Base, a newly-launched Ethereum Layer 2 project developed by Coinbase, has announced its integration with Chainlink’s off-chain feeds. Base is still currently on a testnet phase, with a mainnet launch expected sometime within the year.
Base is built as a rollup agnostic superchain engineered off of Optimism. With the integration to Chainlink’s off-chain price feeds, Base will be able to leverage real-time prices from trusted sources for applications such as DeFi, NFTs, and other marketplaces.
1/ You’ve been asking for @Chainlink oracle support on Base, and we’ve been listening👇
Today, #Chainlink Data Feeds are live on #Base testnet, while also making oracle services available to developers at a lower cost through participating in the Chainlink SCALE program.
— Base (@BuildOnBase) March 3, 2023
With this integration, Base will be able to build dynamic pricing models that can easily link with smart contracts which need external data oracles. Such a move from Coinbase’s Base project can be seen as the company’s direct effort at expanding its reach across markets particularly associated with the Ethereum ecosystem, positioning base as a competitive Layer 2 solution that’s integrated as a vertical to its own product suite.
“We’re super excited to launch Base with collaborators such as Chainlink, and to join the Chainlink SCALE program to empower developers with the critical data and services they need to build their applications,” shares Base Project Lead Jesse Pollak.
The integration is a result of Base joining the Chainlink Scale program, which offered oracle-based data and insights at a discount for all the developers and organizations joining it. Base will then support a portion of the operational expenditure for Chainlink’s services, while also decreasing gas fees for Chainlink nodes on the condition that those oracle reports are submitted through Base. This interaction is made possible because of Base’ initial support for Ethereum’s EIP-4844, which effectively reduces fees for Ethereum Layer 2 rollups between a scale of 10-100x, thus introducing a sustainable means for low-cost on-chain activities.
Chainlink has also announced the launch of its own developer platform, Functions, as part of a wider effort to sustain development and innovation for blockchain data aggregation and analytics across various ecosystems. The oracle network maintained by Chainlink is relied upon by a number of blockchain-based projects, including some of the biggest players in DeFi blockchain applications.
The integration between Chainlink and Base is set to improve the data reliability and accuracy of blockchain oracles while providing reliable analytics for blockchain users within the Ethereum ecosystem. Chainlink retains its alpha status as the most widely used oracle network in the entire industry, with over 985+ oracle networks and 7 billion data points delivered by its nodes.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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