⛓️ Introducing #Chainlink Functions ⛓️

A new serverless Web3 platform that enables devs to connect their smart contracts to *any* Web2 API and run custom off-chain computations

Includes integrations for @awscloud, @Meta, and @googlecloud, and more
blog.chain.link/introducing-ch…
What's so cool about this?

Chainlink Functions is a truly self-service oracle solution

No need to host/run your own infra or even interface with @chainlinklabs or #Chainlink node operators

Connect your dApp in a few minutes with just a few lines of code
techcrunch.com/2023/03/01/cha…
For the technical folks, think of Chainlink Functions as a more trust-minimized and blockchain-enabled version of AWS Lambda, GCP CloudFunctions, or Cloudflare Workers

Distributed serverless architecture powered by the same OCR-powered DONs that secure billions with data feeds Image
Functions makes it 10,000x easier for devs to connect their dApps to external data/compute

Some examples:

- Fetch outcome of a @SnapshotLabs vote
- Vest tokens via @tokenterminal metrics
- Pay artists in real-time with @Spotify data
- Trigger a SMS/email message via @twilio
The sky is truly the limit

Check out some community created Functions code examples on usechainlinkfunctions.com, including some examples I submitted myself 🙂 Image
To showcase the power of Functions, @chainlinklabs collaborated with @awscloud, @Meta, and @googlecloud on supporting their Web2 services

There is VAST amounts of data on AWS Data Exchange alone, which can now be seamlessly connected to smart contracts
prnewswire.com/news-releases/… ImageImageImageImage
Chainlink Functions is currently in beta, operating on the @ethereum Sepolia and @0xPolygon Mumbai testnets, and will expand to more chain in the future based on user demand

Access the private Beta for testing before the full open release 👇
chain.link/functions
A number of projects are already taking part in the beta, including @BlockScholes, @chainml_, @dopex_io, @nusicOfficial, @thirdweb, & more

This represents a wide range of Web3 verticals, from AI integrations to DAO governance

Devs, would love to hear how you're using Functions
And before you ask

TOKEN IS NEEDED

Chainlink Functions operates using a subscription model, where $LINK is funded into a contract and drawn down each time a Function executes and puts results on-chain

You can find more info in the developer docs below
docs.chain.link/chainlink-func…
Note: YOU, as a developer, are responsible for ensuring both the quality of any JavaScript code sent the network to be executed and validating any APIs used are of a sufficient quality/reliability for your relevant use case

Great power -> Great responsibility
Ultimately, Functions is the realization of Chainlink as a Web3 services platform

A generalized oracle framework that can molded and shaped by devs to meet their exact use case requirements to enable increasingly advanced dApps
Excited to see all the unique ways that devs will leverage Functions in their dApps

Just as we couldn't predict what use cases would eventually blow up on the Internet during the 90's, time will tell which Functions-enabled use cases will take the main stage

#LinkTheWorld

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More from @ChainLinkGod

Feb 18
A mega-trend is on the horizon for crypto

Tokenized real-world assets (RWAs) are now being issued on public blockchains by a growing number of Web3 projects and instituions alike

How and why?

This blog is my thesis on RWAs 🧵
blog.chain.link/tokenized-real…
Firstly, why do people care about crypto and DeFi in the first place?

Because of the properties enabled by public blockchains:

- Atomic settlement
- Transparency
- User control
- Reduced costs
- Composability

Tens of billions of dollars have been absorbed into DeFi Image
When faced with extreme market volatility, rapid deleveraging events, and the collapse of centralized crypto institutions, DeFi remained resilient

And yet...

DeFi remains a circular economy, disconnected from the global economy and largely fueled by capital rotation games
Read 15 tweets
Jan 21
It’s early 2022 and you want to earn some yield on your crypto, but you don’t want to get rekt so you diversify

You want some stability, so you put half your portfolio in the $10B stablecoin $UST and lend on @anchor_protocol for 20%

Nice, but you want directional exposure too
You already have exposure to $UST and the ecosystem seems to be rapidly growing

So you get some $LUNA and stake it with @LidoFinance for 8%

You then deposit the $bLUNA to @anchor_protocol to leverage up

$UST is now a $20B stablecoin (and $LUNA $40B), you seem validated
But you want exposure to the less volatile big boys as well, so you gain exposure to $BTC and $ETH as well

Seems like a waste to just let the coins sit idle and earn no yield right?

You look around and see that CeFi clearly offers the best rates, 5%+ seems attractive
Read 8 tweets
Dec 30, 2022
The crypto ecosystem is quite bad at naming things, too much techno-jargon and acronyms

They're called cryptocurrencies, but most tokens aren't trying to be currencies

NFTs? No Fucking Thanks, I mean come on, just call them digital collectibles
Smart contracts? They're neither smart nor contracts, decentralized applications is slightly better but they're really automated agreements

Gas? Let's not make the negative ESG narrative worse

LSDs? Let's not make the dark market connotations worse
DeFi? Decentralization is a noble idealistic goal but it's a spectrum and multi-variate, it's on-chain finance

Play2Earn? Can you make it sound any more like a ponzi?

Web3 is decent, but nobody really knows what Web2 is, we haven't really converged on a universal definition
Read 4 tweets
Dec 6, 2022
1/ #Chainlink Staking v0.1 is launching tomorrow (Dec 6th, 12PM ET) 👀

What does this mean and what does Staking v0.1 look like?

Let’s break it down frens 🧵
2/ Staking is a mechanism where tokens are locked up in smart contracts to increase the cryptoeconomic security of a protocol

For Chainlink, this consists of $LINK being locked up as collateral to back the performance of decentralized oracle networks
3/ While Chainlink networks are already secure, staking adds an additional incentives/penalties system on-top

Staking will roll out across stages, initially beginning with a v0.1 beta release (tomorrow)

Through an iterative approach, more functionality will be added over time
Read 26 tweets
Oct 12, 2022
The most bearish thing about DeFi is the seemingly complete lack of risk management that some dApps undertake

And with smart contract apps being so composable and interconnected, the risk is contagious and nearly systemic

Devs, circuit breakers, use them
Btw proper risk management is not a “one and done” deal, it is a continual on-going process of creating, refining, and adjusting risk framework: and using them regularly to adjust parameters

Also having automatic monitoring systems in place as well as falsesafes
Want to know why so many DeFi applications are upgradable and have adjustable parameters managed by multi-sigs or plutocratic token weighted voting?

Risk management and immutability are often incompatible! Adjustments are often required years after deployment
Read 6 tweets
Oct 11, 2022
.@mangomarkets was just exploited for $100M+ due to market manipulation of a low liquidity token $MNGO used as collateral

This is rough
trade.mango.markets/account?pubkey… ImageImageImage
Doesn’t appear to be an oracle exploit, but rather market manipulation (e.g. thinly traded token was pump and dumped)

Protections at the money market protocol layer like a circuit breaker, flow rate limier, or more robust collateral risk parameters would have helped here
Uh I guess @mangomarkets is just straight up throwing Pyth under the bus here

As far as I can tell, this was not an oracle exploit, the $MNGO token was pump and dumped ImageImageImageImage
Read 5 tweets

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