- These new integrations will unlock new levels of cross-chain interoperability among the top blockchain platforms.
- Chainlink is also working on a project to provide real-time insights into the reserves held by stablecoin issuers.
Despite all the volatility and the unrest recently within the crypto space, oracle services provider Chainlink continues to work on key projects. On Sunday, March 12, Chainlink announced a total of 12 different integrations.
This includes integrating four of Chainlink’s services across seven different chains such as Avalanche, Arbitrum, BNB Chain, Base, Polygon Ethereum, and Fantom.
⬡ Chainlink Adoption Update ⬡
There were 12 integrations of 4 #Chainlink services across 7 different chains: #Arbitrum, #Avalanche, #Base, #BNBChain, #Ethereum, #Fantom, and #Polygon.
Chainlink helps secure the #Web3 space. pic.twitter.com/LpExoGvYyo
— Chainlink (@chainlink) March 12, 2023
These integrations by Chainlink will of course help and make it easy for these major blockchain platforms to communicate with each other. Cross-blockchain interoperability is very much key to the overall success of the Web3 space and Chainlink is proving to be a driving force behind it.
Some of the key integrations that Chainlink plans to introduce with these market players include BuildOnBase, LendeXeFinance, OrangeCometNFT, Planetix0, plexus_fi, quickfundIO, RDNTCapital, SocialudoGame, SVSNFT, Tusdio, and Verseshoe.
Besides, Chainlink has also been working on a number of key projects recently. One of them is Chainlink’s own self-service serverless platform aka Chainlink Functions. This allows developers to easily connect decentralized applications (dApps) or smart contracts to any Web 2.0 APIs. Chainlink Functions seek to ensure that developers can merge leading Web3 smart contracts with the power of Web 2.0 APIs.
Michael Robinson, the Product Marketing Manager at Chainlink Labs recently provided a series of examples explaining how Chainlink functions can elevate the effectiveness of digital services worldwide. For e.g., using a Chainlink (LINK) enabled smart contract, it will possible for users to fetch trading forecasts from OpenAI every 24 hours. Besides, Chainlink also provides several ways to simplify data procedures in Web2 applications.
Chainlink and Web3
Oracle service provider Chainlink has been working on interesting new projects in the Web3 space. In its recent development, Chainlink presented an interesting solution to provide real-time insights into the reserves held by stablecoin issuers.
Chainlink believes that as Web3 continues to expand speedily, stablecoins will have a crucial role to play. They noted:
Chainlink are a core pillar of #Web3, facilitating tens of billions of dollars worth of transactions every day. #Chainlink Proof of Reserve provides transparency into the assets backing collateralized stablecoins, helping increase user confidence.
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Recently, Chainlink’s latest integration was with SAWA Crypto, a multi-chain launchpad, and Decentralized Finance (DeFi) protocol. Here, SAWA crypto will use price feeds from Chainlink to denominate its crypto offering. For their users, SAWA crypto seeks to simplify their process of using DeFi products using the Chainlink Price Feeds and Chainlink Automation tool.
Earlier today, Chainlink’s native crypto LINK rallied along with the broader cryptocurrency market gaining more than 8 percent. As of press time, LINK is trading at a price of $6.60 and a market cap of $3.4 billion.
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