Chainlink launches data oracles on Arbitrum One's Ethereum scaling solution

Chainlink, The leading data provider, has successfully launched the Arbitrum One which is the mainnet deployment of Ethereum scaling solution’s layer-two.

Chainlink launches data oracles on Arbitrum One's Ethereum scaling solution

The company has announced that this platform will be useful for developers to launch algorithmic stable coins, operate decentralized exchanges and other advanced Defi products on the Arbitrum one network.

Many leading DeFi protocols have already expressed an intention to use Chainlink’s data oracles for their Arbitrum deployments, including Aave, MCDEX, and Tracer DAO. Ed Felten, co-founder of Offchain Labs — the team behind Arbitrum, stated:

Many of the leading Defi platforms like MCDEX, Tracer DAO & Aave have already expressed their willingness to use chainlink’s data oracle for their arbitrum deployment---- The team and the co-founder of offchain labs stated.

“Providing smart contract developers on Arbitrum One with native access to Chainlink's oracle networks was crucial to ensure all of the smart contract use cases that exist on the Ethereum blockchain can be seamlessly ported over to Arbitrum with next to zero changes.”

As we all knows about the spread of the Decentralised platforms are booming right now so that taking these things in to consideration, they are also developing the new price and data pairings except the USD denominated price feeds which is the only one feed which is live

Chainlink also enables the Fair random number creation for the games and other applications, moreover chainlink’s proof of reserve service will also launch on arbitrum one which will allow the collateralized assets to be audited and any web API to be called and run.

Many platforms like Reddit, Uniswap, SushiSwap got the major success by the Ethereum’s layer-two ecosystem which was launched by Offchain labs in Late May.

This is why Arbitrum described a “credibly neutral” solution unlike rival rollups solution optimism which refused to whitelist the exchange.

Read: Uniswap has now generated more than $1B in fees for liquidity providers

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