Base, an ethereum L2 solution has secured a partnership with Chainlink to integrate the latter’s price feeds into the Base testnet.
Chainlink price feeds go live on Base
Base, a new ethereum L2 solution developed by Coinbase, has integrated Chainlink to provide secure, off-chain price feeds for decentralized application developers in the crypto sector.
According to Base, this partnership fosters the company’s vision to scale into a top L2 solution in the Ethereum blockchain ecosystem by providing developers with secure off-chain data sources from Chainlink to effectively build decentralized applications.
“We’re super excited to join the Chainlink SCALE program to empower developers with the critical data and services they need to build their applications.”
Jesse Pollak, project lead at Base.
Jesse Pollak, the project lead at Base stated expressed his delight at the new development, stating how important it is for the company to partner with crypto giants like Chainlink.
Last week, Coinbase revealed that it will be launching its own Ethereum L2 solution called Base, the announcement sparked an upturn in Coinbase’s stock price rising by almost 10% to $64.83 per share immediately after the news broke.
Base was developed to scale transactions on the Ethereum (ETH) network, making it significantly faster. L2 networks like Base process transactions in batches as opposed to individual processing of transactions on the Ethereum network.
These transactions will be processed on a separate network and then relayed back to their main network in relayed form thereby increasing the speed and reducing the costs of transactions on the Ethereum network.
Meanwhile, Chainlink’s LINK token experienced a positive Febuary in terms of price action and developments. The crypto-based oracle recently secured a partnership with Archblock, the issuer of the stablecoin TUSD, to use Chainlink’s proof-of-reserves to secure minting, improve transparency, and enhance reliability.