Chainlink VRF Is Live On Arbitrum One, What It Means For Crypto Industry?

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Chainlink, a decentralized blockchain oracle network and an industry-standard Web3 services platform, and Ethereum Layer 2 scaling solution Arbitrum announced the launch of Chainlink Verifiable Random Function (VRF) on Arbitrum One.

This enables developers to access the leading random number generator (RNG) in the blockchain industry. Chainlink and Arbitrum Foundation hosting a workshop for VRF on May 22.

Chainlink and Arbitrum Expand Partnership

According to an official press release, Chainlink VRF has been implemented on Arbitrum One. This will bring benefits of both Chainlink and Arbitrum to new smart contracts and Dapps developed by developers.

Chainlink VRF is the most widely adopted random number generator (RNG) in the crypto industry. It enables smart contract developers to build secure, scalable, and fair applications such as NFT and gaming. Moreover, building on Arbitrum One optimistic rollup have high-throughput and low-cost dApps advantages.

Johann Eid, VP of Go-To-Market at Chainlink Labs, admits the crucial role Arbitrum plays in offloading Ethereum transaction congestion without sacrificing security.

“We’re excited about the use cases that can now be unlocked by optimizing Chainlink VRF to benefit from the incredible speed enabled by Arbitrum.”

Chainlink VRF on Arbitrum One is a win-win situation for both Arbitrum and Chainlink communities. Chainlink VRF fulfills more than 15.8 million request transactions and currently provides verifiable randomness to over 6,300 unique smart contracts across multiple blockchains.

Recently, Chainlink and Arbitrum partnered to help developers build advanced DApps to trigger key smart contract functions. Chainlink Automation on Arbitrum One to automate key smart contract functions in a decentralized manner.

Chainlink has also partnered with Optimism, Coinbase Cloud, SWIFT, and other companies to push for more innovation.

Also Read: Bitcoin Going To The Moon In 2023 Summer, Here’s What Elon Musk Says

Will LINK and ARB Price Rally?

LINK price currently trades at $6.50, down 1% in the last 24 hours. The price has failed to reclaim over $7 in May amid crypto market uncertainty. LINK price is down 2% in a week.

Meanwhile, ARB price jumped 1% in the past 24 hrs, with the price currently trading at $1.16. The 24-hour low and high are $1.15 and $1.17, respectively. Arbitrum dominates transactions on Ethereum as it offers more speed and low gas costs.

Also Read: Ben and Psyop Creator Threatens With Class-Action Lawsuit

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.