The Synapse Bridge now supports native bridging of Chainlink’s protocol token, $LINK, between the Ethereum and Klaytn blockchains. This integration addition denotes the 22nd token supported by the Synapse bridge, and the beginning of Chainlink building on top of Synapse as the protocol supports taking $LINK multichain.
Fueling growth for Chainlink and Klaytn
$LINK is the token used within the Chainlink network to compensate Chainlink Node operators for their oracle services. To interact with Chainlink nodes, users need to pay operators in $LINK. To date, Chainlink nodes have enabled trillions in transaction value, displaying Chainlink’s dominance in becoming the premier oracle solution in web3. Chainlink is now looking to satiate demand for these services across new chains, Klaytn being one of the first.
The deployment of $LINK onto Klaytn is a wrapped ERC-677 token that will be used as payment for Chainlink services on Klaytn mainnet, helping drive organic user demand. Because this wrapped version is the permissioned token for payment, the bridged token functions as native $LINK on the chain. This synergy is the beginning of a bourgeoning relationship between Chainlink and Synapse to propel forward a cross-chain vision. The more that $LINK is used and needed on Klaytn, the more users and volume flow through the Synapse Bridge.
Klaytn is an EVM compatible blockchain which boasts some of the fastest throughput, time to finality, and TPS metrics. The native gas token for the Klaytn blockchain is KLAY. As with all Synapse integrations, users receive a KLAY gas drop that will cover their first few transactions. Klaytn is one of the 15 largest chains by TVL , and to date, users have bridged over $100m through the Synapse Bridge. So far, collaboration within the Klaytn ecosystem with protocols like Klap Finance and KLEX have helped to gain traction in the ecosystem, alongside building the marquee bridge for the new DeFi Kingdoms realm built on Klaytn.
About Chainlink
Chainlink is the leading provider of open-source oracle solutions, enabling smart contracts to access reliable data outside of the blockchains they operate on. $LINK is the token that powers the decentralized network of oracles. Users can pay Chainlink node operators using $LINK for their services, and node operators stake $LINK to demonstrate their commitment to the network and align incentives.
About Synapse
Synapse is a universal cross-chain liquidity network that connects blockchains by offering an extensible cross-chain communication protocol that supports assets, smart contract calls, and more. By leveraging Synapse, blockchains can easily and securely interoperate with each other, and developers can build truly cross-chain applications including cross-chain DEX, lending platforms, margining systems, derivatives markets, yield aggregators, and much more.