Chainlink’s Smart Contract Products Go Live on Fantom

Two protocols, Keepers and VRF, will allow developers to deploy more sophisticated applications on the Fantom network.

AccessTimeIconJun 29, 2022 at 1:30 p.m. UTC
Updated Jun 29, 2022 at 4:32 p.m. UTC

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

Chainlink’s popular Keepers and Verifiable Random Function (VRF) protocols were integrated into the Fantom mainnet on Wednesday in a move that will allow developers to build more sophisticated decentralized finance (DeFi) applications.

Keepers is a decentralized transaction automation service that allows developers to automate any smart contract function using custom triggers. Developers can set predefined conditions that Keepers continuously checks, and when those conditions are met, it will trigger the smart contract’s function.

VRF, on the other hand, uses on-chain “randomness” that can generate fair in-game outcomes in blockchain games or randomly select governance participants for specific tasks.

“Having Chainlink VRF on Fantom allows our ecosystem developers to incorporate tamper-proof unpredictable outcomes into their dapps,” Michael Kong, CEO at Fantom Foundation, wrote in a Telegram message. “That (can) be for GameFi and NFTs (non-fungible tokens) or other real-world use cases.”

VRF has already handled more than 7 million requests from decentralized applications on other networks, developers at Chainlink Labs told CoinDesk.

Chainlink handled over $1.85 billion in 5,630 transactions over the past 24 hours, according to CoinDesk data. The transaction count has declined since a peak last month of 10,440 over a 24-hour period amid a slide in the broader crypto market.

DeFi applications on Fantom hold just under $1 billion in locked value, according to DeFiLlama. That is a steep fall from a peak of $12 billion in January. Stablecoin swap application Curve locks over $178 million, the most among Fantom-based DeFi applications, followed by exchange SpookySwap at $122 million.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.