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    Taking Chainlink Into The Future With Chainlink Economics 2.0

    Yesterday, Chainlink Labs hosted the first-ever Twitter Spaces town hall with Chainlink co-founder Sergey Nazarov, who began by thanking the Chainlink community for playing a critical role in the evolution of Chainlink as the industry-standard decentralized oracle network.

    He explained the significance of Chainlink becoming the leading provider of oracle network-based computation, securing tens of billions of dollars in DeFi, and how this achievement paves the way for Chainlink Economics 2.0.

    “You arrive at a position where you become the way the world works,” Nazarov said.

    For the Chainlink Network, this means the continual increase in decentralized applications (dapps) that integrate multiple Chainlink oracle networks and decentralized services, such as Chainlink VRF for randomness and Keepers for smart contract automation.

    “Eventually you will have dapps that are 50% oracle network powered, 50% smart contract powered,” Nazarov said.

    Having met the initial goal of making Chainlink the industry-standard decentralized oracle network, Nazarov said Chainlink Economics 2.0 initiates the network’s second goal of becoming an economically sustainable standard that grows alongside the industries it supports and secures.

    Nazarov described this next step as an inflection point with two keys to success: increasing user fees and decreasing costs.

    As Chainlink oracles become a necessity for creating smart contracts that underpin vital web3 industries like DeFi, Nazarov said Chainlink-powered dapps will inevitably grow their TVL in tandem with the fees they pay into the Chainlink Network to secure greater funds. Simultaneously, he believes the cost of oracle reports will continue to decline with advancing technology and the growing consensus that oracles are a public good.   

    He distilled the gravity of this next phase in Chainlink’s growth: “The goal of the Chainlink Economics 2.0 system is to make Chainlink itself sustainable for decades or into perpetuity and to tie that sustainability and that economic growth to the greater value secured by the industries in which Chainlink is a standard.”

    Listen to the entire town hall discussion with Sergey Nazarov.

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