zkSync has announced integration with Chainlink Price Feeds. This enables developers to access high-quality data from numerous sources. The end use is to empower the development of the best-performing decentralized applications or dApps. An integration with Chainlink Price Feeds aligns zkSync with its mission of becoming the most economical rollup infrastructure for Oracle updates.
Chainlink is now entrusted with obtaining information from various sources via a decentralized network of independent node operators. zkSync, which Matter Labs back, has stated that the benefits would be passed on to users and developers.
For starters, the integration is poised to bring down gas fees. Second, access to high-quality and reliable data from the market will help construct better innovations. Third and final, all the dApps that will be developed will be backed by high security and scalability.
In this scenario, the value of integration extends across all types of DeFi applications; nevertheless, Chainlink Price Feeds has a well-crafted expertise serving numerous industries, including, but not limited to, gaming. Matter Labs’ Senior Vice President, Marco Cora, has stated that the integration will be critical in improving the existing infrastructure.
Marco has expressed confidence that the partnership with Chainlink Price Feeds will make it the cheapest rollup for Oracle updates, adding that it will pave the way for new use cases and innovation. The Senior VP has acknowledged that Chainlink Price Feeds hold a critical status when it comes to providing an infrastructure for wide benefits to the ecosystem.
Chainlink Labs’ Chief Business Officer, Johann Eid, has stated that the integration will reduce not only the gas fees but also the operational costs that nodes would otherwise incur. Johann has further stated that this will help zkSync focus on necessary services and make them accessible for scalable and secure applications.
The community has responded positively to this development. Members have congratulated both parties, saying that they are bullish about them more than ever.
LINK, the native token of Chainlink, continues its downfall, with the most recent one at 5.02% in the last 24 hours. The token is now exchanging hands at $14.17. It is also a slip of 7.51% in the month. However, based on Chainlink predictions and overall bullish sentiment in the market, the future is bright for LINK.
Meanwhile, reports have surfaced saying that Chainlink v0.2 staking reached its full potential in just 7 hours from launch time. The staking process was made available for general access on December 11, 2023, and it took less than 12 hours for holders to stake their tokens. The most recent update has highlighted that no existing staker has withdrawn their assets from the pool, which now remains filled.
It is estimated that more than 19 million additional native tokens have been staked during the said window. zkSync Era integrating Chainlink Price Feeds demonstrates a commitment to grow from both sides. Chainlink continues to expand its network, while zkSync Era expands its ecosystem with the offering of reliable and high-quality data from the market.