Participating ecosystems - Avalanche, Metis, Moonbeam, and Moonriver- will fast-track innovation and increase the sustainability of key blockchain infrastructure by helping cover operating costs of Chainlink oracle networks
NEW YORK, Sept. 28, 2022 /PRNewswire/ -- Chainlink Labs, the organization developing the global decentralized oracle standard powering mainstream blockchain adoption, today announced the launch of Chainlink SCALE—Sustainable Chainlink Access for Layer 1 and 2 Enablement—a Chainlink Economics 2.0 program centered on accelerating the growth of blockchains and layer-2 networks and increasing the economic sustainability of the Chainlink Network. Featured at Chainlink's annual Web3 conference, SmartCon 2022, Chainlink SCALE will enable blockchains and layer-2 networks to fast-track smart contract innovation in their native ecosystems by covering certain operating costs of Chainlink oracle networks.
Participating in the Chainlink SCALE program are a number of on-chain ecosystems, including Avalanche, Metis, Moonbeam, and Moonriver. Each ecosystem will contribute towards covering oracle network operating costs, helping grow their dApp ecosystems and ensuring developers have access to a variety of important oracle services. SCALE supports the growth of participating chains by helping them obtain access to new oracle services and/or oracle configurations specific to their dApp's ecosystem needs, such as Data Feeds with higher update frequencies to enable more advanced and low-latency smart contract applications.
"We're proud to join the Chainlink SCALE program to further support builders across the Avalanche community by making Chainlink services even more accessible and sustainable. Developers deserve the best, and the collaboration between Avalanche and Chainlink Labs is proving to be a bedrock for new innovation." - Emin Gun Sirer, Founder and CEO of Ava Labs.
"The Chainlink SCALE program allows us to boost the growth of the Metis developer ecosystem while helping ensure Chainlink oracles operate in a cost-efficient manner on the layer-2 Metis network. By providing enhanced access to Chainlink services, developers on Metis can pioneer the next generation of decentralized applications that serve more complex use cases and scale to meet fast-paced global markets." - Elena Sinelnikova, Co-Founder and CEO of Metis
"The Chainlink SCALE program will improve the Moonbeam and Moonriver developer experience with new and diversified data feeds, helping developers build cross chain applications with highly in-demand oracle services like Price Feeds, while at the same time helping ensure the sustainability of this critical infrastructure across each network." - Derek Yoo, CEO of Purestake and Co-Founder of Moonbeam and Moonriver.
Chainlink SCALE is part of a comprehensive initiative referred to as Chainlink Economics 2.0—an array of programs that focus on improving data security and utility while also reducing the operating costs of oracle services. The program will also help increase user fees that are paid to Chainlink service providers and enable a broader scope of service providers, such as stakers, to participate in the Chainlink ecosystem.
"We're excited to introduce Chainlink SCALE as a way to help rapidly accelerate the growth of blockchain ecosystems while putting in place a holistic economic model that is viable for the long-term success of blockchains, dApps, and the Chainlink ecosystem," said Sergey Nazarov, Co-Founder of Chainlink. "We look forward to collaborating closely with a growing number of blockchain ecosystems in their mission of bringing Web3 to the world."
As blockchain ecosystems in the Chainlink SCALE program mature, the operating costs of oracle networks can increasingly transition towards being fully covered by dApp user fees. Furthermore, SCALE helps free up resources that may be directed towards initiatives that further establish Chainlink's network effect across more on-chain environments, more use cases, more service offerings, and more value capture opportunities.
Ultimately, Chainlink SCALE aims to generate more economic value for each participant in Web3—blockchains, dApps, oracle service providers, and users—while also transitioning the entire stack towards a more sustainable economic model. To learn more about Chainlink and Chainlink SCALE, visit the Chainlink Blog and follow the official Chainlink Twitter.
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.