Chainlink and Protocol Labs Unite for Tech and DeFi Growth

Chainlink Labs, the foremost custodian of the decentralised computer platform, is collaborating with Protocol Labs. The primary objective of this partnership is to bolster the connection between their respective platforms and create a conducive environment for developers to seamlessly link their projects to data sources globally. 

This collaboration is expected to significantly boost the Chainlink BUILD program, a catalyst nurturing early-stage startups operating within Decentralised Finance (DeFi), global trade, and gaming.

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Empowering the Chainlink BUILD Program

This alliance seeks to enable developers to connect their platforms to data sources anywhere effortlessly. The Chainlink BUILD program, recognised for fostering innovation in emerging startups, will receive substantial support to boost its capacity to nurture groundbreaking projects in the DeFi landscape.

Ruben Amenyogbo, Associate at Protocol Labs Builders Fund, stressed the importance of offering entrepreneurs access to cutting-edge infrastructure and expert guidance. He emphasised that such tools are indispensable for startups to survive and thrive in an ever-evolving industry.

.@protocollabs and @chainlinklabs have entered into a strategic alliance.

This alliance will help #Chainlink BUILD members access various developer tools, services, and support, including decentralized storage credits and engineering support.

— Chainlink (@chainlink) January 29, 2024

Protocol Labs’ Extensive Support Ecosystem

Protocol Labs is renowned for developing Filecoin and the Interplanetary File System Protocol (IPFS). The platform is bringing to the table an expansive innovation network comprising over 600 tech startups, funds, accelerators, and projects spanning AI, AR, VR, and more. Protocol Labs commits to offering comprehensive support to the Chainlink BUILD project through this collaboration. This includes engineering assistance, decentralised storage credits, and avenues for engagement with researchers and mentors.

The collaboration aligns with Protocol Labs’ broader mission to stimulate growth within the Filecoin ecosystem and beyond. This reflects a shared history of both entities in supporting builders and startups dedicated to advancing technology for the betterment of humanity.

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The Builders Funnel and Past Achievements

At the heart of this partnership is the Protocol Labs Builders Funnel, which offers comprehensive support to startups within the Chainlink BUILD community. In 2023 alone, this funnel helped to enhance the Filecoin ecosystem by providing invaluable assistance to over 63,000 hackers across more than 120 hackathons. 

The initiative distributed prizes exceeding an impressive $1.6 million and supported 316 teams through various accelerator programs. This support has translated into over $420 million in venture capital for accelerator teams and funding for more than 100 startups.

Interoperability Advancements and Growing Prominence

The collaboration builds upon Chainlink’s earlier integration with ChatGPT in November 2023. This integration with Chainlink CCIP, a standard for cross-chain interactions, facilitated transactions across Ethereum (ETH) and Polygon blockchains. ChainGPT aims to furnish Web3 users and projects with AI infrastructure and tools and reduce liquidity costs by circumventing the need to deploy its native token directly on those chains. 

Chainlink’s growing prominence in the market has also been fueled by reports of potential mergers and collaborations that brought about a trend of large investors accumulating the LINK token in anticipation of a likely price rally in the future.

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Commitment to Blockchain Advancement

Protocol Labs has consistently demonstrated a commitment to advancing blockchain technology. By collaborating with Chainlink Labs, the creators of the industry-leading decentralised oracle solution, Protocol Labs aims to provide essential resources and support to startups at the forefront of DeFi, global commerce, and the gaming world.

The collaboration between Chainlink and Protocol Labs is not new; it has roots dating back to 2021. Joint hackathons and grants mark their collaboration, and they have successfully brought innovative applications to life and contributed greatly to the growth of the Web3 ecosystem. This alliance is a natural extension of their shared vision and growing support for early-stage startups.

Driving Innovation and Industry Advancement

The collaborative efforts of Chainlink Labs and Protocol Labs benefit individual startups and serve as a catalyst for the overall advancement of the industry. These two entities are laying the foundation for a more innovative and prosperous future in cryptocurrencies and blockchain technology by providing support, resources, and expertise. 

The crypto community expects this collaboration to redefine the landscape of tech and DeFi and create an environment where innovation thrives and startups can flourish. We hope the combined strengths of these industry leaders will drive positive change and propel the Web3 industry towards new heights.