Chainlink, the decentralized blockchain oracle network, and Ethereum Layer 2 scaling solution Arbitrum, have announced the launch of Chainlink Verifiable Random Function (VRF) on Arbitrum One. This move unites the strengths of both platforms and paves the way for new smart contracts and decentralized applications (DApps) development.
Chainlink VRF, renowned as the leading random number generator (RNG) in the crypto industry, empowers smart contract developers to create secure, scalable, and fair applications, such as NFTs and gaming. In addition, building on Arbitrum One’s optimistic rollup provides high-throughput and low-cost DApp advantages.
Johann Eid, VP of Go-To-Market at Chainlink Labs, acknowledges the pivotal role Arbitrum plays in easing Ethereum transaction congestion without sacrificing security. He expresses excitement about the potential use cases that can now be unlocked by optimizing Chainlink VRF and benefiting from the exceptional speed enabled by Arbitrum.
The implementation of Chainlink VRF on Arbitrum One is indeed a win-win situation for both the Arbitrum and Chainlink communities. Chainlink VRF has already completed more than 15.8 million request transactions and provides verifiable randomness to over 6,300 unique smart contracts across multiple blockchains.
Recently, Chainlink and Arbitrum extended their partnership to help developers build advanced DApps that trigger key smart contract functions. They have now introduced Chainlink Automation on Arbitrum One to automate such functions in a decentralized manner. Moreover, Chainlink has collaborated with Optimism, Coinbase Cloud, SWIFT, and other companies to push for more innovations in the space.
As for the impact on the LINK and ARB prices, LINK currently trades at $6.50, down 1% in the last 24 hours. The price has struggled to reclaim over $7 in May, amid crypto market volatility, and is down 2% in a week. Meanwhile, the ARB price has risen 1% in the past 24 hours and is trading at $1.16. Arbitrum remains the dominant player in Ethereum transactions, offering increased speed and low gas costs.
It’s essential to keep in mind that market conditions can change rapidly, and thorough research is required before investing in cryptocurrencies. As always, neither the author nor the publication can be held responsible for any personal financial losses.