Chainlink Labs, a supplier of blockchain oracles, has established an initiative to encourage the development of oracle-related blockchain ecosystems.
The SCALE initiative, which stands for “Sustainable Chainlink Access for Layer 1 and 2 Enablement,” aims to remove financial and logistical obstacles to expanding Layer 1 and 2 decentralized application ecosystems.
Chainlink oracles enable on-chain smart contracts and apps to securely and decentralized use off-chain data.
Chainlink’s services are utilized by numerous blockchain applications that manage substantial amounts of value. According to Chainlink CEO Sergey Nazarov in an interview with The Block, the company has processed transactions totalling $6.1 trillion in value. This figure is known as the Transaction Value Enabled (TVE). This number covers transactions such as swaps, borrowing, and derivatives.
The SCALE program is an effort under Chainlink’s Economics 2.0 program, which attempts to enhance the data security, usefulness, and running costs of Chainlink’s oracle services.
Avalanche, Metis, Moonbeam, and Moonriver are the first blockchains to collaborate with Chainlink Labs on this project. Each ecosystem will contribute to the operating costs of oracle networking.
Chainlink Economics 2.0 and SCALE, according to Nazarov, have established a “holistic economic model” that is feasible for the long-term development of blockchains, decentralized apps, and the Chainlink ecosystem.