zkSync announced an active integration with the industry-leading Chainlink (LINK/USD) Price Feeds in the zkSync 2.0 network, Invezz learned from a press release. zkSync, a layer 2 zkRollup network that supports Solidity-based smart contracts through the zkEVM, is being developed by Matter Labs.
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Lending protocols, prediction markets, algorithmic stablecoins, derivatives platforms, automated trading strategies, and other scalable DeFi applications become possible on zkSync with this integration.
Scaling magnitude orders
zkSync 2.0 will be capable of handling orders of greater magnitude thanks to Chainlink Price Feed updates. This is because just the state difference of each block is published on-chain, which means only the price of one oracle update will be charged for 100,000 ETH/USD price feed updates within the same block.
This makes it possible to develop a bigger variety of dApps and a more solid oracle mechanism. It also drives usage of Price Feeds.
Matter Labs Co-Founder and CEO Alex Gluchowski said:
Integrating Chainlink Price Feeds with the zkSync ecosystem is crucial to provide developers with the infrastructure they require for a smooth plug-and-play experience to migrate from Ethereum mainnet. Access to the most popular price oracle solution makes it even more seamless for DeFi applications to deploy their code onto zkSync and immediately begin benefiting from higher-transaction throughputs.
Head of Blockchain Partnerships at Chainlink Labs Niki Ariyasinghe said:
We’re excited to be working with the Matter Labs team on the integration of Chainlink Price Feeds into the zkSync 2.0 network, helping bootstrap and secure a growing ecosystem of DeFi applications. With Chainlink oracles running natively on zkSync, developers will have access to high-frequency oracle updates while still retaining a high level of tamper-resistance and data quality, ultimately empowering the creation of more advanced decentralized applications.
Chainlink oracles on zkSync will be independent of all blockchains because the integration comes with native support. This will make it possible to update oracles at the native costs and speeds of the zkSync network.
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