Coinbase Cloud Will Run Chainlink Node in Bid to Improve Smart Contract Security

Coinbase Cloud already operates nodes on Aptos, Ethereum, Flow, and Solana

article-image

rafapress/Shutterstock modified by Blockworks

share

Chainlink, which launched on Ethereum in 2019 as a decentralized finance (DeFi) oracle provider, essentially transports off-chain data to a number of blockchains, including BNB Chain, Avalanche and Polygon. 

Oracles like Chainlink are the way that DeFi protocols get access to data that allow them to execute smart contracts. With DeFi controlling over $74 billion in total value locked, the functionality of oracles is crucial. 

In a public statement, Coinbase explained that “timely, reliable and accurate data” is essential for Web3 to become the standard. Coinbase is also in a “strong” position to run a Chainlink oracle node because of its “multi-cloud” and “multi-region” infrastructure.

Coinbase said that it is able “to support competitive uptime, ensuring our oracle nodes remain live and handling data requests without skipping a beat.”

Plus, the San Francisco-based crypto exchange already runs nodes on networks such as Aptos, Solana, Ethereum, Algorand and Flow.

Kai Zhao, Coinbase’s Group Product Manager, said he believes Web3 is the future and with this move, Coinbase wants to get closer to that future. 

“Our participation in Chainlink’s Decentralized Oracle Network is a statement of our commitment to the security and reliability of smart contracts. We believe on-chain is the next online, and we look forward to working with Chainlink to further this future,” Zhao said. 

Other high-profile Chainlink node operators include Amazon Web Services and T-Systems Multimedia Solutions, a subsidiary of telecommunications giant Deutsche Telekom.

Blockworks reported Thursday that Coinbase launched its zero trading fee subscription service called Coinbase One.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

AERODROME TEMPLATE.png

Research

Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495B in value locked, doubling Uniswap's Base deployment.

article-image

If we tokenize all assets in a speculative rush, the risk of creating illiquid markets and trapped value will manifest on a large scale

article-image

Plus, Trump is headed to the heart of Bitcoinlandia with a speaking appearance at the Bitcoin 2024 conference

article-image

Meanwhile, stocks rally after Jerome Powell finishes his Capitol Hill tour

article-image

Plus, Blinks have reshaped many people’s understanding of what blockchains are capable of

article-image

Franklin Templeton has the lowest intended ETH fund fee so far, though a similar advantage did not help it win the race for bitcoin ETF assets

article-image

It’s now time for the entire Bitcoin community to recognize that Satoshi’s design transcends the confines of a single chain