cryptocoin.com As we have reported, Ethereum Layer 2 scaling solution Arbitrum (ARB), one of the leading popular altcoin projects of recent times, and Chainlink (LINK), a Web3 services platform, are meeting investors with a new partnership! With this new partnership, the Chainlink Verifiable Random Function (VRF) is available in Arbitrum One! Here are the details…
Chainlink (LINK) and Arbitrum (ARB) announced their new partnership!
New partnerships in the cryptocurrency market continue to attract the attention of investors. In an important development for the blockchain industry, Chainlink and Arbitrum announced that they have collaborated to introduce the Chainlink Verifiable Random Function (VRF) on Arbitrum One. This partnership brings together Chainlink’s expertise as an industry standard Web3 services platform and Arbitrum’s position as the most widely used layer 2 scaling solution for Ethereum dApp development.
Chainlink VRF has been recognized as the leading random number generator (RNG) in the blockchain space. With over 15.8 million claims transactions processed, it currently provides verifiable differences to more than 6,300 unique smart contracts across multiple blockchains. Its capabilities also allow smart contract developers to build provably fair and scalable applications, especially in NFTs and playgrounds.
The partnership excites developers and investors!
According to crypto experts, the integration of Chainlink VRF into Arbitrum One holds great promise. Ethereum Layer 2 solutions like Arbitrum play a crucial role in removing transaction congestion on the Ethereum network while maintaining the required security standards. Optimizing Chainlink VRF to take advantage of Arbitrum’s speed opens up exciting possibilities for various use cases and further advancements in the blockchain industry. Known for its highly efficient, low-cost infrastructure for dApps, Arbitrum One can be described as an optimistic aggregation solution for the leading altcoin Ethereum. However, the integration of Chainlink VRF into Arbitrum One gives developers access to the industry’s leading RNG solution, increasing the capabilities and potential of decentralized applications.
On the other hand, Offchain Labs Strategy Director AJ Warner expressed his excitement for this collaboration by emphasizing the transparency and security advantages Chainlink VRF provides to Arbitrum users. Both teams look forward to the innovations and opportunities that will arise from this partnership and aim to continue their joint efforts in the coming years. This announcement builds on the December 2022 release of Chainlink Automation on Arbitrum One, which provides developers with reliable smart contract triggers for advanced dApp development. On the other hand, the introduction of Chainlink VRF in Arbitrum One further strengthens the ecosystem and opens up new possibilities for decentralized applications.
With the new partnership, the blockchain industry has taken another step!
Developed by Offchain Labs, Arbitrum One serves as a leading Ethereum Layer 2 scaling solution. Released in August 2021, this solution offers ultra-fast, low-cost transactions with Ethereum-derived security. The EVM compatible mainnet beta has already attracted more than 400 DeFi and NFT projects with over 65% TVL in the Layer 2 segment. In August 2022, Arbitrum One upgraded to the Nitro tech stack, enabling fraud proofs through Geth’s core engine and further enhancing its capabilities. The collaboration between popular altcoin projects Chainlink and Arbitrum holds great promise for the blockchain industry, fostering innovation and enabling decentralized application adoption. According to experts, as the integration of Chainlink VRF into Arbitrum One evolves, the ecosystem can expect exciting developments and advancements in the coming months.