Chainlink’s price feeds are now live on Matter Labs-backed layer2 network zkSync’s Era following the platform’s addition to the Sustainable Chainlink Access for Layer 1 and 2 Enablement (SCALE) of the Oracle blockchain, according to a statement shared on December 12 of Crypto.
Chainlink’s price feed is an essential blockchain tool that connects smart contracts and real-world data such as asset prices. The Oracle Network ensures reliable data delivery by collecting information from disparate sources through a decentralized network of independent node operators.
Several DeFi applications, including lending and borrowing protocols, rely on this price feed to ensure smooth operation of their services.
Thus, integrating zkSync into SCALE will provide developers within the Layer2 network ecosystem with improved access to premium Oracle data. This will ultimately help reduce the gas costs that Chainlink nodes have to pay when submitting Oracle reports for data feeds on zkSync Era.
Matter Labs Senior VP Marco Cora highlighted the crucial role of Chainlink Price Feeds, viewing it as a crucial infrastructure that benefits both users and developers.
“Chainlink Price Feeds is a critical and industry-standard infrastructure that provides far-reaching benefits for developers and users alike. Combined with our new prover, Boojum, and with our unique design around status differences, this will make zkSync the cheapest rollup for Oracle updates. This will open a new design space to pave the way for new innovation and use cases,” Cora added.
Likewise, Johann Eid, Chief Business Officer of Chainlink Labs, highlighted how this integration reduces operating costs for Chainlink nodes, allowing zkSync to provide the necessary services for building highly secure and scalable applications.
zkSync Era is one of the most popular Ethereum Layer2 scaling solutions, with more than $500 million in digital assets locked on the network, according to data from L2beat.
Chainlink v0.2 staking reaches full capacity
In a December 8 post on social media platform
The Oracle Network opened the staking platform to the general public on December 11. However, data from the site shows that the pool remains filled as no existing stakers have withdrawn their assets.