Web3 as a growing industry gets its value from the quality of its reliable data. Chainlink is one such company that has gained the trust and huge support because of its high and reliable data providing quality to Web3 protocols through a decentralized network.
A lot of Web3 protocols on many blockchains depend on the data provided by Chainlink to provide their lending or trading services.
AAVE, Synthetic, Arbol, and T Mobile are the few companies among others that are integrated with the Chainlink data.
Chainlink and Coinbase Team up
Coinbase Global, one of the biggest centralized crypto exchanges, announced that they will be running Chainlink oracle nodes. The Coinbase cloud first joined as a node operator in Chainlink Network with the aim to upload high-quality data to the Web3 industry. Other than Coinbase being multi-region it was available 24*7 whenever a smart contract made a request on the Chainlink network.
New app developers will gain a lot of advantages due to Chainlink and Conbase’s team-up. The apps will be able to fetch accurate and reliable data for their users. With the help of decentralized Oracle networks, Chainlink networks will help to create the much-needed bridge between real-world data and Web3.
Coinbase mentioned that with the help of Chainlink the bridge between the web2 and web3 can be created and it will help the Web3 grow extensively. To the Web3 applications that exist today, timely, reliable, and accurate data is very important. Access to such data will be useful for things that are built in the future. Coinbase said that they’re very excited to work with Chainlink for this cause.
As of now, Chainlink is operating in more than 14 blockchains with a decentralized Oracle network. These networks consist of multiple data sources and node operators which will prevent single-point failures and optimize decentralization.
The time-tested protocol guarantees both Chainlink’s and Coinbase’s commitment to providing accurate data and timely price feed.
Chainlink and Coinbase outlook
When two such big giants work on a purpose together such as providing secure and reliable data to Web3 there are always going to be implications economically, in the future if not immediately. As a result, Chainlink (LINK) was trading around $6.49 on Friday, which is 2.6% down in the past 24 hours.
The latest price Oracles suggests that Chainlink has a market capitalization of $3.35 billion and a traded volume of around $129 million on Friday. As of now, Chainlink is down 87% from its all-time-high of $52.70. Chainlink enthusiasts and believers understand that such partnerships are important for the coin in upcoming crypto bull markets.
Coinbase similarly dropped 3% on Friday trading around $58.43. The exchange currently has a market capital of$14.14 billion. Amidst the current scrutiny of the company due to crypto regulations in the U.S., the company is in its quest for globalization.