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Chainlink (LINK) Automation Launches on Ethereum's Most Hyped Layer 2 Solution

Thu, 12/15/2022 - 15:43
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Gamza Khanzadaev
Chanlink Automation expands into Arbitrum, Ethereum's most hyped Layer 2 solution
Chainlink (LINK) Automation Launches on Ethereum's Most Hyped Layer 2 Solution
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Oracle service provider Chainlink has announced its expansion to Arbitrum One, a new but already acclaimed Layer 2 solution for Ethereum. The launch of Chainlink Automation will help developers build decentralized applications on Arbitrum One, enabling them with automation and maintenance.

Chainlink's expansion into Arbitrum does not seem surprising and seems organic. Arbitrum has quickly managed to establish itself as a very nimble, secure, low-cost blockchain that for many is a priority platform for financial technology development.

Thus, for example, the decentralized crypto derivatives exchange GMX, whose token of the same name has made a lot of noise in recent weeks, is built on Arbitrum One. GMX accounts for more than a third of the blockchain's total value of $1.11 billion.

Here's Why Chainlink (LINK) Price Tumbled to $6 from $9: Santiment

Chainlink's recent developments

Chainlink's expansion into Arbitrum is the second major development in the crypto company's life recently. The first is undoubtedly the launch of long-awaited staking last week. The early pool, launched only for a limited number of people, has already filled to a maximum of 22.5 million LINK with an interest rate of 4.75%.

Source: TradingView

The LINK price reacted to all the positive news with a drop of 12%, but before that, it was up 28% from the last week of November to Dec. 5.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.