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Chainlink (LINK) Goes Live on This L2 Network, Implications for Price

Fri, 02/24/2023 - 09:46
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Godfrey Benjamin
Chainlink will go live on StarkNet mainnet at later time in future
Chainlink (LINK) Goes Live on This L2 Network, Implications for Price
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Chainlink (LINK) is looking to end this week on a positive note with respect to its spot price outlook after rising by 2.43% over the past 24 hours to $8.05. The positive sentiment engulfing Chainlink at this time can be traced to the announcement of its latest partnership with StarkNet.

According to the protocol, its Oracle service is now available on StarkNet testnet, and it will permit developers in the ecosystem to leverage secure, reliable and decentralized Price Feeds to build the next generation of DeFi applications. As one of the most functional Layer 2 protocols on the Ethereum Network, the integration is billed to make StarkNet a more versatile platform for innovators.

We're thrilled to have StarkNet joining the Chainlink SCALE program, further supporting the upcoming deployment of Chainlink oracle services on StarkNet mainnet," said Sergey Nazarov, Co-Founder of Chainlink. By reducing the operating costs of oracle nodes, StarkNet is able to accelerate its ecosystem's growth and become a more attractive environment for building scalable dApps in the Web3 ecosystem.

The Chainlink oracle is on track to go live on StarkNet mainnet in the near future to help accelerate growth across the board.

Chainlink (LINK) and Avalanche (AVAX): How Partnership Between These Cryptos Can Revolutionize DeFi

Chainlink crossing boundaries

Chainlink has maintained a positive growth outlook for the better part of the month as it has continually made ambitious moves to expand its ecosystem.

For an oracle that started on Ethereum, Chainlink has crossed different boundaries and powers some of the biggest smart contract protocols in the Web 3.0 world. Today, Chainlink has a Total Value Enabled (TVE) of more than $7 billion.

With plans to become the dominant Oracle in the blockchain ecosystem despite rising competitors like Flare Network, Chainlink has continued to push for functional partnerships with different market segments, including the now-hyped non-fungible token (NFT) ecosystem.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.