Today, more than ever, we seeThe inevitability of Web3. Building a fairer world where people can control their assets and data has never been more important. but in order to letWeb3For the promise to be fully realized, and for it to have maximum impact in the real world, the Web3 world needs to be connected.
aroundblockchain technologyThere are three inherent disconnects:
Data: Blockchain is isolated from Web2 data and systems.
Computing: Blockchains are only suitable for certain types of computing and require access to off-chain computing environments to truly scale.
Interoperability: Blockchains cannot effectively communicate with other blockchains.
Chainlink solves this connectivity problem by giving developers seamless access to external data, off-chain computation, and cross-chain interoperability.
As an industry-standard Web3 service platform,ChainlinkEnabling Web3 developers to buildThe next wave of use casesimage description
As a Web3 service platform, Chainlink provides connectivity to data, computing, and other blockchains.
In the product updates below, we'll share what's new since SmartCon 2022progress. Our goal is to bring more transparency and insight into the development of Chainlink as a platform. We do this by providing a quick summary of each product, sharing the latest deployments since last September, and showing areas of research and development that are currently actively exploring future product iterations.
This Thursday, March 23rd at 1PM ET, we will be hosting a Q&A event related to this product update on the official Chainlink Discord.
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data
Data Sources and Data Products
Chainlink Price FeedsIt is the industry standard for obtaining safe and reliable asset prices. The launch of Chainlink Price Feeds facilitates the 16 blockchains currently deployedDeFi Ecosystem, realizing more than $7 trillion in transaction value since the beginning of 2022.
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Web3 presents a multi-trillion dollar opportunity for developers, startups, entrepreneurs, and established businesses looking to understand the power of encrypted truth.
In traditional finance, the derivatives market is several orders of magnitude larger than the spot market, representing more than1 quadrillion notional value. To unlock the growth potential of DeFi, on-chain derivatives need to scale. Facilitating this growth requires reliable provision of more types of data (including metadata) and a new way of on-chain data transfer (e.g. low latency).
To ease data access restrictions, we are committed to introducing new types of industry-grade data products. Each new data type will become a tool in the toolbox of DeFi developers, enabling them to open up new markets, such as the interest rate swap market, improve risk management, and ultimately enable a new generation of products and use cases.
We also aim to develop a newLow Latency Oracle Designimage description
The basic architecture of Chainlink's low-latency oracle solution.
Recent deployments:
NFT floor price datahas been withCoinbase CloudThe collaboration, launched on the Ethereum mainnet, introduces tamper-proof floor pricing data for NFT collections. This enables developers to bring DeFi composability to NFTs by creating new products and services based on NFT collateral, such as lending services based on NFT collateral.
andStarkNetandBaseAvailable on the test network for developers to start building and testing DeFi protocols. These integrations are joined with StarkWare and BaseChainlink SCALEplan combined.
Next step:
Further expand the available data products through data provisioning, such as providing additional industry index and exchange rate data on the chain. This includes volatility measurements for digital assets (e.g. implementing volatility that allows users to adjust asset valuations to their respective volatility). Additionally, we are considering continuing to expand our real-world asset price coverage, such as non-US ETFs.
In addition to the existing Chainlink price data, we plan to publish additional data points via low-latency oracle infrastructure at the same time as CL_price, mainly CL_ask and CL_bid. CL_ask and CL_bid give the current price of the selling and buying side of the aggregation market and their distance from CL_price, which represents the liquidity status of the market at the time of benchmark price calculation, especially the tightness of the bid-ask spread and the buying and selling out of the balanced/unbalanced shape. DeFi protocols can use the additional information to adjust the behavior of their risk logic and detect unusual liquidity events that may affect their user experience.
Published in partnership with CF BenchmarksCF Bitcoin Interest Rate Curve(BIRC) mainnet version. BIRC serves as the standard market measure of current and forecast Bitcoin rates, representing economic reality, replicable by market participants, and resistant to manipulation. BIRC provides DeFi markets with a reliable standard interest rate benchmark, enabling them to price lending activity, perform asset valuations, recalibrate leveraged positions, and create swap markets.
Introducing a digital asset classification system that leverages CF Benchmark's Digital Asset Classification Structure (CF DACS) to unify the division of the digital asset ecosystem in an industry-standard manner. CF DACS will enable users to complete deeper portfolio allocation and risk mitigation analyses. The idea is to incorporate this data into future front-end displays to standardize token taxonomy.
