According to CoinDesk, Chainlink, a blockchain data oracle provider, has launched a new product called 'Data Streams' designed to reduce network latency. The product has entered early access on the layer 2 platform Arbitrum. Chainlink Data Streams combines low latency market data and automated execution to enable a new generation of ultra-fast and user-friendly derivatives products. The product uses a pull-based data oracle solution, which reduces latency and allows users to retrieve oracle reports off-chain and validate them with their on-chain transactions.

Chainlink co-founder Sergey Nazarov said in a press release that Data Streams enables decentralized finance (DeFi) protocols to support execution speeds and user experiences that rival centralized exchanges without compromising on the core Web3 value of fair, transparent, and decentralized infrastructure. Additionally, Chainlink announced new decentralized computing capabilities with Functions Beta and Automation 2.0 on the main network. Chainlink Functions will enable developers to connect decentralized applications to any application program interface (API), while Chainlink Functions allows high-value jobs to be automated at a tenth of the cost, saving up to 90% in gas costs. Kemal El Moujahid, chief product officer at Chainlink Labs, said in a statement that these updates create a standard for developers to connect heterogeneous Web3 components with any existing system, move data and value seamlessly across multiple chain ecosystems, and create new verifiable applications.