Chainlink announces SCALE ecosystem growth program

Chainlink Labs announced a program to encourage the development of the blockchain oracle ecosystem, setting the stage for the staking launch at the end of the year.

At the SmartCon event held in New York this week, Chainlink – the leading oracle platform today announced a program to encourage the development of the blockchain ecosystem called “SCALE”. 


The goal of the program is to reduce barriers to entry and costs for oracle services and configurations before the staking program is rolled out later this year. In it, new teams that want to access Chainlink data must contribute 3% to 5% of their governance tokens. For those active on the network, the program aims to reduce the on-chain transaction costs associated with oracle smart contracts to near zero.

SCALE is an initiative within Chainlink's large Economics 2.0 program , which aims to improve data security, utility, and operating costs of oracle services.

Initial blockchains that partnered with Chainlink Labs on the initiative include Avalanche, Metis, Moonbeam, and Moonriver. Each ecosystem will contribute to the oracle network operating fee.

Project co-founder Sergrey Nazarov said Chainlink Economics 2.0 and SCALE have laid out a possible “comprehensive economic model” for the long-term success of blockchain, decentralized applications and the entire ecosystem. Chainlink.

Chainlink is an important piece in DeFi's overall growth, which peaked at over $250 billion in TVL late last year, but is now hovering at $ 55 billion . Chainlink has become the standard oracle infrastructure for a variety of services, with a transaction value of enabled (TVE) of $6.18 trillion in 2022. This includes swaps, borrowings, and so on. -Lending and Derivatives.

However, the Chainlink community hopes any disparities will be resolved with new programs, as well as the introduction of LINK staking and rewards . The staking program is expected to go live in December, according to Nazarov.

Before the announcement of the launch of SCALE, the price of LINK was still "calm", even losing more than 5% in the past 24 hours and was trading around the $7,776 mark.

FoxCryptoNews summary

Sep 29, 2022

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