The native integration of Chainlink Price Feeds on zkSync will help enable the creation of high throughput DeFi protocols
SAN FRANCISCO, Dec. 12, 2023 /PRNewswire/ — Matter Labs, an engineering and cryptography research company working on and developing software in relation to the zkSync protocol, a layer-2 trustless protocol that provides a scaling solution for Ethereum, and Chainlink Labs, the primary contributing developer of Chainlink, the decentralized computing platform powering the verifiable web, announced today that zkSync is joining the Chainlink SCALE (Sustainable Chainlink Access for Layer 1 and 2 Enablement) program to help propel the adoption of zkSync Era, the fastest zkEVM Ethereum layer-2 scaling solution. Additionally, Chainlink Price Feeds—the industry-leading price data solution underpinning the onchain economy—are now live on zkSync Era.
zkSync’s participation in SCALE will maximize its ecosystem’s success by increasing its developers’ access to industry-leading oracle data and services and further minimizing the gas costs that Chainlink nodes incur when submitting oracle reports for Data Feeds on zkSync Era. This deployment of resources will help zkSync realize its vision of preserving Web3’s decentralization as it helps scale Ethereum while giving its ecosystem developers access to a wide range of reliable and low-cost oracle services for an extended period of time. This will set a foundation for zkSync to support highly scalable, fully featured, and secure applications.
“We’re thrilled to see zkSync become a part of Chainlink SCALE, and to help drive its long-term network growth and sustainability,” said Marco Cora, Senior Vice President of Business and Operations at Matter Labs. “Chainlink Price Feeds is a critical and industry-standard infrastructure that has wide reaching benefits for developers and users alike. Combined with our new prover, Boojum, and with our unique design around state differences, it will make zkSync the cheapest rollup for Oracle updates. This will open up a new design space to pave the way for new innovation and use cases.”
Chainlink SCALE is an initiative centered around sustainably accelerating the growth of blockchain and layer-2 ecosystems. Its focus is providing L1s/L2s with increased access to high-quality, low-cost, and in-demand oracle services by enabling them to cover operating costs (e.g. transaction gas fees) of Chainlink oracle networks for a period of time. As blockchain/L2 ecosystems in the Chainlink SCALE program mature, the operating costs of oracle networks can increasingly transition toward being fully covered by dApp user fees.
“We’re pleased that zkSync has joined the Chainlink SCALE program to help empower developers with the industry standard Chainlink Price Feeds and other services, helping accelerate the adoption of zkSync Era,” stated Johann Eid, Chief Business Officer at Chainlink Labs. “By reducing the operating costs of Chainlink orale nodes, zkSync can help ensure projects have access to the industry-leading services needed to build highly scalable, feature-rich, and secure applications.”
Through the use of Chainlink Price Feeds on zkSync, developers can create advanced applications that maintain the strong reliability and security guarantees necessary to attract user funds, and then scale seamlessly as their total value locked (TVL) grows. This increases the overall liquidity within zkSync’s DeFi ecosystem and propels network growth.
Ultimately, the native integration of Chainlink Price Feeds on zkSync helps developers leverage the massive security and scalability advantages inherent to zkSync’s cutting-edge zk-rollup on Ethereum and will help enable the creation of high throughput DeFi protocols with robust security, paving the way for the mass adoption of Web3 technologies.
About Chainlink
Chainlink is the industry-standard decentralized computing platform powering the verifiable web. Chainlink has enabled over $9 trillion in transaction value by providing financial institutions, startups, and developers worldwide with access to real-world data, offchain computation, and secure cross-chain interoperability across any blockchain. Chainlink powers verifiable applications and high-integrity markets for banking, DeFi, global trade, gaming, and other major sectors.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About zkSync
zkSync is cutting-edge zero-knowledge (ZK) technology to scale Ethereum and bring crypto to the mainstream — reaching millions of developers and billions of people in need a technological solution for achieving progress and prosperity. Deeply rooted in its mission to advance personal freedom for all, the zkSync blockchain network makes digital self-ownership universally available. It is trustless, secure, reliable, censorship-resistant, privacy-preserving, hyperscalable, accessible, and sovereign. To learn more about zkSync, visit www.zksync.io.
SOURCE Chainlink Labs; Matter Labs
