Chainlink, the decentralized and industry-leading oracle network for blockchains, has launched three strategic products. These products are unleashed to simplify on-chain payments and improve decentralized finance (DeFi) revenue models while fostering community engagement. Chainlink has presented Chainlink Rewards, Smart Value Recapture (SVR), and Payment Abstraction.
By introducing these initiatives, the platform aims to evaluate its economic infrastructure. In this way, it strives to boost growth and long-term sustainability in the decentralized Web3 ecosystem.
Chainlink Rewards: Igniting Participation with Tokenized Incentives
Through the launch of Chainlink Rewards, the Chainlink ecosystem has found a new dimension. This new era highlights community engagement and meaningful rewards. Space and Time has allocated 100 million $SXT tokens, kicking off Season Genesis. Through this initiative, the eligible LINK stakers will be able to claim $SXT tokens.
This strategic move aims to empower Chainlink BUILD projects, enabling its ecosystem to participate and get the opportunity to claim tokens directly. This move is set to cultivate a sense of ownership among participants along with their incentivized involvement. The future phases of this initiative will further witness the launch of an additional 100 million $SXT. This wise move marks the beginning of a robust and long-term system for rewards.
Chainlink and Aave to Reshape Oracle Economics with ‘Smart Value Recapture (SVR)’
Chainlink partners with Aave to launch its Smart Value Recapture (SVR) on Ethereum. Aave becomes the first adopter of SVR, setting the groundwork for DeFi projects recapturing value lost to MEV (miner extractable value).
Chainlink has already forged alliances with bgdlabs, Flashbots, and Aave to build SVR. This initiative generates new revenue streams, enabling DeFi applications to reclaim their MEV related to the oracle. Aave, by integrating into SVR, aims to deploy on Ethereum while selecting markets within its V3. This solution is poised to improve Chainlink’s price feed through economic sustainability while benefiting the platforms of DeFi.
Chainlink Rollouts ‘Payment Abstraction’ to Stremline LINK-Powered Payments
Chainlink has further introduced Payment Abstraction to convert user fees into LINK while giving it to service providers automatically. This payment plan emerges as a game-changer for the evolution of Chainlink. This payment layer is cross-chain-enabled and deploys on the mainnet, lowering the friction in the payments of on-chain services.
The process leverages Chainlink’s CCIP, Automation, Price Feeds, and decentralized exchanges to accomplish the task. This system supports the fees linked to SVR, also from Aave. This advancement ensures the consistency of value across the Chainlink network.
Chainlink fosters these innovations to cement its reputation as a significant infrastructure layer in the future of Web3 economics and decentralized finance.
Source: blockchainreporter
