DeFi
An important step in the evolution of DeFi
The integration of Chainlink’s industry-standard price oracles could position zkSync as the go-to platform for creating real-world use cases that extend the reach of DeFi applications.
Chainlink’s industry-leading price feeds are now live on zkSync Era, according to a press release shared with BSC News.
This integration follows the inclusion of zkSync Era in the Sustainable Chainlink Access for Layer 1 and 2 Enablement (SCALE) program of the Oracle blockchain.
The Chainlink SCALE program is designed to accelerate the growth of blockchain and layer 2 ecosystems. Developers would benefit from enriched access to Chainlink’s web3 services, thereby fostering an environment conducive to innovation and expansion within the decentralized landscape.
The overall objective of SCALE is to establish a sustainable economic model within the networks. In this model, decentralized applications (dApps) generate significant revenue from user fees to cover the backend costs of Oracle services.
With more blockchain networks evolving through Chainlink’s oracles, Chainlink’s crypto-economic security would have improved.
Create real-world use cases
Matter Labs highlights that the integration of Chainlink’s industry standard price oracles, which have facilitated over $9 trillion in on-chain transaction value, positions zkSync as the go-to platform for creating trading cases. real-world usage that expands the reach of DeFi applications.
“We are excited to see zkSync become part of Chainlink SCALE and contribute to the long-term growth and sustainability of its network,” said Marco Cora, Senior Vice President of Business and Operations at Matter Labs.
With over $500 million in digital assets locked on the network, zkSync Era has established itself as one of the most popular layer 2 Ethereum scaling solutions.
On the contrary, Chainlink’s recent announcement on social media platform revealed that over 19 million additional LINK tokens were staked in less than 7 hours after early access to Chainlink staking opened.