Chainlink is a Web3 service 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 release of Chainlink VRF (Verifiable Random Function) on Arbitrum One.
This will give developers access to the widely recognized Random Number Generator (RNG). The Arbitrum Foundation and Chainlink will host a VRF workshop on 22 May.
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Arbitrum and Chainlink collaboration
The official press release revealed that the Chainlink Verifiable Random Function has joined the Arbitrum One platform. The launch will benefit Arbitrum and Chainlink, giving them access to new decentralized applications (dApps) and smart contracts created by developers.
Chainlink VRF remains the most widely adopted RNG (random number generator) within the cryptocurrency market. It enables smart contract creators to develop scalable, fair and secure applications including games and NFTs. In addition, Arbitrum One allows developers to build dApps with low cost and high performance.
Johan Eid of Chainlink Labs commented on the benefits of Arbitrum in offloading Ethereum transaction congestion without compromising on security. They believe that Arbitrum’s incredible speed will unlock many use cases by improving Chainlink VRF.
As mentioned, the collaboration is a win-win for both parties as it benefits both the Chainlink and Arbitrum communities. Chainlink’s verifiable randomization feature provides randomness to over 6,300 smart contracts across different blockchains.
The Arbitrum-Chainlink connection will help developers develop high-end decentralized applications boasting smart contract features. Additionally, the release of Chainlink automation on Arbitrum One will automate critical smart contract functions without sacrificing decentralization. Chainlink continues to expand on innovation, signing deals with the likes of Coinbase Cloud, Optimism and Swift.
Rallies for ARB and LINK?
Chainlink and Arbitrum have LINK and ARB as native tokens, respectively. LINK declined about 1% over the past day, changing hands at $6.50 as of press time. Altcoins struggled in May following market uncertainty. LINK is down 2% in the past seven days.
In contrast, ARB is up 1% over the past 24 hours, currently hovering around $1.16. It reached a daily high of $1.17 and a daily low of $1.15. Meanwhile, Arbitrum dominates transactions on the Ethereum blockchain, as it guarantees low gas fees and high speeds.
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