• Mon. Jun 24th, 2024

Chainlink unveils SCALE to help fast-track Web3 innovation

  • Chainlink has unveiled SCALE, an economics program designed to to fast-track smart contract innovation in the blockchain industry.
  • The platform also launched BUILD, another of the Chainlink Economics 2.0 initiatives set to boost Web3 growth.

Chainlink Labs, the platform helping develop Chainlink’s oracle network, is looking to support further innovation across the blockchain ecosystem via its new feature SCALE.

As per an announcement from the platform this Wednesday, Chainlink SCALE represents a program designed to advance the Sustainable Chainlink Access for Layer 1 and 2 Enablement.

We’re excited to introduce Chainlink SCALE as a way to help rapidly accelerate the growth of blockchain ecosystems while putting in place a holistic economic model that is viable for the long-term success of blockchains, dApps, and the Chainlink ecosystem,” Chainlink co-founder Sergey Nazarov said in a press release.

Some of the leading blockchain ecosystems to join the program include Avalanche, Metis, Moonbeam, and Moonriver. Chainlink expects to integrate more networks as they look to turbocharge Web3 growth.

Chainlink Economics 2.0

SCALE is one of the programs in the Chainlink Economics 2.0 initiative that intends to boost blockchain and Layer-2s while increasing Chainlink’s own economic sustainability.

Chainlink SCALE will help fast-track smart contract innovation within these blockchain ecosystems. The program will cover such operating costs as transaction gas fees for Chainlink oracles, opening key oracles services to developers.

This Economics 2.0 initiative, like BUILD that the platform also announced on Thursday at SmartCon 2022, aims at accelerating Web3 growth.

In BUILD, projects commit to provide network fees & other incentives to Chainlink service providers in exchange for enhanced support from the Chainlink ecosystem,” Chainlink tweeted.

SCALE (previously blockchain gas grants) is similarly targeted at generating additional economic value for Web3 participants, including blockchains, dApps, and oracle service providers. 

The project also looks to bring more service providers, like stakers, into the Chainlink ecosystem.

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