Continue to develop low-latency oracle architecture.
Further development and testing of the Staked ETH APR feed. The feed will represent ETH's "cost of capital" or "risk-free" rate of return and provide a better understanding of the Ethereum economy, allowing investors with ETH positions to swap variable returns from staking for fixed-return tokens interest rate swaps. It can also be used to power other derivatives contracts and financial risk models.
Continue to expand Chainlink Data Feeds to new blockchains, prioritizing based on market demand and blockchains joining the SCALE program.
Enhanced front-end display of data.chain.link with better visualizations, more details and data points on price feeds, and improved user experience.
first level titlehttps://chainlinkcommunity.typeform.com/Data-Products。
Functions
On-chaining your own data has been a long-standing top request from the Chainlink developer community. 80% of Chainlink hackathon winners need to leverage external data sources, and in Web3, most practical use cases cannot be introduced because developers do not have an easy way to connect their smart contracts to their preferred Web2 infrastructure.
Chainlink Functionsis a powerful new Web3 serverless development platform that allows developers to connect their decentralized applications (dApps) and smart contracts to any Web2 API and run custom computations on Chainlink's highly secure and reliable network, only Requires a few lines of code and no additional infrastructure to manage.
With integrations with Amazon Web Services (AWS), Meta, Associated Press (AP), and more, Functions opens a whole new chapter for the Chainlink platform. Until now, Web3 developers were unable to connect their smart contracts to existing Web2 APIs to access social media signals, AI calculations, messaging services, and more. Conversely, 30 million Web2 developers cannot leverage their existing Web2 infrastructure when building Web3 applications. Chainlink Functions solves this problem by providing the missing piece developers need to build these powerful hybrid "on-chain/off-chain" applications.
For use cases, visit usechainlinkfunctions.com and developer tutorials"5 Use Cases for Using Chainlink Functions in Your Decentralized Apps". If you're ready to start building, check out theChainlink Functions Developer Documentationand applyaccess。
Recent deployments:
Chainlink Functions Beta was recently on Polygon Mumbai and Ethereum Sepolia testnetsroll out。
Co-developed with leading Web2 platforms, clouds and data providers such as AWS, Meta, Google Cloud and APexample use case, showing how developers can easily connect Web2 APIs and cloud services to their smart contracts using Chainlink Functions.
Many projects are already testing Functions across a wide range of Web3 verticals, from AI integration to DAO governance, including Block Scholes, ChainML, Dopex, Nusic, Thirdweb, and more.
Next step:
Collect developer feedback during testing to inform what changes, if any, should be made to Functions to improve developer experience and usability.
After gathering and merging feedback, Functions are deployed to the blockchain mainnet for general availability, with accessibility extended to other blockchains as needed over time.
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certificate of reserve
The market has a huge push to move more assetsput on chain, and increase their intrinsic utility by making them composable and programmable. But of the assets that account for more than $46 trillion in global assets, including gold, real estate, commodities, and currencies, only $18 billion is currently tokenized. A key consideration in safely bringing assets on-chain is being able to verify their collateralization levels.
Chainlink Proof of Reserve (PoR)Provides autonomous, reliable and timely verification of on-chain and off-chain reserves. Whether proving reserves backing bridge assets, or bank reserves validating tokenized stablecoins, Chainlink Proof of Reserves aims to provide insight into the collateral securing assets on-chain. We believe that end users will increasingly demand transparent token assets. Compared with trusted institutions that do not have corresponding on-chain proofs, the cryptography and decentralized consensus used by PoR will become the industry standard.
Recent deployments:
TUSDis using Chainlink Proof-of-Reserves to help secure its stake on Ethereumcasting functionand
AAVEandBENQIA cross-chain proof-of-reserve is integrated on Avalanche to ensure that bridged assets are fully collateralized before users are allowed to borrow or borrow against them. Their adoption of proof-of-reserve illustrates the importance of protecting DeFi from the risks associated with bridging assets (e.g., infinite minting attacks), especially as more protocols scale to multi-chain.
Next step:
Demonstrate new Proof-of-Reserve use cases for Liquidity Staking Tokens with selected test partners.
Support DeFi and institutional pairsTokenized Real World Assets (RWA)first level title
DECO
Privacy sensitive data is another huge opportunity for Web3 developers. Letting consumers identify themselves without revealing private information not only unlocks many valuable use cases, but also forms a core tenet of Web3.
