Chainlink Partnered with Coinbase Cloud to Bolster Network's Security, LINK's Price Rose 4%
Chainlink Partnered with Coinbase Cloud to Bolster Network's Security, LINK's Price Rose 4%
The provider of real-world data to blockchains, Chainlink, announced that the infrastructure mainstay, Coinbase Cloud, would be its system’s node operator, adjoining volume and security to the Oracle network.
Coinbase Cloud is the infrastructure provider of the top blockchains, including Aptos, Ethereum, Algorand, and Solana.
The node operators of Chainlink are vital to the network and are in charge of bridging smart contracts on divergent blockchains to data and systems. According to CoinDesk, a node operator surveils blockchains for information pleas such as share prices and temperature data. It repossesses the off-chain statistics and dispatches them to the smart contract that emanated the request.
Chainlink node operators include the telecom giants Swisscom and Deutsche Telekom as well as the news site Associated Press.
This latest collaboration bolstered the price of Chainlink’s native token, LINK, by 4% to $6.67 as of writing, based on the hourly chart of Investing.com.
The provider of real-world blockchain data bridges Web2 and Web3 by sourcing, formatting, and transmitting information to smart contracts. A major example is its facilities of decentralized price feeds, securing approximately $22 billion of value locked in DeFi protocols, including Aave, dYdX, Synthetic, and Compound.
Based on the data from its website, Chainlink endows 974 data feeds and has warranted $7.8 trillion worth of transactions since the beginning of 2022.
In 2021, Coinbase hinted at its desire to be a major pillar in the wider Web3 ecosystem, with its Chief Product Officer Surojit Chatterjee highlighting his ambition to be the Amazon Web Services of the cryptocurrency space.
Coinbase Cloud is known for its variety of products that power a number of services across the ecosystem, emerging from Coinbase’s acquisition of the blockchain infrastructure provider Bison Trails two years ago, Cointelegraph reported.
