Chainlink to Power Polygon zkEVM’s Data Feeds – Crypto News – Crypto News
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Chainlink to Power Polygon zkEVM’s Data Feeds – Crypto News

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3 years ago

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Polygon developers will now be able to tap into Chainlink’s live data points to power dApps, liquidity protocols, and decentralized exchanges.

Chainlink, a crypto oracle provider that’s processed a total value of $9 trillion, has announced today its data feeds are live on Ethereum Layer 2 Polygon zkEVM.

Bridging Chainlink and Polygon will now allow for DeFi developers to pull external information from Chainlink’s more than 900 oracles, plug it into their projects, and enable real-time data points to power decentralized exchanges, liquidity protocols, along with other DeFi applications.

“Chainlink oracles unlock a host of DeFi applications, bringing opportunity for new dApps that truly leverage the unique value propositions of a ZK rollup, including fast finality and robust security,” said Marc Borion, CEO of Polygon Labs, in a press release shared with The Defiant.

LINK is up more than 5% today, while MATIC was flat, according to Coingecko.

Today’s news further cements the place zkEVM’s are taking in Ethereum’s Layer 2 ecosystem.

Rollups work by bundling together transactions on Layer 2 networks and submitting them to the Ethereum mainnet in batches for finalization, enabling faster and cheaper transactions. The most popular L2s are optimistic rollups, which offer high compatibility with the Ethereum Virtual Machine — Ethereum’s core smart contracts engine — but require a seven-day delay in withdrawals for fraud detection.

By contrast, rollups secured by zero-knowledge proofs typically offer greater privacy and faster finalization at the expense of EVM compatibility, meaning developers cannot port their code from mainnet as easily.

Chainlink and Polygon have been on a tear in 2023, both projects making strides both within the DeFi ecosystem and traditional finance.

In June, Chainlink announced CCIP, a cross-chain interoperability protocol that would integrate with Swift network. Polygon’s zkEVM, which went live in March this year, has announced gaming partnerships with Immutable and other projects.

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