Arbitrum One Integrates Chainlink Functions on Mainnet Test Version

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Published: January 26, 2024 at 4:21 am Updated: January 26, 2024 at 4:21 am

Edited and fact-checked:
January 26, 2024 at 4:21 am

In Brief

Chainlink and Arbitrum jointly announced the mainnet beta release of Chainlink Functions, now operational on the Arbitrum One mainnet.

Arbitrum One Integrates Chainlink Functions Mainnet Test Version

Decentralized computing platform Chainlink and Layer 2 scaling solution suite for Ethereum decentralized application (dApp) development Arbitrum jointly announced the mainnet beta release of Chainlink Functions, now operational on the Arbitrum One mainnet.

Arbitrum developers now have the capability to use Chainlink Functions within their applications as needed. To facilitate this, developers can refer to the Functions documentation, explore the Chainlink Functions Playground for experimentation and establish a subscription to initiate the integration process.

Chainlink Functions serves as a serverless, self-serve developer platform, providing developers with a straightforward means to link their smart contracts to any API and execute trust-minimized computations. It acts as a decentralized compute runtime, offering utility for testing, simulating and implementing custom off-chain logic for Web3 applications.

“Chainlink Functions will streamline the experience for Arbitrum developers as they can easily connect to Web2 data and experience low-cost computation,” said A.J. Warner, Chief Strategy Officer at Offchain Labs.

The mainnet beta release of #Chainlink Functions is now live on @arbitrum mainnet.

Arbitrum devs can now leverage Functions to connect to, and compute upon, any offchain data, device, or system—all in a trust-minimized manner.

Read more ⬇️

— Chainlink (@chainlink) January 25, 2024

“As an L2, Arbitrum plays an important role in supporting the overall health and sustainability of the Ethereum ecosystem. Making Functions available for Arbitrum users is about connecting Web2 and Web3 developers and bridging the gap to allow for shared collaboration, growth, and a shared sense of community,” said Johann Eid, Chief Business Officer at Chainlink Labs.

Arbitrum One’s Advancements

Arbitrum One, built by Offchain Labs and governed by the Arbitrum DAO, serves as a general-purpose optimistic rollup for Ethereum. It facilitates high-throughput, low-cost dApps. The introduction of Chainlink Functions will enable the onboarding of more developers to Web3 by providing them with the essential infrastructure.

This approach will allow builders, whether from Web2 or Web3 backgrounds, to construct feature-rich applications that seamlessly integrate the strengths of both traditional and Web3 development.

Recently, the total value locked (TVL) on Arbitrum One experienced a noteworthy increase, peaking at $11.4 billion in early January. However, the most recent data from L2Beat indicates a reduction, with the current total TVL for the Ethereum Layer 2 network standing at $9.9 billion.

The mainnet beta release of Chainlink Functions on Arbitrum One marks a significant stride in enhancing the development experience for Arbitrum users, enabling streamlined connectivity to Web2 data and cost-effective computation, contributing to the growth and development of the Web3 space.

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About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

Alisa Davidson