- Chainlink has in its latest report unveiled some of its product updates, deployments, and plans.
- Recently, it finished its Spring 2023 hackathon and emerged as its biggest event with 13,000 registrations.
Chief Product Officer of Chainlink Kemal El Moujahid has disclosed some deployments, next phase, and products to empower Web3 builders. The article covers product updates for two quarters (Q4 2022 – Q1 2023) as part of its vision to keep the Web3 community and Chainlink updated on the development of the platform.
Q2 2023 Product Update@chainlinklabs Chief Product Officer @kelmoujahid covers the latest deployments, what's next for #Chainlink oracle services, and the power of Chainlink as the industry-standard platform for Web3 builders.
Dive in ⬇️https://t.co/eKDQGR54wv
— Chainlink (@chainlink) June 19, 2023
The first product update covered was the Chainlink Data Feeds and products. According to the CTO, on-chain finance is the area of Web3 that has the most growth potential. In support of this, the team is providing Data Feeds on-chain to “enable pricing, trading, and settlement of tokenized assets and on-chain derivatives contracts.”
As part of its deployment, it recently established a fee-sharing agreement between GMX and Chainlink. With this, 1.2 percent of the fees that are earned by GMX V2 and future versions would be paid by the Chainlink service providers. In the future, the Data Feeds would be expanded to new blockchains and also support new asset types.
The report also mentions Chainlink Functions as a product expected to empower Web3 builders. For now, the team has expanded the product’s Beta to Avalanche testnet. In the future, they would improve the developers’ experience.
Improve the developer experience by making it easier for developers to trial and explore Functions quickly. Continue collecting developer feedback during the beta period to enhance the developer experience and product impact. Feedback is crucial in determining the optimal path for deploying Chainlink Functions on blockchain mainnets for general availability.
Other Chainlink Product Updates
Another project is called DECO, a privacy-preserving protocol. The team is currently developing a builder-friendly sandbox environment to enable developers to apply privacy-preserving proofs of authenticity through DECO.
Automation, a performant smart contract automation solution for developers is also said to be focusing on becoming a powerful tool by combining with other Chainlink services to unlock new use cases.
Chainlink Automation is focused on removing the need for projects to self-host automation infrastructure by providing them with a highly reliable and decentralized alternative. The ecosystem is quickly realizing that it’s not just about automation but also reliability, since automation triggers key processes that must take place in a timely manner.
Automation has been launched on Optimism mainnet, enabling the likes of BarnBridge, DefiEdge, Lyra, and Pickle Finance to see new use cases including automated settlement of options contracts, etc.
Chainlink Verifiable Random Function (VRF) is also one of the most adopted random number generators (RNG) in the Web3 space. According to the report, about 15.8 million request transactions have been fulfilled with over 6,300 unique smart contracts across different blockchains benefiting verifiable randomness.
A.J. Warner, Chief Strategy Officer at Offchain Labs commented:
Chainlink VRF is a time-tested solution, and its transparency and security are welcome benefits for Arbitrum users. We look forward to the innovation this sparks with our community and continuing our work with Chainlink Labs in the years to come.
As part of its recent updates, LINK has wrapped up its Spring 2023 hackathon, which saw over 13,000 registrations and 496 projects submitted.
