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- Chainlink Automation arrives on Arbitrium One as the two Ethereum-based ecosystems partner.
- The collaboration is bullish for scaling the Ethereum network to millions of TPS.
Leading blockchain oracle network Chainlink (LINK) continues to forge new and exciting partnerships. Chainlink just announced a partnership with Ethereum layer 2 scaling solution Arbitrium One.
Per a press statement, the partnership sees Chainlink deploy its Chainlink Automation product on Arbitrium One. Chainlink Automation enables conditional execution of smart contract functions through a hyper-reliable and decentralized automation platform secured by the Chainlink network of node operators.
With the native integration on Arbitrium, developers in the scaling solution’s ecosystem are enabled to build advanced decentralized applications. According to Niki Ariyasinghe, the “battle-tested transaction manager” will handle nonce management, gas spikes, and network re-org end-to-end automation.
“With the enhanced uptime and security guarantees provided by Chainlink Automation, Arbitrum developers can build the next generation of decentralized applications and help reliably scale the Web3 ecosystem,” Ariyasinghe, the Head of Blockchain Partnerships at Chainlink Labs, said.
A.J. Warner, Chief Strategy Officer of Arbitrium’s developers Offchain Labs, pointed out even more merits of the partnership. He noted that developers are now empowered to create feature-rich dApps that can scale at a lower cost. It does this without letting developers worry about a single point of failure, he added.
The partnership is extremely bullish for scaling the Ethereum network.
The integration of Chainlink Automation on Arbitrium raises optimism for the scalability of the Ethereum blockchain. Arbitrium is rising to rapid prominence despite being a relatively new Ethereum layer 2 scaling solution. Arbitrium’s optimistic roll-up solution is largely considered to be nimble, and with the potential to scale Ethereum to 1 million transactions per second (tps).
Recently, patronage of GMX, a decentralized crypto derivatives exchange built on Arbitrium, rose sharply according to data from Dune. Analysts attribute the surge to the erosion of trust in centralized exchanges, as well as the platform’s speed and cost savings thanks to Arbitrium.
Similarly, the adoption of Chainlink — which is also Ethereum-based — has been on the rise. Chainlink launched its long-awaited staking feature last week. The early pool, launched only for a limited number of people, filled to a maximum of 22.5 million LINK shortly after launch. It also offers an interest rate of 4.75%.
The price of LINK surged in the build-up to the launch of staking. However, the token has dropped 11% in the last week on the back of a “sell the news” sell-off. At press time, LINK was trading at around $6.25, down 5.82% in the last 24 hours.
