Chainlink has experienced a surge of 10% in its weekly charts after finding support near the $7.30 zone following a sharp downside correction after marking yesterday’s high at $8.16. The rise in price can be attributed to its latest partnership with StarkNet, an upcoming Layer 2 scaling solution for Ethereum.
However, a clear break above $8.00 in LINK’s price may possibly start a fresh increase towards the $8.50 and $8.80 levels, with the next major resistance near the $9.50 level.
However, failure to climb above the $8.00 resistance level could result in a fresh decline, with initial support on the downside near the $7.60 level and the trend line.
The partnership with StarkNet, announced via Twitter, will allow LINK Price Feeds to be available on the StarkNet testnet. It means that StarkNet developers can now leverage secure, reliable, and decentralized price Feeds to build the next generation of DeFi applications.
StarkNet, which StarkWare invented to make blockchain scalable for mass adoption, will join the network’s SCALE program and make LINK Price Feeds available on the StarkNet testnet.
Joining Chainlink SCALE To Empower Web3 Development On StarkNet
As part of the program, StarkNet tokens will cover certain operating costs for Chainlink oracle nodes, providing a sustainable economic system between the two platforms.
Co-Founder and President at StarkWare, Eli Ben-Sasson, said:
We’re excited to be joining the Chainlink SCALE program to provide our ecosystem of developers with access to the industry standard for oracle services, enabling a next-generation of globally scalable Web3 applications to be built on StarkNet.
The partnership will establish an infrastructure where StarkNet developers can build highly performant, increasingly complex, and secure smart contract applications. The network’s Data Feeds are live on the StarkNet testnet and are expected to launch on the StarkNet mainnet soon.
Sergey Nazarov, Chainlink’s Co-Founder, also said:
We’re excited to welcome StarkNet to Chainlink SCALE, which will help facilitate the deployment of Chainlink oracle services on the StarkNet mainnet.
He added that StarkNet’s ability to decrease oracle node operating costs would promote ecosystem expansion and create a more appealing platform for building scalable dApps in the Web3 ecosystem.
With the newly announced partnership, Chainlink oracle networks on StarkNet are expected to operate at high speeds and low costs for users and developers.
The collaboration will also make it easier for developers to integrate its oracle services into StarkNet dApps, increasing the adoption and utility of both platforms.
However, the partnership between Chainlink and StarkNet is set to bring about significant advancements in the Web3 ecosystem and the development of highly scalable and secure dApps.
Related Reading | BONE Up By 40% As It Scores Listing On Gate.io