Chainlink Price Feeds are currently positioned live on Base, which is an upgradable Layer 2 blockchain created by Coinbase and affixed by Ethereum. Through this incorporation, developers who are involved in creating on Base will have the opportunity of connecting with benchmark Chainlink data feeds, along with various Web3 services.
The conventional incorporation of Chainlink Price Feeds intends to back outside connectivity with DeFi applications like decentralized lending and borrowing of protocols, along with off-shoot markets and others. According to the Creator of Base and the Head of Protocols at Coinbase, Jesse Pollack, in the case of developers, Chainlink Price Feeds come as top price data solutions in matters of safety, dependability, and usefulness.
In his opinion, this incorporation of Chainlink Price Feeds with Base will offer the required tools for developers to shift the present applications to Base. There will also be the inclusion of developers being able to carry out experiments with the help of unique use cases that can be created on the upgradable Layer 2 exposure provided by Base.
In the case of Chainlink Price Feeds, they are affixed by decentralized oracle networks consisting of various Sybil-resistant node operators. The operators get the prices through updated data collectors for setting up large market outreach. Every price data feed speaks of a volume-oriented average throughout the prime exchanges like DEXs and CEXs. These come with in-built filters in the case of doubtful volume and price outliers for ascertaining the deliverance of a justifiable market price.
The Chief Business Officer of Chainlink Labs, Johann Eid, feels their entire team is excited about backing Base via the incorporation of Chainlink Price Feeds. In his opinion, this will help in encouraging Base developers to build new-age use cases, along with present DeFi protocols to conveniently come aboard Base’s Layer 2 blockchain. Of course, the safety and dependability factors will play their role. The coming together of a speedy Layer 2 blockchain with a benchmark Oracle framework will create various options for developers.
As far as Chainlink is concerned, it is a benchmark for Web3 services platforms. It has been responsible for massive numbers of transactions that have been carried out throughout DeFi, as well as on-chain finance, gaming, NFTs, and a whole lot of other verticals. Chainlink provides developers the opportunity of creating advanced Web3 applications by connecting with real-time data and off-chain computation through all blockchains.