Presently, Chainlink Price Feeds have been activated on Base, a rapid and extremely adaptable layer-2 blockchain nurtured by Coinbase and safeguarded by Ethereum. Through this merging, developers who are constructing projects on Base can utilize widely accepted Chainlink Data Feeds and additional Web3 services.
The inherent incorporation of Chainlink Price Feeds strives to bolster sophisticated DeFi (Decentralized Finance) applications and contribute to the expansion of Base’s ecosystem.
This encompasses externally linked DeFi applications like protocols for decentralized lending and borrowing, markets for derivatives, futures trading, and additional possibilities.
“Chainlink Price Feeds are one of the leading price data solutions for developers when it comes to security, reliability, and usability,” said Jesse Pollak, Creator of Base and Head of Protocols at Coinbase.
“The native integration of Chainlink Price Feeds into Base will enable developers with the tools they need to port existing applications over to Base and empower developers to experiment with novel use cases that can be built on Base’s hyper-scalable layer-2 environment.”
Chainlink Price Feeds are kept safe by decentralized Oracle networks with trustworthy node operators. These nodes collect prices from reliable sources, averaging them to create a fair market price. Security measures filter out the unusual activity. The feeds are also supported by independent, security-reviewed node operators for maximum reliability.
“We’re thrilled to support the growing Base ecosystem with the native integration of Chainlink Price Feeds, which empowers Base developers to create next-generation use cases and existing DeFi protocols to seamlessly onboard onto Base’s layer-2 blockchain,” according to Johann Eid, Chief Business Officer at Chainlink Labs.
“The security, reliability, and accuracy guarantee that Chainlink’s Sybil-resistant Oracle networks provide will enable developers to push the frontier of what’s possible when a fast layer-2 blockchain meets industry-leading Oracle infrastructure.”
Base’s advanced solutions and Chainlink’s industry-standard price data combine to offer DeFi developers a platform for innovative applications. This partnership holds the potential to attract millions of users, and we eagerly await the results.
Chainlink serves as the standard Web3 service, enabling trillions in transactions across industries like DeFi, NFTs, and gaming. It empowers developers to create feature-rich Web3 apps with easy access to real-world data and off-chain computation on any blockchain. Additionally, it provides enterprises with a universal gateway to all blockchains.