Blockchain
Chainlink is a web3 service platform and decentralized Oracle network. On Saturday (May 20), the protocol joined forces with Arbitrum, an Ethereum layer two scaling solution, to unveil the launch of Chainlink VRF (Verifiable Random Function) on Arbitrum One.
Chainlink VRF is now live on Arbitrum Onehttps://t.co/RWrA7KAexJ#blockchain #dAPPs #smartcontracts #bitcoin #ETH #BNB #Stablecoins #DeFi #XRP #XDC #XLM #ADA #DAO #investing #staking #mining #ALGO #SHIB #NFT #Metaverse
— Elo Bwana (@elowana) May 20, 2023
That gives developers access to a widely recognized random number generator (RNG). On May 22, the Arbitrum Foundation and Chainlink are organizing a VRF workshop.
Arbitrum and Chainlink Collaboration
The official press release revealed that Chainlink Verifiable Random Function has joined the Arbitrum One platform. The launch benefits Arbitrum and Chainlink, giving them access to new decentralized applications (dApps) and smart contracts that developers create.
Chainlink VRF remains the most widely used RNG (random number generator) within the cryptocurrency market. It enables smart contract makers to develop scalable, fair and secure apps, including gaming and NFT. In addition, Arbitrum One enables developers to build dApps at low cost and high throughput.
Johann Eid of Chainlink Labs commented on the benefits of Arbitrum in removing Ethereum transaction congestion without compromising security. He believes Arbitrum’s incredible speed will unlock many use cases by improving Chainlink VRF.
As mentioned earlier, the collaboration is a win for the parties, benefiting the Chainlink and Arbitrum communities. Chainlink Verifiable Random Functions provides randomization to over 6,300 smart contracts across different blockchains.
The Arbitrum-Chainlink connection will help developers to develop high-performance decentralized applications with smart contract features. In addition, the launch of Chainlink Automation on Arbitrum One will automate critical smart contract functionality without sacrificing decentralization. Chainlink continues to expand innovation by closing deals with companies such as Coinbase Cloud, Optimism, and SWIFT.
Rallies for ARB and LINK?
Chainlink and Arbitrum have LINK and ARB as their native tokens respectively. LINK lost about 1% in the last day and switched hands at $6.50 at the time of writing. The altcoin struggled in May following market uncertainty. LINK lost 2% in the past seven days.
On the contrary, ARB is up 1% over the past 24 hours and is currently hovering at $1.16. It reached a daily high of $1.17 and a low of $1.15. Meanwhile, Arbitrum dominates transactions on the Ethereum blockchain as it ensures low gas costs and high speed.
