Plasma Joins Chainlink SCALE, Integrates Aave
The partnership aims to enhance the newly launched Layer 1’s stablecoin infrastructure and promote DeFi adoption. Plasma, the newly launched Layer 1 blockchain built with a focus on stablecoins, has partnered with Chainlink and Aave to strengthen its decentralized finance (DeFi) ecosystem. Plasma – which launched last week, alongside its native token XPL – has…
The partnership aims to enhance the newly launched Layer 1’s stablecoin infrastructure and promote DeFi adoption.
Plasma, the newly launched Layer 1 blockchain built with a focus on stablecoins, has partnered with Chainlink and Aave to strengthen its decentralized finance (DeFi) ecosystem.
Plasma – which launched last week, alongside its native token XPL – has joined Chainlink’s SCALE program and adopted Chainlink as its official oracle provider, according to a press release.
SCALE, short for Sustainable Chainlink Access for Layer 1 and 2 Enablement, helps new blockchains and rollups utilize Chainlink services at lower cost by subsidizing operating expenses through ecosystem support.
Aave, the largest liquidity protocol with a total value locked (TVL) of nearly $46 billion, is also now integrated on Plasma, the release noted. Aave’s native token AAVE is currently trading at $291, flat on the day, but up 8% over the week.
The move underscores how new blockchains are increasingly seeking early integrations with established projects to accelerate growth. It also highlights the importance of securing immediate support from leading DeFi protocols to build credibility and attract adoption.
“Plasma is building the infrastructure for this global financial system, and we are thrilled to join Chainlink Scale and adopt the Chainlink data and interoperability standards,” said Paul Faecks, founder and CEO of Plasma. “With Chainlink, Plasma can scale our on-chain ecosystem, strengthen our stablecoin rails, and bring mainstream adoption closer to reality.”
The stablecoin sector’s total market capitalization has now surpassed $300 billion, up nearly 50% from $206 billion at the start of the year, according to data from DeFiLlama.
News of the integration comes after a less-than-ideal week for Plasma, which currently has a TVL of over $5.6 billion, per DeFiLlama. Its native token XPL has dropped nearly 34% since going live and is currently trading at $0.87.
The token debuted at a $10 billion valuation and briefly soared above $1.60 before the sell-off began, fueled in part by speculation that internal team members were moving large amounts to exchanges. However, the team and Faecks have since clarified that all allocations remain locked for three years and no tokens were sold.