BlocksInform
Basic, a new ethereum layer 2 project developed by coinbase, has announced its integration with off-line power supplies in the chain. The base is still in the testing phase, and a launch of the main network is scheduled in the course of the year.
Base is built as a rollup agnostic superchain engineered off of Optimism. By integrating with off-line price flows, the base can take advantage of real-time prices from reliable sources for applications such as defi, nfts and other markets.
1/ You've been asking for @Chainlink oracle support on Base, and we've been listening??
#Chainlink Data Feeds are live on #Base testnet, while also making oracle services available to developers at a lower cost through participating in the Chainlink SCALE program.
— Base (@BuildOnBase) March 3, 2023
With this integration, Base will be able to create dynamic pricing models that can easily be associated with intelligent contracts that require external data oracles. Such an evolution in relation to Coinbase's core project can be considered a direct effort by the company to extend its reach to all markets, especially those associated with the Ethereum ecosystem, the positioning base as a level 2 competitive solution integrated as a vertical solution to its own product portfolio.
We are very happy to start the foundation with people like Chainlink, and join the program across the chain to give developers the essential data and services they need to build their apps," shares jesse pollak, core project leader.
Integration is the result of base membership in the Chain Scale program, which has provided Oracle-based data and information at a discounted price for all developers and organizations that have joined. The base will then finance a portion of the operational expenses for the services in the chain, while reducing gas costs for tie-ins provided these oracle reports are submitted by the base. This interaction is made possible because of Base' initial support for Ethereum's EIP-4844, which effectively reduces fees for Ethereum Layer 2 rollups between a scale of 10-100x, thus introducing a sustainable means for low-cost on-chain activities.
Chainlink has also announced the launch of its own developer platform, Functions, as part of a wider effort to sustain development and innovation for blockchain data aggregation and analytics across various ecosystems. The oracle network maintained by chainlink is used by a number of blockchain-based projects, including some of the largest actors in blockchain challenge applications.
Integration between chainlink and base is intended to improve data reliability and precision of blockchain oracles while providing reliable analytics for blockchain users in the ethereum ecosystem. Chainlink maintains its alpha status as the most widely used oracle network across the industry, with more than 985 oracle networks and 7 billion data points provided by its nodes.
