Friday, September 29, 2023
HomeEthereumChainlink launches on Ethereum's layer 2 scaling solution for 1,000,000 tps

Chainlink launches on Ethereum’s layer 2 scaling solution for 1,000,000 tps

  • Chainlink Automation is coming to Arbitrium One as two Ethereum-based ecosystem partners.
  • This collaboration is bullish on scaling the Ethereum network to millions of TPS.

Leading blockchain oracle network Chainlink (LINK) continues to forge new and exciting partnerships. Chainlink has announced a partnership with Ethereum Layer 2 scaling solution Arbitrium One.

Around press statement, the partnership confirms that Chainlink will deploy Chainlink Automation products on Arbitrium One. Chainlink Automation enables conditional execution of smart contract functions through a highly trusted decentralized automation platform secured by the Chainlink network of node operators.

Arbitrium’s native integration enables developers within an ecosystem of scaling solutions to build highly distributed applications. According to Niki Ariyasinghe, “a battle-tested transaction manager” handles end-to-end automation of nonce management, gas spikes, and network reorganization.

Ariyasinghe, Head of Blockchain Partnerships at Chainlink Labs, said:

AJ Warner, chief strategy officer at Arbitrium developer Offchain Labs, pointed out additional benefits of the partnership. He said developers can now create feature-rich dApps that scale at low cost. Developers do this without worrying about single points of failure, he added.

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This partnership is very bullish on scaling the Ethereum network.

The integration of Chainlink Automation in Arbitrium creates an optimistic view of the scalability of the Ethereum blockchain. Despite being a relatively new Ethereum Layer 2 scaling solution, Arbitrium is rapidly gaining traction. Arbitrium’s optimistic rollup solution is widely considered agile and has the potential to scale Ethereum to 1 million transactions per second (tps).

GMX, a decentralized crypto derivatives exchange built on the Arbitrium, recently saw a surge in approval ratings, according to Dune data. Analysts attribute the surge to a decline in trust in centralized exchanges and Arbitrium’s reduction in platform speed and cost.

Likewise, the adoption of Ethereum-based Chainlink is also increasing. Chainlink launched its long-awaited staking feature last week. Launched to a limited number of people, Early Pool reached a maximum of 22.5 million LINKs shortly after launch. It also offers an interest rate of 4.75%.

the price of Link It rose towards the start of staking. However, the token fell 11% last week on the back of “selling news” selling. At the time of writing, LINK was trading at around $6.25 over the past 24 hours, down 5.82%.

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