/biz/ - Business & Finance

i wish the interviewer asked more specific questions about what they're doing together presently. swift has announced that they will be launching a new network in a year or 2 that will enable all the things that chainlink enables, but they never used the word chainlink. seems odd now that the cat is out of the bag concerning their relationship. maybe the network functions independently of chainlink and chainlink is trying to fight for a place in it? maybe it's a white label solution that will never mention chainlink? this would've been a good fucking time to find out but no we get super general questions that any industry head could've answered.

>>58531073
It's used to pay for the services Chainlink provides.

>oracle calls
>CCIP transfers and tx
>Automations
>Functions
>Data Streams
>VRF
>Proof of Reserves

Is this hard to comprehend?

>>58510691
This is true if the company is established.
The Chainlink protocol itself is rapidly expanding, it makes sense that they have to keep expanding their team for now. Think of how many more bridges they're working on for CCIP (there's at least 4 more on test-net right now), plus teams working on the DTCC and SWIFT stuff. Then they've got teams deploying additional price feeds on new chains, developing Functions and deploying it on new chains, pushing out all their other services (VRF, data streams, automation) to new chains. This isn't even including the maintenance of existing services, which requires dedicated team. Think of how long this shit is taking to come out right now, imagine how much longer it'll take if they cut 80% of the workforce lol.

Cutting "80%" of the workforce works in cases like twitter, where the product is mostly established and it's just maintenance and service imrpovements, not when scaling up your product.

>>58482665
this has to be bait not even fud
do you even know how CCIP functions or what the earning mechanism of chainlink is

protip: token totally needed

>>58469542
great, now stop simping for this "bad hold" as you've elegantly said yourself and fuck off
Sergey's dumps to sustain his enormous operating costs and to secure various partnerships, integrations, PoCs and experiments, without fulfilling the token functions outlined in both WPs 1 and 2 (super-linear staking, actual collateralization of LINK tokens into the staking system, slashing, node reputation, etc) aka not creating the appropriate demand, have effectively killed the price since 2020, and that won't change no matter how much you whine about SOL or whatever the fuck else "inflating" more
they're shitcoins, they only have to create demand by hyping shit, it's not even remotely same to Chainlink's "serious" approach on this market

>>58456829
Fuddies get the rope

>>58456820
Here you go, OP:

>https://dune.com/linkpool/chainlink-revenue
>https://dune.com/linkpool/chainlink-ccip
>https://dune.com/linkpool/chainlink-ocr
>https://dune.com/linkpool/chainlink-price-feed-users

There is nothing for data streams, functions, or PoR right now but my assumption is those are all generating low amounts of revenue and usage.

>>58442985
staking, CCIP universal gas payments, functions, VRF are all examples of the LINK token being used as either direct payment or collateral. Just because the end user does not need to hold the token in his wallet does not mean that the token is not accruing value from the protocols utilizing the Chainlink services

Chainlink is doing a lot of cool things but the market seems to really not give any fucks.
>CCIP the best and currently most used interop layer
>Transporter adding more tokens regularly and going to be the most robust bridge solution shortly
>XSwap on CCIP is going to have instant interop transfers soon
>Chainlink moving all services to allow payment in any currency which then converts to LINK
>SWIFT partnership continues to grow and expand
>Now the only crypto company on the ISSA along with every global major bank and financial entity
>all services growing in terms of usage (VRF, Oracles, Automation, Data Streams, Functions, PoR)

Market legit ignores it all. Meanwhile

>HBAR publishes fake news about being partnered with Blackrock, pumps 100% and retains a 25% pump even after it is revealed to be fake

Not trying to pick on HBAR bros, just happens to be the most recent example. What gives?

>>58429026
Chainlink is an OG in VRFs but it is so expensive to use their functions. Anyway, I'm more into projects with solid utilities and good narrative such as real world asset with the likes of Brillion as well.

>>58423442
>>58423440

Oh okay. This reminds me of HoneyComb, an API market place when Chainlink Network first deployed. But they didn't take off. That was when Chainlink had Any API which was a pain to use and the developer tools, guides, and community was way smaller.

