as “the ultimate bridge” for bringing off-chain users on-chain – not only to Base but the entire crypto economy. he said.
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It’s not just the people that need to come over; it’s all of the information that needs to come over, […]This is where we see Chainlink fitting in. It’s the data bridge; it’s the function bridge; it’s the automation bridge that makes it possible.
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