Chainlink has announced exciting news for its followers: the launch of Chainlink Price Feeds on Base testnet, a new Ethereum L2 incubated by Coinbase.

On 23 February 2023, Coinbase announced the testnet launch of Base, an Ethereum Layer 2 (L2) blockchain that provides a cost-effective and developer-friendly platform for building decentralized applications (dApps) on-chain.

According to the company’s blog post, Coinbase aims to onboard over a billion users into the crypto economy and sees Base as a critical part of its strategy to achieve this goal. It also says that Base is “decentralized, permissionless, and open to anyone with the vision of creating a standard, modular, rollup agnostic Superchain powered by Optimism.” 

According to Coinbase, Base is designed to be an attractive destination for developers to build on-chain, offering scalability and security powered by Ethereum. Coinbase is incubating the project, leveraging its experience in building crypto products, with plans to decentralize the chain over time.

The integration of Chainlink Price Feeds is a significant milestone for both Base and Chainlink communities, as developers on Base can now leverage Chainlink’s highly reliable oracle services.

In addition, according to Chainlink’s press release, Base will be taking part in the Chainlink SCALE program, which is “designed to make Chainlink data and services available to developers at a lower cost.” Base will pay for some portion of operating expenses of Chainlink services on its network and lower the gas costs payable by Chainlink nodes when generating oracle reports on Base.

Niki Ariyasinghe, Global Head of Blockchain Partnerships at Chainlink Labs, had this to say:

We’re thrilled to support the testnet launch of Base and work with them on the SCALE program to support the ecosystem growth and long-term adoption of the Base Layer-2 network. By reducing the operating costs of oracle nodes, Base will be able to bootstrap its ecosystem’s growth and become a more attractive environment for building secure and scalable Web3 apps.

Image Credit

Featured Image via Pixabay