Chainlink tools now power millions of transactions on Base network Chainlink tools now power millions of transactions on Base network
Coinbase Base network sees boost with complete Chainlink deployment.
2 min read
Updated: Aug. 15, 2024 at 1:00 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Blockchain Oracle network Chainlink revealed that its entire product suite is now available to developers on the Coinbase-incubated Ethereum layer-2 network Base, according to an Aug. 15 statement shared with CryptoSlate.
This followed the firm integration of its Data Streams and Verifiable Random Function (VRF) products on the layer-2 network.
Tom Vieira, Base’s Head of Product, expressed enthusiasm about Chainlink’s entire infrastructure solutions—including the Cross-Chain Interoperability Protocol (CCIP) and Price Feeds—being available on the platform.
He noted that this arms developers with the necessary tools to build the next generation of on-chain applications.
Over the past year, Base has rapidly gained traction in the industry, becoming a popular choice for Ethereum layer-2 transactions. According to Growthepie data, Base was responsible for more than 4 million transactions during the past day, while its closest rival, Arbitrum, only processed 1.8 million transactions during the same period.
Data streams
Data Streams offers a cutting-edge solution for the DeFi market, delivering low-latency market data and automated execution. This innovation paves the way for a new era of fast and user-friendly DeFi products.
Chainlink Data Streams leverages robust, decentralized infrastructure to provide high-frequency market data. This capability allows high-throughput DeFi products to offer a smooth user experience akin to centralized exchanges (CEXs) while ensuring unmatched on-chain execution speed and proven security.
Thodoris Karakostas, Head of Blockchain Partnerships at Chainlink Labs, noted that Chainlink Data Streams’ low-latency data will empower developers to create the next generation of DeFi solutions on the Ethereum-based network.
Notably, several DeFi protocols, such as Avalanche-based GMX, are using the solution to power their platform’s infrastructure.
VRF
Chainlink VRF is a leading Web3 random number generator (RNG) with over 21 million transaction requests completed across various blockchains.
The recent VRF v2.5 upgrade introduces significant improvements for developers. It offers low-friction billing, better gas consumption predictions based on network conditions, and an enhanced user experience for smooth upgrades.
Despite these upgrades, Chainlink VRF maintains an end-to-end latency of about two seconds across different use cases. Karakostas commented:
“VRF will now enable smart contracts on Base to access random number generation securely.”
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Posted In: Technology
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
Ethereum
$3,142.19
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Arbitrum
$0.69310
Arbitrum is a type of technology known as an optimistic rollup.
Avalanche
$33.8249
Avalanche is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
