Chainlink Price Feeds Go Live on Base, Coinbase’s Layer 2 Testnet
Base also joins the Web3 services platform's Scale program, allowing developers to construct smart contracts that can react to external information at a subsidized cost.
Web3 services platform Chainlink’s price feeds have become available on the Base testnet, the Ethereum layer 2 blockchain incubated by crypto exchange Coinbase, allowing developers to access external data so that the smart contracts that underpin decentralized finance (DeFi) can execute based upon the information retrieved.
Base will also join Chainlink's Scale program, which covers “certain operating costs of Chainlink services." The program was introduced in September to reduce developers' costs ahead of the staking of its LINK token in December. Signing up Base to the program follows February's inclusion of Netanya, Israel-based StarkWare. LINK has rallied about 25% this year.
Base started operation in February and is meant to be a low-cost, secure platform for developers to build decentralized applications (dapps), though it was initially subject to user criticism on Twitter. Chainlink is a provider of so-called oracles, which connect blockchains to external data sources.
“By reducing the operating costs of oracle nodes, Base will be able to bootstrap its ecosystem’s growth and become a more attractive environment for building secure and scalable Web3 apps,” Niki Ariyasinghe, Chainlink Labs' global head of blockchain partnerships, said in a statement on Friday.
CORRECTION (Mar. 7, 09:22 UTC): Corrects the description of Chainlink.
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.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.