Hassan Maishera
On Monday, Chainlink announced via a blog post that Chainlink Payment Abstraction is live on mainnet. Chainlink Payment Abstraction is a novel cross-chain-enabled payment system that significantly reduces payment friction within the Chainlink Network.
This feature enables users to pay for Chainlink Services in alternative assets (e.g., gas tokens and stablecoins), which are then automatically converted into LINK using a combination of Chainlink Automation, Price Feeds, CCIP, and a decentralized exchange (DEX).
Payment Abstraction has been deployed into production, focusing on converting network fees generated by Chainlink Smart Value Recapture (SVR). Chainlink SVR recently launched with Aave as its first user, including an initial 6-month discounted fee split of 65% to the Aave community and 35% to the Chainlink ecosystem.
Chainlink Network (LINK) aims to provide tamper-proof data inputs and outputs for smart contracts on any blockchain. LINK is up 2% over the past 24 hours, trading at $13.64.
