Major US cryptocurrency exchange Coinbase now uses Oracle Chainlink (LINK) decentralized network price feeds for its new Ethereum (ETH) Layer 2 project called Base.
Base is Coinbase’s Layer 2 network powered by the Optimism (OP) blockchain scaling solution, and its testnet was thrown out at the end of last month.
Base is designed to be compatible with Ethereum, Ethereum Layer 2s like Optimism, and other alternative Layer 1s like Solana (SOL).
According to Chainlink, its price feeds are now available on the Base testnet. Base also participates in the Chainlink SCALE program, which is designed to make Chainlink data and services available to developers at a cheaper cost.
Says Jesse Pollak, Core Developer of Base,
“We are very excited to launch Base with partners like Chainlink and to join the Chainlink SCALE program to empower developers with the critical data and services they need to build their apps.”
Chainlink’s price feed mechanism provides the USD prices of various tokens, such as ETH, to other blockchains, using numerous independent Oracle nodes and data sources to find and deliver the data. The data can then be used by apps and smart contracts to help settle trades, loans, or other transactions.
Coinbase’s Pollack said TechCrunch that Base’s goal was to make it “very easy” for developers to build decentralized applications (DApps) and for users to access those DApps through Coinbase products.
Pollack says,
“We have made an effort to reach out to everyone and bring them into this open ecosystem. What will be required of us for this to succeed is to continue to double down on those values of decentralization, open source and this for everyone and a bridge that connects our users to the crypto economy and gets them places they can go. They are not controlled by Coibase, but they can offer them valuable experiences.”
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source: dailyhodl.com