As it gears up for its mainnet launch tomorrow, Base, Coinbase’s Ethereum new layer-2 solution, just added a new collaborator.
Chainlink, the leading decentralized oracle network, announced this Tuesday the implementation of price feeds into the chain.
The tool streamlines the integration of DeFi protocols, including externally connected DeFi applications such as lending and borrowing protocols, and derivatives markets.
“The native integration of Chainlink Price Feeds into Base will enable developers with the tools they need to port existing applications over to Base and empower them to experiment with novel use cases that can be built on Base’s hyper-scalable layer-2 environment,” Jesse Pollak, Creator of Base and Head of Protocols at Coinbase, said in a statement.
Specifically, it facilitates the link between smart contracts and tangible data points, like asset prices. Chainlink's oracle promises dependable data delivery, collating information from multiple sources through a decentralized network of independent node operators.
“The integration of Chainlink Price Feeds into Base’s layer-2 blockchain is more than just a technical integration; it’s a strategic alignment of vision and values,” Johann Eid, Chief Business Officer at Chainlink Labs, told Decrypt.
Each price data feed reflects a volume-weighted average across selected exchanges, including both decentralized and centralized exchanges, with built-in filters for suspicious volume and price outliers to ensure the delivery of a fair market price.
Base enters layer-2 arena
Opened to developers in July, the blockchain has an uphill battle of building attractive applications to stand out in the crowded layer-2 ecosystem.
In the past week, though, it’s already managed to attract a ton of liquidity thanks to a flurry of meme coins launching on the network.
“The Base team has spent a long time helping to drive our industry forward, and both teams are dedicated to delivering robust solutions that open up endless possibilities for developers while ensuring accuracy and security,” Eid told Decrypt. “This collaboration is another step towards the ever-present end goal of preparing our industry for mass adoption.”
With this perspective in mind, Base’s team launched the “Onchain Summer” initiative in partnership with Coca-Cola, Opensea, and Atari.
It consists of a series of events in which creators and developers can make art or build applications on Base.