YEREVAN (CoinChapter.com) — Popular Oracle service provider Chainlink (LINK) has inked a partnership with Arbitrum, the Layer 2 scaling solution for Ethereum, to launch Chainlink Automation. The deal will enable developers to build highly scalable, fully end-to-end automated, and low-cost smart contract applications on Arbitrum One. 

According to the press release, several projects, like COTI, Armadillo, Cask, and DeFiEdge, are already integrating Chainlink Automation into their decentralized apps (dApps). This has helped them deploy key smart contract functions on Arbitrum One.

On December 15, Chainlink Automation went live on Arbitrum mainnet.

Smart contracts can connect to any external API with confidence thanks to Chainlink Oracle’s broad networks.

Niki Ariyasinghe, the Head of Blockchain Partnerships at Chainlink Labs, welcomed the development. 

“We’re excited to support the Arbitrum ecosystem with the native integration of Chainlink Automation, enabling developers to build highly scalable and low-cost smart contract applications that are automated end to end,” 

Ariyasinghe said.

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LINK price moves as Chainlink launches staking 

Earlier this month, Chainlink launched its staking feature to help increase the crypto economic security of its oracle services. The service allowed community members and node operators to earn 4.75% by staking their LINK tokens. LINK is the native cryptocurrency of the Chainlink network.

“By committing LINK tokens in smart contracts to back certain performance guarantees around oracle services, the Chainlink ecosystem can expand to secure greater amounts of value over time,” 

the announcement read. 

Each address can stake up to 7,000 LINK tokens, while the staking pool is capped at 25 million LINK. 

Within the first nine hours, the community had staked over $75 million worth of LINK Chainlink tokens. The news provided slight gains for LINK. However, within hours, its price began to tumble again.

At the time of writing, LINK changes hands for $6.56 per token. This is around 88% below the all-time high of $52.88 from May 10, 2021. However, the recent major development with Arbitrum has once again made Chainlink popular among investors.

According to Ethereum (ETH) whale tracking website WhaleStats, LINK is one of the top 10 purchased tokens among the 500 biggest ETH whales. 

With two major developments in recent weeks, Chainlink investors will be hoping to see the price spike in the coming days. 

The post Chainlink Automation Goes Live on Ethereum Layer 2 solution Arbitrum One appeared first on CoinChapter.

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Filed under: Bitcoin - @ December 15, 2022 8:26 pm