- Chainlink integrates with Coinbase’s new layer-2 network, Base.
- LINK token climbs to $7.5, marking a 7% increase from this year’s lowest.
A Bright Future with Base Integration
On a recent Wednesday, the cryptocurrency community buzzed with excitement as Chainlink’s (LINK) price experienced a notable surge following its integration with Base, the cutting-edge layer-2 network birthed by industry giant Coinbase. LINK witnessed its value soar to $7.5, a significant uplift from its previous standing and the highest since early August.
#Chainlink Price Feeds are now live on Base—a layer 2 incubated by @Coinbase.
Developers can now build next-gen DeFi apps that combine fast execution with Chainlink's proven price oracle infrastructure.
Explore what you can @BuildOnBase ⬇️
— Chainlink (@chainlink) August 8, 2023
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How Chainlink & Base Come Together
Widely recognized as the paramount oracle network on a global scale, Chainlink disclosed that its critical price feeds are now accessible on Base. This synergy equips developers on Base with an avenue to tap into the leading markets of the crypto sphere.
For those less familiar with Chainlink’s offerings, its oracles hold substantial significance in the Decentralised Finance (DeFi) realm. They seamlessly streamline the process by which developers incorporate data that lies outside the blockchain (off-chain). Moreover, Chainlink’s price feeds, backed by its decentralized oracle network, consist of myriad node operators, offering unparalleled accuracy. These feeds present an aggregate derived from key DEX and CEX exchanges, coupled with other reputable data sources. Johann Eid of Chainlink emphasized the potential of this integration, underscoring the unmatched reliability and precision the collaboration offers, especially when a high-speed layer-2 blockchain intersects with an oracle infrastructure of Chainlink’s caliber.
Delving deeper into Base, it emerges as the crypto industry’s freshest layer-2 offering. Conceived by Coinbase using the Optimism protocol, Base’s vision is to usher in a realm where developers can conceive top-tier applications, particularly in hot sectors like DeFi and the expansive metaverse. But Base isn’t without competition. The crypto space is brimming with contenders like Polygon, Arbitrum, and even Optimism itself. Not to forget the layer-1 challengers such as Avalanche and Solana, known for their rapid transaction capabilities and economic fee structures.
However, Chainlink’s price upswing wasn’t solely a result of its Base integration. The broader crypto market showed signs of resurgence, with Bitcoin nudging the $30,000 resistance post the Moody’s downgrading event of several leading U.S banks.
Based on the recent LINK price movements and technical indicators like the Relative Strength Index (RSI) pointing north, there’s an anticipation of a bullish trajectory with LINK potentially targeting the $8 resistance level. On the flip side, a downturn below the $7.30 mark could shift predictions towards a bearish sentiment.
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