Chainlink Collaborates with Ethereum's Arbitrum to Boost Cross-Chain DApp Development
Summary:
Chainlink has incorporated Ethereum's layer 2 scaling protocol, Arbitrum, to boost cross-chain decentralized application development. The collaboration between Chainlink Cross-Chain Interoperability Protocol (CCIP) and Arbitrum One’s ecosystem, announced on Sept. 21, promises to offer a variety of applications, including blockchain gaming and data storage. The integration leverages Arbitrum’s optimistic rollup technology, contributing to quick and affordable transactions. Meanwhile, CCIP enables the creation of cross-chain DApps that leverage Chainlink’s decentralized oracle network for secure access to off-chain data sources and payment systems.
Chainlink, a blockchain oracle network, has incorporated Ethereum's layer 2 scaling protocol, Arbitrum, to enhance cross-chain decentralised application (DApp) growth. The mainnet debut of Chainlink's Cross-Chain Interoperability Protocol (CCIP) on Arbitrum One was revealed on September 21, offering developers opportunities to use Chainlink’s solution within Arbitrum's high-volume, low-expense scaling framework. With CCIP and Arbitrum One’s ecosystem collaboration, a spectrum of applications is set to unlock, comprising cross-chain tokenization, collateralization, blockchain gaming, data preservation and calculation.
Chainlink Labs' Chief Business Officer, Johann Eid, shed light on the collaboration, accentuating Arbitrum’s contribution to alleviating Ethereum’s base layer transaction backlog and providing a foundation for DApp construction. Eid stated that CCIP now provides users with secure and user-friendly inter-chain protocol founded on Chainlink’s proven infrastructure, which will power cross-chain smart contracts. This, he envisages, will pave the path for new growth, accessibility, and innovation.
Arbitrum’s optimistic rollup technology, which currently holds about 60% of the total value secured in the broader Ethereum layer two ecosystem, will integrate with this newly launched solution. Arbitrum enables quick and cost-efficient transactions that are batch processed off-chain prior to submission to Ethereum’s base layer. The network's validators assume the optimistic rollup to be valid until proven otherwise.
Meanwhile, CCIP permits developers to formulate cross-chain DApps that utilize arbitrary messaging and straightforward token transfers. This leverages Chainlink’s decentralized oracle network which facilitates secure access of smart contracts to off-chain data sources, APIs and payment systems. Related: Crypto executives claim blockchains require an interoperable standard for evolution.
This protocol allows smart contracts to engage with real-world data and events, making external source data-driven triggering of contracts possible. Earlier, StarkWare, another prominent Ethereum scaling technology firm, leveraged Chainlink’s oracle services. A report from Cointelegraph showed that StarkWare’s zero-knowledge proof rollup protocol StarkNet integrated Chainlink’s data and price feeds within its ecosystem in February 2023.
Published At
9/21/2023 2:00:34 PM
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