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- Chainlink Data Streams Is Now Live on opBNB, a Layer 2 scaling solution for the BNB Chain built on the OP Stack.
- Chainlink Data Streams is a pull-based Oracle service designed to deliver high-frequency market data for DeFi and blockchain applications.
Chainlink has announced that Chainlink Data Streams, a data solution for the Decentralized Finance ecosystem, is now live on opBNB. Launched in August 2023, the opBNB mainnet is a layer2 network designed to amplify the performance of the Binance smart chain. Chainlink Data streams integrate ultra-low-latency market data and automated trade execution, enabling the creation of a new class of fast, intuitive derivatives products.
The opBNB is an optimistic rollup network that transfers a portion of the workload from the mainnet, improving network efficiency as demand rises. It features a sequencer for transaction ordering and a Batcher to bundle transactions. The sequencer consolidates transactions, computes state changes, and submits them to the rollup contract on the BNB Chain. Validators on the network then create cryptographic proofs to approve these transitions. Notably, opBNB supports a throughput of 5,000 to 10,000 transactions per second (TPS).
Here’s Why BNB Chain has adopted Chainlink Data Streams
With Chainlink Data Streams, Decentralize Finance (DeFi) markets can make a groundbreaking advancement, allowing developers to offer enhanced trading experiences featuring minimal slippage, lower fees, ultra-fast settlement, and robust safeguards against market manipulation powered by Chainlink’s proven oracle security and premium data quality.
Chainlink Data Streams is now live on opBNB to securely power DeFi markets on @BNBCHAIN's layer-2 scaling solution.
How Data Streams enhances the capabilities of the opBNB ecosystem on the #RoadToSmartCon ⬇️https://t.co/ZH5Kg0gQPK pic.twitter.com/XKq33rRNo3
— Chainlink (@chainlink) October 25, 2024
Another standout feature of Chainlink Data Streams is that it enables protocols to deliver scalable transactions in trading. This is achieved through impartial data delivery, a credibly neutral settlement infrastructure, and a commit-and-reveal design, which equips developers with built-in frontrunning protections. Together, these features ensure fair trade execution, shielding users from toxic flow and adverse selection.
Chainlink Data Streams was adopted by BNB Chain as the preferred low-latency oracle for opBNB. At its core, Chainlink Data streams deliver high-quality, high-frequency market data on Chainlink’s established infrastructure. Data Streams provide exceptional features like liquidity-weighted bid-ask spreads and execution times under one second without sacrificing transparency or decentralization. Chainlink identifies that the automated execution features of Data Streams, combined with its utilization of market data, could enhance the competitiveness and adaptability of dApps in responding to market fluctuations.
Additionally, this data solution provides developers with the infrastructure to unlock performant, reliable, and decentralized on-chain derivatives. The collaboration between Chainlink and BNB Chain through the implementation of Data Streams on opBNB is set to reshape the future of decentralized trading.
As reported by CNF, Chainlink, recently introduced its CCIP Private Transactions feature to the crypto ecosystem facilitating private transactions across blockchain networks. The CCIP network allows TradFi and enterprise systems to connect with private blockchains while selectively revealing only the necessary on-chain information for each transaction, addressing a major privacy issue in the blockchain industry.
As of press time, each unit of Chainlink (LINK) is trading at $11.19 with a market cap of $7,006,308,150. Its trading volume soared by 64.52%, reaching $407 million over 24 hours.
