- Chainlink’s VRF and Data Streams have gone live on Coinbase’s Layer-2 blockchain Base, offering developers access to the entire Chainlink product suite.
- Base provides a robust platform for decentralized apps, supporting Ethereum and Coinbase assets, while Chainlink’s VRF and Data Streams power next-gen DeFi products.
In a major development, decentralized computing platform Chainlink (LINK) announced that its two products – Chailink VRF and Chainlink Data Streams – have gone live on Coinbase’s Layer-2 scalable blockchain Base, which resides on the Ethereum blockchain network. As a result of this development, the entire Chainlink product suite will be available to Base developers.
Chainlink’s Data Streams provide an all-in-one solution for the DeFi market. It combines low-latency market data with automated market execution to offer ultra-fast and high-throughput DeFi products. As we know, Chainlink Data Streams provides high-frequency market data through decentralized infrastructure.
Besides, it also enables high-throughput DeFi products while offering a user experience comparable to centralized exchanges (CEXs). thus, it helps to enhance on-chain execution speed while maintaining top-tier security thereby marking a significant leap forward for decentralized finance applications. Speaking on the development, Thodoris Karakostas, Head of Blockchain Partnerships at Chainlink Labs said:
“Base’s builder-friendly environment is a natural fit for Chainlink products, and we’re excited to see all of the Chainlink platform now available on Base. Chainlink Data Streams low-latency market data will enable developers to build the next generation of DeFi products, while VRF will now enable smart contracts on Base to access random number generation securely.”
Chainlink – Leveraging the Power of Coinbase Base
Built atop the Ethereum network, Layer-2 network Base provides security, stability, and scalability, top power decentralized applications (dApps). Based offers a reliable platform for deploying any EVM codebase, thereby allowing projects to onboard users and assets from Ethereum, Coinbase, and other interoperable chains.
Besides, Base serves as an on-chain hub for Coinbase products, assets, and users. It also serves as an open system that encourages development while reducing costs for users. Tom Vieira, Head of Product at Base said: “We’re excited to see all of Chainlink’s infrastructure solutions are now on Base for developers to build next-gen on-chain apps”.
Coinbase is also planning to leverage its Base platform for launching a competitor to Wrapped Bitcoin dubbed cbBTC, reported CNF. Although Coinbase hasn’t shared many details regarding the same, it is clear that it wants to expand in the Bitcoin ecosystem while revolutionizing the DeFi space.
On the other hand, Chainlink VRF has emerged as a leading random number generator (RNG) within the Web3 ecosystem. It also fulfills 21 million request transactions for thousands of smart contracts across multiple blockchains, per the CNF report.
Chainlink VRF recently upgraded to v2.5 while introducing key enhancements for developers, simplified billing, and an upgraded user experience that allows seamless transitions to future versions. Thus, the platform delivers end-to-end latency of around two seconds, thereby unlocking a large number of use cases that require rapid response.
As of press time, the Chainlink price is trading at 5.20% down at $10.06, and has a market cap of $6.11 billion. CNF reported that as Chainlink adoption gains momentum, it eyes a rally to $12.10.
