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LINK Price Dips Despite Chainlink Functions Debut on Base – Crypto News

Published

1 year ago

April 11, 2024

Dripp

Chainlink has announced the launch of its Chainlink Functions product on Base, the layer-2 blockchain developed by Coinbase and secured by Ethereum. This integration equips developers on Base with advanced computational capabilities, enabling them to connect smart contracts with external APIs and perform trust-minimized computations.

The introduction of Chainlink Functions on Base is a progress in the blockchain community. Developers now have a server-less platform that makes the integration of smart contracts and different kinds of APIs easy. This capability improves the operation of decentralized applications (dApps) by executing custom off-chain logic in a secure and decentralized manner.

Enhancing Developer Experience on Base

As such, Base, an Ethereum layer-2 solution, has been developed to offer the necessary scalability, security, and trustworthiness to support sophisticated dApps. Base makes user and asset onboarding easy from Ethereum’s layer-1 and Coinbase, as well as other compatible blockchains supporting any Ethereum Virtual Machine (EVM) codebase.

Chainlink Functions on Base is a useful platform for developers who want to perform on-demand, trust-less computations. This extension will provide developers with more choices and will be in line with Base’s philosophy of being an on-chain haven for Coinbase products, users, and assets, such as an adaptive and vibrant development environment.

Chainlink’s Role in Decentralized Computing

Chainlink is recognized for its contributions to the blockchain sector, particularly in enabling secure and reliable data fetching and off-chain computations. The platform has enabled transactions valued at $9 trillion, which reflects its influence on the financial, DeFi, global trade, and gaming sectors.

The introduction of Chainlink Functions in Base highlights the platform’s dedication to ensuring that developers have what it takes to build more flexible and dynamic applications. With the decentralized compute runtime, Chainlink Functions provides the same benefits as traditional serverless computing solutions, but it is more secure and minimizes trust, which is characteristic of blockchain technology.

Developers interested in leveraging Chainlink Functions can begin by accessing comprehensive documentation and experimenting with the Chainlink Functions Playground. Those who are prepared to incorporate this functionality into their applications will be able to subscribe for a service that offers a simplified way to improve dApps with external data connectivity as well as customized computational logic.

However, despite the announcement, Chainlink (LINK) has been on a bearish trend in the last 24 hours after failing to breach the $17.63 resistance. At press time, LINK was tarding at $17.09, a 2.63% decline from the day’s high. Concurrently, LINK’s market capitalization and 24-hour trading volume dipped by 2.59% and 4.84% to $10,041,874,113 and $371,731,589.