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Chainlink Expands to Bitcoin, Helping Original Blockchain With Its Layer-2 Shift
Chainlink's service is an integral part of most major blockchains but has not featured on Bitcoin until now.
Updated Oct 24, 2024, 3:40 p.m. Published Oct 24, 2024, 2:21 p.m.
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- Chainlink has expanded to Bitcoin for the first time through an integration with layer-2 network Spiderchain.
- Spiderchain's builder Botanix Labs has joined the Chainlink Scale program, which will give them access to Chainlink's oracle services.
Real-world data provider Chainlink has expanded to the world's original blockchain for the first time through an integration with Bitcoin layer-2 network Spiderchain.
Spiderchain's builder, Botanix Labs, has joined the Chainlink Scale program, which will give them access to Chainlink's oracle services, according to announcement on Thursday.
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Most major blockchains, including Ethereum, Solana, BNB Chain, Fantom and Gnosis Chain, integrate Chainlink's data into the cogs that keep their networks' services ticking.
Chainlink's first arrival on Bitcoin highlights the work being done to align the world's oldest blockchain with the functionality that is already a feature on other networks. These include layer 2s, rollups and smart contracts, which have all been largely absent from Bitcoin through much of its history.
As part of the partnership, Spiderchain is also plugging in Chainlink Cross-Chain Interoperability Protocol (CCIP), which enables token transfers across blockchains.
Read more: Bitcoin Layer-2 Builder Botanix Labs Raises $8.5M From Polychain Capital, Others
Oracles are services provided by third parties which supply blockchains with external information that may be required. For example, a blockchain network does not know the weather forecast or what the current price of oil is. Oracles provide this data to inform blockchain programs like smart contracts.
Botanix Labs is building Spiderchain to be compatible with Ethereum Virtual Machine (EVM) layers. EVM is the software that powers the Ethereum network and enables smart contracts. The goal is to allow any application or smart contract on an Ethereum layer to be effectively copied and pasted onto Bitcoin.
UPDATE (Oct. 24, 15:30 UTC): Changes headline; adds more details on Chainlink's role in the blockchain economy.
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