product for Web3 protocols and the decentralised finance (defi) system, was released on Wednesday by the decentralised oracle network platform Chainlink (CF BIRC).
The newly released CF BIRC product, which Chainlink unveiled at Smartcon 2022 in New York City, intends to give Web3 market participants "a trustworthy and transparent base rate."
A number of announcements from Chainlink have been made during the Smartcon 2022 conference in New York City. For instance, the Sustainable Chainlink Access for Layer 1 & 2 Enablement, or SCALE, programme was unveiled on Wednesday by the smart contract and Oracle Network project.
Chainlink tweeted on September 28 that SCALE is a comprehensive and beneficial economic model for both blockchains and the Chainlink Network. The project's creators continued, "Fees from [decentralised applications] can eventually cover the full on-chain costs of Chainlink oracle nodes, ensuring long-term viability across many ecosystems as [layer one and layer two] userbases grow.
In addition, Chainlink unveiled the CF Bitcoin Interest Rate Curve at the Smartcon 2022 event in collaboration with Chainlink. To introduce the CF BIRC product, Chainlink has teamed up with CF Benchmarks, a provider of cryptocurrency benchmark pricing and indices.
According to Chainlink's announcement, CF BIRC is a replicable, market-representative, and manipulation-resistant base rate that will aid in removing uncertainty surrounding the valuations of crypto assets while facilitating improved capital efficiency and more predictable lending and borrowing across digital markets.
All market participants will be able to interact with the Web3 economy with greater assurance and in fascinating new ways thanks to this data being transmitted consistently onchain through the Chainlink Network, according to Chainlink co-founder Sergey Nazarov on Wednesday.
Additionally, Chainlink Labs is collaborating with Coinbase Cloud in order to offer real-time non-fungible token (NFT) floor price feeds. As a result, supporters of NFTs and traders can get floor value statistics linked to NFTs like Bored Ape Yacht Club (BAYC) and the Cryptopunks in real time.