Arbitrum One Welcomes Chainlink Functions to its Test Version on the Mainnet
In Brief
In a collaborative announcement, Chainlink and Arbitrum have unveiled that Chainlink Functions is now live in beta on the Arbitrum One mainnet.
Decentralized computing platform Chainlink and it provides a Layer 2 scalability solution that enhances the development of decentralized applications (dApps) on Ethereum. Arbitrum jointly announced the launch of the beta version on the mainnet, Chainlink Functions which is currently functioning on the Arbitrum One mainnet.
Arbitrum Developers can now harness the power of Chainlink Functions in their applications as required. To assist with this, they can consult the Functions documentation, experiment using the Chainlink Functions Playground, and subscribe to start the integration process.
Chainlink Functions serves as a self-service platform for developers, simplifying the connection between smart contracts and any API while executing computations in a trust-minimized manner. It operates as a decentralized computing runtime, which allows for testing, simulating, and integrating bespoke off-chain functionality for Web3 initiatives.
“Chainlink Functions is set to simplify the process for developers, enabling seamless access to Web2 data and cost-effective computations,” remarked A.J. Warner, Chief Strategy Officer at Offchain Labs. Arbitrum Developers on Arbitrum can now utilize Functions to access and compute data from any off-chain source, device, or system—all while minimizing trust issues.
Arbitrum One, crafted by Offchain Labs and overseen by the Arbitrum DAO, acts as a general-purpose optimistic rollup for Ethereum, enabling the development of high-throughput, low-cost dApps. The introduction of Chainlink Functions is set to onboard more developers into the Web3 ecosystem by providing them with critical infrastructure.
Arbitrum One’s Advancements
This strategy invites builders from both Web2 and Web3 backgrounds to create feature-rich applications that effectively blend the advantages of both domains.
Recently, Arbitrum One saw a significant rise in its total value locked (TVL), reaching an impressive $11.4 billion in early January. However, the latest statistics from L2Beat show a decline, with the current TVL for the Ethereum Layer 2 network falling to $9.9 billion. Web3 development.
The beta launch of Chainlink Functions on Arbitrum One signifies a major advancement in improving the developmental experience for Arbitrum users, facilitating easy connectivity to Web2 data while allowing for economical computing, thus contributing to the growth and evolution of the Web3 landscape.
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Disclaimer
In line with the Trust Project guidelines Alisa, a passionate journalist at Cryptocurrencylistings, focuses on the realms of cryptocurrency, zero-knowledge proofs, investments, and the broader world of Web3. With her astute insight into emerging trends and technologies, she provides in-depth coverage that both informs and engages audiences in the swiftly evolving space of digital finance.
