zkSync Era integrates Chainlink price feeds to boost layer-2 capabilities zkSync Era integrates Chainlink price feeds to boost layer-2 capabilities
Chainlink's price feed ensures reliable data delivery by gathering information from various sources through a decentralized network of independent node operators.
2 min read
Updated: Dec. 12, 2023 at 6:48 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Chainlink’s price feeds are now live on Matter Labs‘-backed layer2 network zkSync’s Era following the addition of the platform to the Oracle blockchain’s Sustainable Chainlink Access for Layer 1 and 2 Enablement (SCALE), according to a Dec. 12 statement shared with CryptoSlate.
Chainlink’s price feed is an essential blockchain tool that connects smart contracts and real-world data, like asset prices. The Oracle network ensures reliable data delivery by gathering information from various sources through a decentralized network of independent node operators.
Several DeFi applications, including lending and borrowing protocols, rely on this price feed to ensure smooth operations of their services.
So, zkSync’s integration into SCALE will provide developers within the layer2 network’s ecosystem with enhanced access to top-notch Oracle data. This will ultimately help to reduce the gas fees Chainlink nodes incur when submitting Oracle reports for Data Feeds on zkSync Era.
Matter Labs’ Senior VP, Marco Cora, emphasized the critical role of Chainlink Price Feeds, considering them crucial infrastructure beneficial to users and developers alike.
“Chainlink Price Feeds is a critical and industry-standard infrastructure that has wide reaching benefits for developers and users alike. Combined with our new prover, Boojum, and with our unique design around state differences, it will make zkSync the cheapest rollup for Oracle updates. This will open up a new design space to pave the way for new innovation and use cases,” Cora added.
Similarly, Johann Eid, Chainlink Labs’ Chief Business Officer, highlighted how this integration decreases operating costs for Chainlink nodes, enabling zkSync to offer necessary services for building highly secure and scalable applications.
zkSync Era is one of the most popular Ethereum layer2 scaling solutions, with more than $500 million worth of digital assets locked on the network, according to data from L2beat.
Chainlink v0.2 staking reaches full capacity
In a Dec. 8 post on social media platform X, Chainlink stated that over 19 million additional LINK tokens were staked in under 7 hours after it opened its early access.
The Oracle network opened the staking platform to the general public on Dec. 11. However, data from the site shows that the pool remains filled as no existing staker has withdrawn their assets.
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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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In this article
Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
Matter Labs
Matter Labs is a technology company that specializes in Layer 2 scaling solutions, which aim to address the scalability issues of blockchain platforms like Ethereum.