Chainlink Unveils Ecosystem Growth Program "SCALE"

At this week’s SmartCon event in New York, Chainlink, the leading oracle platform, announced a new initiative aimed at boosting its blockchain ecosystem, dubbed "SCALE."

The SCALE program is designed to lower the barriers to entry and reduce costs associated with oracle services and configurations ahead of Chainlink’s staking launch later this year. Under the program, new teams wishing to access Chainlink’s data must contribute 3% to 5% of their governance tokens. For existing projects, SCALE aims to cut on-chain transaction costs related to smart contract oracles to nearly zero.

SCALE is part of Chainlink’s larger Economics 2.0 initiative, which seeks to enhance data security, utility, and operational costs of oracle services.

Chainlink Economics 2.0: A New Era of Sustainable Growth and Security

Initial blockchains partnering with Chainlink Labs on this initiative include Avalanche, Metis, Moonbeam, and Moonriver. Each ecosystem will contribute to the operational costs of the oracle network.

Chainlink co-founder Sergey Nazarov stated that Chainlink Economics 2.0 and SCALE present a "comprehensive economic model" for the long-term success of blockchain technology, decentralized applications, and the Chainlink ecosystem as a whole.

Chainlink has been a key player in the broader DeFi growth, peaking at over $250 billion TVL last year, although it has recently settled at around $55 billion. Chainlink remains the standard oracle infrastructure for a range of services, with a total value exchanged (TVE) of $6.18 trillion in 2022. This includes swaps, lending, and derivatives.

Chainlink Powers Web3 Innovation

Despite the announcement of SCALE, LINK’s price has remained relatively stable, even slipping over 5% in the past 24 hours, trading around $7.776.

1H LINK/USDT Chart. Source: Binance