Chainlink’s Smart Contract Products Go Live on Fantom

Two protocols, Keepers and VRF, will allow developers to deploy more sophisticated applications on the Fantom network.

AccessTimeIconJun 29, 2022 at 1:30 p.m. UTC
Updated May 11, 2023 at 5:24 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Chainlink’s popular Keepers and Verifiable Random Function (VRF) protocols were integrated into the Fantom mainnet on Wednesday in a move that will allow developers to build more sophisticated decentralized finance (DeFi) applications.

Keepers is a decentralized transaction automation service that allows developers to automate any smart contract function using custom triggers. Developers can set predefined conditions that Keepers continuously checks, and when those conditions are met, it will trigger the smart contract’s function.

VRF, on the other hand, uses on-chain “randomness” that can generate fair in-game outcomes in blockchain games or randomly select governance participants for specific tasks.

“Having Chainlink VRF on Fantom allows our ecosystem developers to incorporate tamper-proof unpredictable outcomes into their dapps,” Michael Kong, CEO at Fantom Foundation, wrote in a Telegram message. “That (can) be for GameFi and NFTs (non-fungible tokens) or other real-world use cases.”

VRF has already handled more than 7 million requests from decentralized applications on other networks, developers at Chainlink Labs told CoinDesk.

Chainlink handled over $1.85 billion in 5,630 transactions over the past 24 hours, according to CoinDesk data. The transaction count has declined since a peak last month of 10,440 over a 24-hour period amid a slide in the broader crypto market.

DeFi applications on Fantom hold just under $1 billion in locked value, according to DeFiLlama. That is a steep fall from a peak of $12 billion in January. Stablecoin swap application Curve locks over $178 million, the most among Fantom-based DeFi applications, followed by exchange SpookySwap at $122 million.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.