Chainlink DECO is a privacy-preserving oracle protocol that enables individuals and businesses to prove the provenance of data from a particular data source and prove arbitrary statements about that data with zero knowledge. These unique capabilities allow vast amounts of valuable data (currently locked away by Web2 APIs) to be liberated and used for a range of novel use cases in a trust-minimizing and privacy-preserving manner.
We see liberating sensitive data as a huge opportunity because it will enable individuals to use their data for new purposes while protecting their privacy and allow businesses to make less trust assumptions about the data they rely on. We’ve seen DECO gain traction in use cases such as identity, social media, KYC, risk scoring, finance, and health.
To learn more, check out Chainlink Labs Chief Research Officer Dahlia Malkhi’s presentation at SmartCon 2022 about recent DECO development and user testing.
Recent deployments:
The four alpha testers—Teller、Clique、Burrata and PhotoChromic- Integrating an early alpha version of DECO in a real-world use case in 2022. Based on the feedback from these tests, DECO research engineers are further improving the core DECO technology.
Next step:
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Automation
Connecting Web3 securely requires a highly reliable automated solution. Whether it’s automated DeFi trading, liquidity position management, liquidation of undercollateralized positions, automated reward distribution, or dynamic NFT events, developers need a reliable automated solution.
Chainlink Automation is a highly reliable and performant smart contract automation solution for developers who want to outsource DevOps related tasks to a decentralized oracle network. By doing this, developers can focus on refining and extending their products quickly and most cost-effectively. Chainlink Automation is also a powerful tool that can seamlessly combine multiple Chainlink services, expanding the range of utility and value created for developers.
Chainlink Automation is widely used in various projects, including Aave, Synthetix, PancakeSwap, and Benqi. See what Chainlink Automation has createdmany use cases. If you want to start building, check outChainlink Automation DocumentationGet more information.
Recent deployments:
Chainlink Automation is inArbitrumLaunched on the mainnet, it provides a decentralized smart contract automation solution for the Ethereum Layer 2 network.
Next step:
Chainlink Automation 2.0 is being tested on numerous blockchains and Layer 2 networks. Automation 2.0 focuses on providing better security and reliability guarantees, higher gas efficiency and computing power, and a better developer experience.
Enables developers to enhance their smart contract automation by connecting to other applications and data sources in one of the most commonly used standards, REST API data.
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VRF
Randomness is at the heart of massive markets like PowerBall ($340B+), the video game industry (~$200B) and blockchain gaming ($5B). However, traditional randomness is not provably fair, which goes against the core promise of Web3.
Chainlink's Verifiable Random Function (VRF) is a fair, provable and tamper-resistant industry-standard source of randomness for blockchain applications. Chainlink VRF is currently live on five blockchains - Ethereum, BNB Chain, Polygon, Avalanche and Fantom - and has been adopted by NFT and gaming projects such as Gala Games, Planet IX, CyberKongz, Art Gobblers and more .
While randomness is an essential component for many applications, we believe Chainlink VRF has a lot of room to grow in the gaming industry, especially iGaming. The iGaming market size is approximately US$35 billion, while blockchain game revenue is expected to be US$4.6 billion in 2022, an annual growth rate of 70.3%, and is expected to grow to US$65.7 billion by 2027. We believe that as these industries evolve, end users will increasingly expect to see randomness not only tamper-resistant and fair, but also cryptographically verified to ensure the integrity of the results and user experience.
Recent deployments and next steps
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Fair Ranking Service
Fair Sequencing Service (FSS)is a transaction ordering solution designed to mitigate harmful forms of MEV to help decentralized systems become fundamentally fairer. Harmful MEV usually manifests as malicious front-running and sandwich attacks on ordinary DEX transactions, causing unnecessary slippage, imposing an invisible burden on users, and degrading the overall user experience.
FSS uses a decentralized oracle network (DON) to fairly order transactions based on a combination of one or two different technologies.
Safe causal ordering: Users send transactions to the oracle node encrypted by the threshold, and the transaction content will only be displayed after the transaction ordering is agreed.
Time Ordering: A mechanism designed to ensure that "the first received transaction is the first output" for a network of oracles, helping to facilitate a first-in-first-out (FIFO) ordering strategy.
