Celo, a blockchain ecosystem focused on regenerative financial (ReFi) systems and tools available to anyone with a smartphone that is carbon-negative, open-source, and EVM compatible, today announced that it has joined the Chainlink SCALE (Sustainable Chainlink Access for Layer 1 and 2 Enablement) program.
By providing its developers with affordable, dependable Chainlink oracle services, this initiative aims to support the ecosystem and the long-term adoption of Celo. As part of this program, the Chainlink oracle nodes that provide Celo with a range of Data Feeds and other oracle services will have some of their operating expenses paid for by the Celo ecosystem.
Long-term sustainability is the reason why our community joined Chainlink SCALE, according to Xochitl Cazador, Head of Ecosystem Growth at the Celo Foundation. The newest wave of highly scalable Web3 mobile applications are now possible thanks to Chainlink’s Oracle services, which are now available to developers creating Celo-based applications. We warmly welcome Chainlink to the Celo community and look forward to our communities’ continued development and cooperation.
The goal of Chainlink SCALE is to sustainably accelerate the development of layer-2 and blockchain ecosystems. Its main goal is to increase L1s/L2s’ access to high-quality, affordable, and in-demand oracle services by giving them the ability to temporarily pay the operating expenses (such as transaction gas fees) of Chainlink oracle networks. The operating costs of oracle networks can increasingly transition toward being fully covered by dApp user fees as blockchain/L2 ecosystems in the Chainlink SCALE program mature.
Niki Ariyasinghe, Head of Blockchain Partnerships at Chainlink Labs, said, “We’re thrilled to have Celo join the SCALE program to support the growth and long-term adoption of its mobile-first, ReFi ecosystem. “Celo will be able to empower its developers to build more sophisticated mobile applications that help drive global Web3 adoption by reducing the operating costs of oracle nodes.”
By joining SCALE, Celo will increase access to Oracle’s market-leading data and services for its ecosystem’s developers while also lowering the gas costs Chainlink nodes pay when submitting Oracle reports on Celo. Celo will be able to realize its goal of becoming one of the most highly utilized mobile-first layer-1 networks thanks to this resource allocation.
The Celo ecosystem, Web3’s “Home of ReFi,” consists of 1,000+ projects in more than 150 countries that are dedicated to fostering prosperity for all. The Celo platform, which went live on April 22, 2020, is designed for mobile devices and aims to make sending payments to anyone with an internet connection, anywhere in the world, as simple as sending a text message. Additionally, Celo uses a cutting-edge decentralized address-based identity layer to map phone numbers to wallet addresses.
Compiled by Coinbold