Demex Daily #76: Base Enhances Smart Contracts with Chainlink Automation Integration

What’s Interesting Today:

Coinbase's Ethereum layer 2 network, Base, has integrated Chainlink Automation to enhance smart contract scalability and efficiency. This collaboration offers a significant 90% reduction in gas fees for Web3 developers and enables advanced capabilities in smart contract execution. The integration, which complements Chainlink's existing platforms like CCIP and Data Feeds, is poised to empower developers with sophisticated tools for building scalable applications. Base, notable for its rapid adoption and active layer 2 network status, benefits from Chainlink Automation's high-performance compute power, facilitating the creation of next-generation Web3 experiences.

Oval, an Oracle Value Aggregation Layer designed to alter Ethereum’s MEV (Maximal Extractable Value) supply chain, is now operational on the Ethereum mainnet. Developed by UMA in partnership with Flashbots, Oval enables leading DeFi protocols on Ethereum to capture MEV as a new revenue source when requesting oracle updates. Typically, DeFi protocols lose tens of millions of dollars annually to MEV. Through Oval integration, these protocols can now automatically reclaim 90% of this MEV as revenue.