Chainlink Opens Product Access On Base Network

JAKARTA - Chainlink, a blockchain oracle network that is an important pillar for many decentralized applications (dApps), announced that its entire product range is now available to developers on the Ethereum layer-2 network Base.

Base, a blockchain network managed by Coinbase, is increasingly attracting the attention of developers thanks to the integration of innovative products from Chainlink, including Data Streams and Verifiable Random Function (VRF).

This step strengthens Chainlink's position as the leading infrastructure provider as well as paves the way for the development of next-generation on-chain applications that are more sophisticated and secure.

In its official statement on August 15, 2024, Chainlink revealed that the entire series of its products can now be accessed by developers on the Base network. This announcement came after the successful integration of Chainlink's superior products, such as Data Streams and VRF, into the network.

Tom Vieira, Head of Products at Base, positively welcomes Chainlink's complete infrastructure availability on its platform. According to Vieira, products such as the Cross-Chain Interoperability Protocol (CCIP) and Chainlink's Price Feeds provide tools that developers need to create the latest generation of on-chain applications.

The availability of this solution in Base is believed to accelerate the adoption of blockchain technology among developers, which will ultimately encourage further innovation in the decentralized finance space (DeFi).

Pesat Base Growth

Over the past year, Base has shown very rapid development, becoming one of the main options for Ethereum layer-2 transactions. According to data from Growthepie, within a day, Base is capable of processing more than 4 million transactions, far beyond its closest competitor, Arbitrum, which recorded only 1.8 million transactions in the same period.

This shows Base's great potential in dealing with high transaction volumes, making it an attractive platform for developers and users.

Data Streams from Chainlink offers cutting-edge solutions to the DeFi market, providing high-frequency market data and low-latency automatic executions. This innovation allows the birth of fast and user-friendly DeFi products, similar to the experience offered by the centralized exchange (CEX), but with superior on-chain safety and transparency.

Thodoris Karakostas, Head of Blockchain Partnership at Chainlink Labs, stated that low-latency data from Data Streams will empower developers to create next-generation DeFi solutions on Ethereum-based networks. A number of DeFi protocols, such as Avalanche-based GMX, have used this solution to strengthen their platform infrastructure.

Chainlink VRF

Chainlink VRF (Verifiable Random Function) has become the leading random number generator (RNG) in the Web3 world, with more than 21 million transaction requests completed on various blockchains.

Recent updates on version 2.5 VRF bring significant improvements to developers, including more efficient billing systems, more accurate gas consumption predictions based on network conditions, and a smoother user experience for software upgrades.

Despite the many improvements, VRF still maintains end-to-end latency of about two seconds in various use cases. Karakostas added that VRF now allows smart contracts or smart contracts in Base to securely access random numbers.