I think the industry would be ready for something like this now since even Steve Ellis wants more projects adopting Functions. He talked about lamenting how no one used AnyAPI much before he introduced Functions at ETH Denver in 2022 (or 2023?) I believe. You could probably get a Chainlink Grant to work on this even outside of the hackathon. This is a really cool idea.

>>58423400
Sorry, all that is to say that yes, the tool would just abstracts functions. Chainlink is cool but honestly not even devs should need to know shit about it to use it. The goal is enabling a dumb dev to go from zero to hitting a new API endpoint within 5 minutes from scratch.

>>58423400
Building functions, maintaining the subscription, aggregating the response of the data providers, handling error cases, ensuring compatibility with the Chainlink network, and providing cost info on a per-call basis rather than retrieving a quote for each call...

It's a lot of contract generation/deployment/back-end work, + the front-end would need to be as intuitive as possible.

Here's a demo I made in figma:
https://www.figma.com/proto/5MdzDFmFlVgf1MAcapTqpq

>>58423339
The reason why Chainlink has such a convoluted way of delivering the API data point to a smart contract, via broadcasting it to the Chainlink network first, is to guarantee the delivery is secure and tamperless.

Do you plan on building on top of chainlink functions to make your super easy to use GUI or plugin? Or going from scratch?

>>58418591
You must realize that trust minimization only happens when you have multiple API calls to multiple data providers for the same data point. IMO the smallest acceptable number of API calls for a single trust-minimized data point is 9 calls with aggregation logic.

Functions is still burden, solidity developers shouldn't need ANY info about Chainlink to get the data they need into their system. What if there was an easy, fast, cheap solution that allowed developers to just hit a digital 'vending machine' and pay per-call for the API call they need. You can charge a premium for each call as you manage the real-world payment for the API subscriptions.

There must be a platform to streamline and manage the API subscriptions on behalf of the blockchain consumers.

The developer experience could be as easy as simply using a web interface similar to rapidAPI that generated the contracts/logic needed to maintain these endpoints, then the developer/consumer would simply pay per-call for the implementation in their contract.

We're talking about perhaps a thousandfold reduction in the amount of work for developers that need trust-minimized API calls on-chain.

>>58417754
I think Chainlink Functions is fairly easy to use. Their previous Any API was a pain in the ass to run. You had to get in contact with a node operator and make sure their Job adapter link was working. And I heard External adapters were absolutely miserable to work on.

Right now, my only qualm when I played around with Functions was you couldn't use any node packages. You could only send data to a contract directly from an API call. It sounds like a nothingburger but if you're using Javascript, you're going to be using node packages.

>>58416954
Will keep you in mind if the idea we ultimately decide on involves Chainlink functions.

>>58417386

> Payment system that supports subscriptions, and uses Automation for the regular payments and CCIP for payments across networks.
Decent idea, a little boring though and likely being worked on by others.

> on-chain prediction market that uses chainlink functions to get results of events.
Derivative of other projects and to be honest this seems like way too much work in what little time we have left

> leveraged tokens: for example: 2xETH token that has double volatility of ethereum. we could leverage aave for that

No comment on this.

> safe lottery: basically a DAO where users can send stablecoins in exchange of shares, and the dao is responsible for investing in different defi protocols. But the yield is accumulated in a jackpot that is released once every week, and the winner is selected via VRF. Users can remove their principal from the dao at any moment without penalty.

This is interesting and could easily spin off into a real world project. Still as another anon pointed out using CCIP should be a primary focus as the judges will likely key in on projects that incorporate it this year.

Feel free to join the TG and spit ball some ideas. There are a number of anons there already, all friendly and of like mind.

>>58414537
Hello OP. I have 2 years of experience in solidity and I am searching for frontend guys to participate with me. I have used price feeds and VRF before.
my tg: PancitSurfer

Some ideas I have:

Payment system that supports subscriptions, and uses Automation for the regular payments and CCIP for payments across networks.

on-chain prediction market that uses chainlink functions to get results of events.

leveraged tokens: for example: 2xETH token that has double volatility of ethereum. we could leverage aave for that

safe lottery: basically a DAO where users can send stablecoins in exchange of shares, and the dao is responsible for investing in different defi protocols. But the yield is accumulated in a jackpot that is released once every week, and the winner is selected via VRF. Users can remove their principal from the dao at any moment without penalty.

