After joining Chainlink SCALE, Starknet announced the integration of Chainlink Data Feeds crypto oracles on its mainnet.
As part of this program, the Starknet Foundation will cover part of the operational costs for Chainlink oracle nodes, providing Starknet developers with low-cost access to Chainlink Data Feed.
The crypto partnership between Starknet and Chainlink thanks to Scale
For Starknet, it is a strategic partnership that allows the creation of an attractive landscape for developers on its platform, providing a rich, low-cost data environment to create decentralized applications and high-performing, increasingly complex, and secure smart contracts.
Chainlink provides data to many crypto ecosystems, thanks to its oracles, and now it will also provide them to Starknet.
Thanks to that data, developers have the possibility to create complex smart contracts that can also use information coming from outside the platform they are using.
The layer-2 zk-rollup Starknet
Starknet is a layer-2 of Ethereum, and it is building an ecosystem that helps developers overcome the scalability limits of layer-1, while ensuring computational integrity.
With the addition of Chainlink Data Feeds, it will offer developers who are creating scalable and secure DeFi applications on Starknet further support, and this integration will help accelerate the growth of the ecosystem.
Specifically, Starknet is a permissionless Validity-Rollup on Ethereum based on ZK-STARK technology, which allows dApps to securely achieve a massive computational scale.
However, as with all blockchain environments, smart contracts cannot natively access data from the outside, and Chainlink oracles solve this problem by bringing accurate market data on-chain securely.
The Starknet Foundation is the non-profit organization that manages the Starknet ecosystem.
Its mission is to create a digital world built with integrity, trust, and transparency. The Foundation oversees the development, growth, and adoption of the ecosystem through a wide range of programs and partnerships aimed at creating a highly engaged community of developers, founders, and users.
The oracles of Chainlink
Chainlink is a leading decentralized platform in the oracles sector.
In the blockchain field, oracles are software that allow external data to be brought into a blockchain ecosystem, given that these systems natively do not have tools to do so.
For years now, Chainlink has dominated this sector, enabling transactions worth over 12,000 billion dollars. It effectively provides financial institutions, startups, and developers with onchain access to real-world data, off-chain processing, and cross-chain interoperability on virtually any blockchain.
Furthermore, it powers verifiable applications and high-integrity markets for the banking sector, DeFi, global trade, gaming, and other sectors.
The STRK and LINK tokens
Both Starknet and Chainlink also have tokens present in the crypto markets.
The Starknet token, STRK, was launched on the crypto markets only in February of this year, and in fact its price has been almost constantly falling since then.
After a brief and small mini-rally at the beginning of March, the price started to decline and this decline does not seem to have ended yet.
A totally different discussion, however, is that of LINK, the token of Chainlink.
It was launched on the crypto markets as early as 2017, and in 2021 it made a truly sensational rally, thanks to which its price rose in a few months from $2 to $52.
During the bear-market of 2022, however, a crash occurred, which in 2023 ended up bringing its value even below $6.
However, starting from the end of October, it began a rise, ending in March above $21. Since then, the price has fallen below $13, where it seems to have momentarily settled.
Note that $13 was approximately the price at the end of April 2022, before the implosion of the Terra/Luna ecosystem.
The comments on the new crypto partnership between Starknet and Chainlink with Scale
The CEO of the Starknet Foundation, Diego Oliva, stated about the partnership:
“We are excited to integrate the industry standard, Chainlink Data Feeds, on Starknet. Providing Starknet developers with highly secure, reliable, and accurate data will unlock a range of advanced DeFi use cases and drive the adoption of the Starknet ecosystem”.
The Chief Business Officer of Chainlink Labs, Johann Eid, added:
“We are pleased to support the Starknet ecosystem with the native integration of Chainlink Data Feeds, allowing developers to create highly secure and scalable DeFi applications. With hyper-reliable, accurate, decentralized, and natively onchain accessible market data, developers can create next-generation applications on Starknet”.