In 2022, Chainlink co-founder Sergey Nazarov announced the launch of Chainlink Economics 2.0 – a framework of initiatives fostering Chainlink’s continued cross-chain expansion through sustainable growth, cryptoeconomic security, and revenue capture. A key component of Economics 2.0 is Chainlink SCALE (Sustainable Chainlink Access for Layer 1 and 2 Enablement), a program designed to accelerate the growth of blockchain and layer-2 ecosystems through Chainlink’s oracle services.
Today, EVM-compatible blockchain ecosystem Celo announced it has joined SCALE in order to support its mobile-first, regenerative finance (ReFi)-focused ecosystem’s long-term sustainability. As part of SCALE, Celo will cover certain operating costs of Chainlink oracle nodes for a period of time, giving developers building on Celo access to Chainlink’s industry-leading web3 services.
The ultimate goal of SCALE is to facilitate a sustainable economic model in which a network’s decentralized applications (dApps) generate sufficient revenue from user fees to fully cover the backend costs of oracle services. As more blockchain networks securely scale through Chainlink’s oracles, the cryptoeconomic security of the Chainlink Network and the entire web3 ecosystem follows suit.
Conceived as the “Home of ReFi,” Celo’s carbon-negative, permissionless, layer-1 protocol is accessible to anyone with a mobile phone and supports an ecosystem of more than 1,000 innovative web3 applications aimed at building a regenerative digital economy. Celo Foundation’s Head of Ecosystem Growth, Xochitl Cazador, said the Celo community voted to join SCALE in order to promote the network’s long-term success.
“Developers building on Celo now have access to Chainlink’s oracle services, enabling the next generation of highly scalable Web3 mobile applications,” she said. “We welcome Chainlink to the Celo community, and look forward to the continued growth and collaboration between our communities.”
Head of Blockchain Partnerships at Chainlink Labs, Niki Ariyasinghe, said Chainlink oracles on Celo could ultimately unlock opportunities that accelerate the world’s shift towards web3.
“We’re thrilled to have Celo join the SCALE program to support the growth and long-term adoption of its mobile-first, ReFi ecosystem,” he said. “By reducing the operating costs of oracle nodes, Celo will be able to empower its developers to build more sophisticated mobile applications that help drive global Web3 adoption.”
To learn more about Celo, visit their website, Twitter, Discord, GitHub, and Medium.