Chainlink Functions Go Live on Arbitrum Mainnet

Key takeaways:

• Chainlink has launched Chainlink Functions on the Arbitrum One mainnet, providing a serverless compute platform for developers.
• This allows Arbitrum developers to leverage Chainlink oracles to connect decentralized apps to external resources like APIs and data feeds.
• The integration enables further collaboration between Web2 and Web3 developers by making it easier to build Arbitrum dapps that interact with traditional systems.

Decentralized oracle network, Chainlink has announced the launch of Chainlink Functions on the Arbitrum One mainnet. Both parties have taken to social media, X to confirm this integration.

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

According to the announcement, Chainlink Functions provides a serverless compute platform enabling smart contracts to access external APIs, payment networks, data feeds and off-chain computation.

The integration with Arbitrum One gives developers building on Arbitrum’s layer 2 scaling solution the ability to leverage Chainlink to connect their decentralized applications to any external resource.

@Chainlink Functions is now live on Arbitrum!??

This integration enables Arbitrum developers to easily connect their smart contracts to any API.

Explore Functions’ unique benefits and start building ⬇️https://t.co/mfAUqSpPSY

— Arbitrum (?,?) (@arbitrum) January 25, 2024

The Chief Business Officer at Chainlink Labs, explained that, “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.”

With Chainlink Functions, developers can build what are known as Chainlink External Adapters – modular off-chain code that allows smart contracts to interact with any API, bank payment system, data feed or other resource.

For example, developers can use Chainlink Functions to quickly build an external adapter that fetches current asset price data from an API. This adapter can then be leveraged by DeFi protocols on Arbitrum to display real-time prices.

Moreover, Chainlink Functions provides a serverless environment for writing, testing and deploying external adapters using standard programming languages like JavaScript. Adapters can also be made private to a contract or shared publicly across Chainlink’s decentralized network.

The report mentioned that Chainlink network has over 1000 node operators run by leading blockchain DevOps teams, data providers, and enterprises. In addition, Chainlink oracles secure over $75 billion in value across DeFi, insurance, gaming, and other sectors.

Arbitrum One has seen rapid growth since its mainnet launch in 2021, now securing over $1.8 billion in total value locked. Arbitrum One provides Ethereum compatibility, security, and L2 scaling capable of handling 500+ TPS with sub-second latency.

The integration with Chainlink Functions is a key step in Arbitrum’s roadmap to make developing for Web3 as simple as Web2.