Cryptocurrency exchange Coinbase announced today at ETHDenver that Chainlink Price Feeds are live on testnet for its newly launched layer-2 (L2) network, Base. The Base Ethereum L2 is incubated by Coinbase and built in collaboration with Optimism on the OP stack. Leveraging the Ethereum blockchain’s security while providing seamless access to Coinbase products alongside its 10 million verified users and $80 billion ecosystem, Base is designed to offer a developer-friendly way to build on-chain.
By integrating Chainlink’s decentralized oracle networks, which have enabled more than $7 trillion in transaction value throughout DeFi, Base will empower developers with the industry-standard web3 services needed to build high-speed, low-cost decentralized applications (dApps). In addition to integrating Chainlink on testnet, Base will also join Chainlink SCALE, a key Chainlink Economics 2.0 initiative aimed at accelerating the growth of L1 and L2 ecosystems through low-cost access to Chainlink’s web3 infrastructure.
“We’re super excited to launch Base with collaborators such as Chainlink, and to join the Chainlink SCALE program to empower developers with the critical data and services they need to build their applications,” said Base lead Jesse Pollak in an official statement.
Networks participating in SCALE cover the operating costs of certain Chainlink services for a period of time so that developers can access critical infrastructure including high-speed configurations for their specific network. By accelerating sustainable growth of its dApp ecosystem, the network can eventually transition to paying the operating costs of Chainlink services completely through dApp-generated user fees.
As more blockchain networks securely scale through Chainlink’s services, the cryptoeconomic security of the Chainlink Network and the entire web3 ecosystem also improves.
“We’re thrilled to support the testnet launch of Base and work with them on the SCALE program to support the ecosystem growth and long-term adoption of the Base Layer-2 network,” said Niki Ariyasinghe, Global Head of Blockchain Partnerships at Chainlink Labs. “By reducing the operating costs of oracle nodes, Base will be able to bootstrap its ecosystem’s growth and become a more attractive environment for building secure and scalable Web3 apps.”