>>58414537
The Chainlink functions API is too difficult to implement as a developer. Ever wonder why Chainlink isn't used for API calls in defi? To properly trust-minimize the data, you need the same data point provided by 3 separate data providers. Considering each query would be done by multiple nodes on Chainlink, a single data point could take 9 API calls.

Now write the contracts to manage the logic and upkeep of the payment with error handling, etc, and a very simple app becomes a multi-month development project with management requirements.

Fuck!

I designed a solution for this that could be revolutionary for developers, allowing for simple, streamlined API->trust minimization via Chainlink development in minutes. if you want to build this hmu @trustless_nyc on X, may not see messages here

>>58414710
>>58414734
>Ledger user huh? Your best bet is to withdraw now and transfer those linkies to your new wallet and hope that holding them in that wallet for 6 months will allow you into Early Access. Seriously go and unbond right now if you havent done so, its about 7 months from December as of right now.

Don't do this. Either use do a Chainlink Functions testnet Transaction with a wallet you plan to stake with or do a CCIP testnet transaction or mint a POAP token from one of their hackathon workshops. OR email CLL and ask on their discord if you can greenlight a wallet while demonstrating you own an early access qualified wallet. It's too late for the "hold for 6 months" qualification.

Chainlink Hackathon Idea Cultivation v1:

ITT anons will help me come up with a hackathon idea for Chainlink's upcoming hackathon.

The hackathon is on April 29th to 2nd of May.

It has an occult theme this time and the hackathon is called 'BLOCK MAGIC': chain.link/hackathon

Now we all know about Chainlink's occult background. Because of this I believe this hackathon will spark some true success stories from it. As a result I need some ideas. Almost everything has been done before.

I am a pro at frontend design/development. Fullstack really but my specialty making cool animations and designs for modern responsive web apps (dApps). All this to say that no outlandish idea is off the table.

RULES:
- Brainstorm ideas
- Ideas have to incorporate Chainlink's services:
- Functions (call any api offchain)
- Price feeds
- Automation (automate smart contracts onchain)
- VRF (random onchain number for gaming/gambling)
- leave some contact info if you want to attach an idea to yourself

When I choose an idea the person who first left the idea will join the team as a consultant and get shares of tokens when we launch-get funding/prize money if we win.

Nothing to lose for you idea guys, but everything to gain if your idea is liked by me and the team executes it successfully.

Let's make /Biz great again!

>>58407918
> Decentralized Uber
> Chainlink Functions to connect to Google Maps API
> figure out the rest

>>58367177
I think it's good that they made the changes. They have to competitively price their services or else they will lose marketshare. Chainlink may have a monopoly on oracles, but no real world monopoly lasts in a free-market if they don't make themselves competitive.

I also just finished reading their blogpost on this. They say reduced prices will increase demand and thus aggregate revenue will be UP. I agree with the logic, and supposedly they've already noticed an uptick in usage since the changes.

Keep your eyes on the bigger picture.

1. Projects will be incentivised to use Chainlink CCIP vs other cross-chain protocols because CCIP is both cheaper and more secure. The number of adoptions and number of transactions goes up.
1.5. Aggregate revenue goes up.

2. Those projects are now exposed to the Chainlink ecosystem. They are now incentivised to use other services in the Chainlink suite because, as Kemal often says, there are "no additional trust assumptions". This means more usage of revenue generating services like Functions, Automation, and VRF.
2.5. Aggregate revenue goes up.

3. Entities take note of the ever increasing marketshare of Chainlink across all domains of oracle functionality. Chainlink has become a de facto standard, adopted by the free-market. If they want people to take their services seriously, they will have to integrate Chainlink services into their products. If it's not Chainlinked, it's shit.

You can think about the lower prices in the same vein that Costco has kept their hotdogs dirt cheap for years. Think of how much extra revenue has been brought to their brand by enticing people to come in for their cheap hotdogs, and then they spend more money elsewhere in the store. Is Costco doing badly? You can judge for yourself.

>>58370673
chainlink functions protects people from simswap attacks