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Crypto industry updates: Chainlink VRF live on Arbitrum One

source-logo  invezz.com 20 May 2023 14:50, UTC

Chainlink is a web3 services platform and a decentralized Oracle network. On Saturday (May 20), the protocol joined forces with Arbitrum, an Ethereum layer two scaling solution, to reveal the launch of Chainlink VRF (Verifiable Random Function) on Arbitrum One.

Chainlink VRF is Now Live on Arbitrum Onehttps://t.co/RWrA7KAexJ#blockchain #dAPPs #smartcontracts #bitcoin #ETH #BNB #Stablecoins #DeFi #XRP #XDC #XLM #ADA #DAO #investing #staking #mining #ALGO #SHIB #NFT #Metaverse

— Elo Bwana (@elobwana) May 20, 2023

That will offer developers access to a widely-recognized random number generator (RNG). Arbitrum Foundation and Chainlink will host a VRF workshop on 22 May.

Arbitrum and Chainlink collaboration

The official press release revealed that Chainlink Verifiable Random Function joined the Arbitrum One platform. The launch will benefit Arbitrum and Chainlink, providing them access to new decentralized applications (dApps) and smart contracts that developers create.

Chainlink VRF remains the most adopted RNG (random number generator) within the cryptocurrency market. It allows smart contract creators to develop scalable, fair, and secure apps, including gaming and NFT. Moreover, Arbitrum One enables developers to build dApps at low cost and high throughput.

Chainlink Labs’ Johann Eid commented on Arbitrum’s benefits in unloading Ethereum transaction congestion without compromising security. He believes Arbitrum’s incredible speed will unlock many use cases by enhancing Chainlink VRF.

As mentioned, the collaboration is a win for the parties – benefiting Chainlink and Arbitrum communities. Chainlink Verifiable Random Functions offers randomness to more than 6,300 smart contracts in various blockchains.

The Arbitrum-Chainlink connection will help developers to develop high-end decentralized applications to boast smart contract functions. Moreover, Chainlink Automation’s launch on Arbitrum One will automate crucial smart contract functionalities without sacrificing decentralization. Chainlink continues to expand on innovation, signing deals with companies such as Coinbase Cloud, Optimism, and SWIFT.

Rallies for ARB and LINK?

Chainlink and Arbitrum have LINK and ARB as their native tokens, respectively. LINK lost around 1% over the past day, changing hands at $6.50 at press time. The altcoin struggled in May following market uncertainty. LINK lost 2% over the past seven days.

source – Invezz.com

Contrarily, ARB surged 1% within the past 24 hours, currently hovering at $1.16. It hit a $1.17 daily high and a $1.15 low. Meantime, Arbitrum dominates transactions on the Ethereum blockchain as it ensures low gas fees and high speed.