Chainlink's oracles take on Optimism on Ethereum

Optimism, the new darling of oracles – TheDeFi ecosystem has grown significantly over the past year. This has mainly been made possible by its composability, allowing its various protocols to interact with each other. Among them, the Chainlink oracle stands out as an indispensable tool for smart contract developers.

Oracles: the pillars of smart contracts

Oracles are a cornerstone ensuring the proper functioning of smart contracts and DeFi as a whole. Indeed, smart contracts, as powerful as they are, only have the ability to retrieve data from the blockchain.

However, the vast majority of decentralized applications (dApps) also rely on data outside the blockchain. For example, the exchange rate for a given cryptocurrency pair.

This is where oracles come into play. These allow smart contracts to obtain data outside the blockchain in a verifiable and secure way. Among them, we find Chainlink, which in a few years has become the favorite solution of many DeFi projects.

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Chainlink has its eyes on Optimism

After conquering many blockchains, such as Ethereum, Binance Smart Chain, Polygon and Solana, Chainlink is now tackling second-layer solutions.

On September 1st, the company announced the deployment of Chainlink oracles on the second layer solution Optimism, after receiving a significant demand from its community.

Now, dApp developers on Optimism will be able to access data from the Chainlink Price Feed, a tool for retrieving real-time prices of various types of assets, such as cryptocurrencies, stablecoins, indices and more.

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What’s more, the feeds offered by Chainlink will be paced by the speed at which the Optimism network operates. As a result, developers will be able to retrieve prices for various assets in a low-cost manner, and with extremely low latency.

“This unlocks a whole new class of advanced smart contract applications on Optimism’s second layer that were previously impossible on Ethereum’s main chain. “

Chainlink announcement

Chainlink’s integration on Optimism allows developers of existing applications on Ethereum to migrate them to Optimism with little to no changestion.

“With our scalable infrastructure, developers can launch scalable, externally connected dApps with minimal changes to their L1 code and without having to sacrifice the robust underlying security of Ethereum L1. “

Jing Wang, co-founder and CEO of Optimism

Other Chainlink-specific products, such as Chainlink VRF, which enables on-chain random number generation, will be ported to Optimism in the coming weeks or months. This tool can be used by NFT projects or decentralised video games, among others.

However, Optimism is not the only second layer solution to be in the spotlight. Indeed, its competitor Arbitrum also announced the launch of its own solution on the mainnet in early September.

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