To learn more, check out the SmartCon 2022 presentation below from Chainlink Labs Chief Scientist Ari Juels and Chainlink Labs Researcher Pawel Szalachowski.
https://www.youtube.com/watch? v=uuu 23 oqnzck
Recent deployments:
A proof of concept for the implementation and deployment of the FSS testbed on the Sepolia testnet.
What's next:
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Cross-chain
Cross-chain Interoperability Protocol
Cross-chainCross-chainOperational support. To date, over $170 billion in value has been bridged across chains, with around 70% of that expected in 2022 alone. This represents a large and growing market opportunity, including cross-chain transactions, lending and governance, as well as new types of modular dApps and enterprise workflows.
The challenge, however, is that cross-chain protocols are inherently complex because of their large attack surface and many variables. That's why more than $2 billion has been stolen from interoperability infrastructure hacks.
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The basic underlying architecture of CCIP.
Recent deployments:
In October 2022, Synthetix, Aave (BGD Labs), and Qi Dao (Mai Finance) began testing the early alpha version of CCIP on three testnets.
Next step:
CCIP is now actively testing on three testnets with 25 test partners (and more waiting to join), covering a wide range of use cases from governance and gaming to cross-chain token transfers and NFTs. This testing phase helps ensure that the production version meets the functional and security needs of a rapidly expanding cross-chain economy. As far as the initial mainnet implementation is concerned, the current version of CCIP functionality is nearly complete.
Complete a series of external audits currently underway to strengthen security ahead of mainnet launch.
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Chainlink developer community building
Ultimately, developers will build the future of Web3, and we're here to support them. Building the developer community is as important as building the tools they use. We are continually amazed by the ingenuity, creativity, and perseverance of the developers in the Chainlink ecosystem. Below is a list of some of the most important recent events, workshops, tutorials, and development tools offered to the Chainlink developer community, as well as upcoming opportunities.
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Chainlink Developer Relations Engineer Andrej Rakic at Camp BUIDL at ETHDenver.
Recently updated:
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oneHardhatPlugins that allow developers to integrate Chainlink services into Hardhat projects (https://github.com/smartcontractkit/hardhat-chainlink)。
Chainlink Foundry toolkit to easily launch, manage and test local Chainlink nodes (https://github.com/smartcontractkit/foundry-chainlink-plugin)
With the support of the Chainlink Labs developer relations and community team, Chainlink community advocates have hosted numerous developer bootcamps and workshops around the world.
March 4 atZhejiang University, ChinaHeld oracle and dynamic NFT training camp.
February 22 in VietnamHo Chi Minh UniversityA smart contract developer bootcamp held.
March 4-10 atUniversity of East LondonChainlink Bootcamp held.
Chainlink also hosts and supports many hackathons and events.
At ETHDenver, Chainlink hostedCamp BUIDL, and is a sponsor of the #BUIDLathon. Chainlink bounties are awarded to the best projects using Chainlink Functions.
Chainlink co-sponsored the hackathon with Devfolio and Superfluid. In ETHernals (courtesy of Devfolio),bounty awardedFive of the best projects using Chainlink to make state changes on the blockchain. existSuperfluid's March Wave Pool(currently running until the end of the month), awards are given to outstanding projects that integrate Chainlink and Superfluid.
Chainlink is a sponsor of the ETHPorto Hackathon and presents awards for the best smart contract solutions using Chainlink. Solange Gueiros, Developer Relations Engineer at Chainlink Labs, also spoke at the main session.
Next step:
March 27th to April 2nd: ETHSamba/ETHRio from March 27th to April 2nd.Chainlink Labs will be at the conference and host a developer workshop.
March 20-24: Game Developers Conference (GDC).Chainlink Labs will have a booth with gaming industry partners, as well as a demo game that blends dynamic NFTs and games. Chainlink Labs will also host a workshop for developers on March 24th.
in conclusion
in conclusion
Web3 is how technology solvesGrowing trust issues in societyinevitable structural changes. Ultimately, Web3 provides unprecedented power to developers and superior assurance to users, with the goal of restoring confidence in the digital relationships that define our lives.
We at Chainlink Labs are relentlessly focused on creating and supporting the creation of Web3 services on top of Chainlink. Our goal is to continue building Chainlink as the industry standard by enabling builders to connect to all the external data, computation, and interoperability needed to unlock the next generation of smart contracts, reaching more users in more use cases around the world Web3 service platform.
We started this mission together with the community. Thank you for your continued passion and dedication to building Chainlink, and we look forward to continuing to work together to build a world driven by facts.
