Chainlink Unveils Major Upgrade, LINK Rises Nearly 5%

The team behind the decentralized oracle network Chainlink has introduced a significant upgrade to the Chainlink Runtime Environment (CRE), aimed at scaling the platform across “thousands of blockchains.”

Introducing Chainlink Runtime Environment (CRE)—a major platform upgrade:

? New modular, composable architecture
⛓️ Scalable across 1000s of chains
? Deep customization for capital markets users
?️ Self-serve product development

?⬇️https://t.co/BE807PgfB2

— Chainlink (@chainlink) October 30, 2024

During the phased modernization, the platform will transition to a modular architecture. Chainlink’s node software will be divided into separate blocks with distinct functions (such as chain reading, consensus execution, etc.), secured by independent decentralized oracle networks (DON).

“Developers can easily combine these capabilities in numerous ways into unified workflows, which are launched through the newly developed CRE runtime environment,” the announcement stated.

Building a customized execution chain will ensure the use of direct connections between specialized DONs. These will also provide security guaranteed by the Chainlink platform.

The shift to a modular architecture will offer several advantages, including:

• the use of familiar programming languages and tools through a comprehensive set and intuitive command-line interface;
• the ability to create solutions tailored to individual needs through fully programmable workflows;
• full integration with off-chain API and multiple networks using standardized components.

“The platform upgrade is crucial for scaling Chainlink across thousands of blockchains and meeting the growing demand from capital markets and Web3,” the developers emphasized.

The upgrade will be implemented in stages to ensure the stable operation of existing services. The team has opened registration for early access to CRE’s capabilities.

Following the upgrade announcement, the price of Chainlink’s token (LINK) rose by 4.6% within a day. The asset is trading around $12.

Bitcoin quotes increased by about 1% during the period, while the cryptocurrency market capitalization decreased by 0.8%.

Back in July, Chainlink introduced the Cross-Chain Interoperability Protocol (CCIP).