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News Report

Developers Excited Over Chainlink Functions, but Degens Unhappy

2 mins
Updated by Ryan James

In Brief

  • Chainlink Functions seamlessly allow connecting smart contracts with any Web2 APIs.
  • Developers find it easy to use for new comers.
  • LINK investors disappointed over poor price action.
  • promo

Chainlink Functions, a serverless developer platform, aims to simplify developers’ lives. But the degens call it a “stablecoin.”

The Web3 oracle Chainlink announced – Chainlink Functions, which will seamlessly allow connecting smart contracts with any Web2 Application Programming Interfaces (API). API enables leveraging the existing code of some other applications in a new application.

The big tech giants such as Amazon Web Services (AWS), Meta, and Google Cloud helped demonstrate how Web3 developers can build using Chainlink Functions.

However, the product is yet in its beta version and only accessible on the Ethereum Sepolia and Polygon Mumbai testnets.

Chainlink Functions unlock Web3 use cases
Source: Official announcement

Initially, the Chainlink Functions help in the following use cases:

  1. Data Connectivity
  2. Internet of Things (IoT) Devices and Traditional Backend Connectivity
  3. Data Connectivity and Transformations 
  4. Off-Chain Computing and Storage

Kemal El Moujahid, the Chief Product Officer (CPO) at Chainlink, believes that the developers no longer need to worry about dealing with backend complexity and can focus on unlocking the next big Web3 use case. He writes, “Developers can just focus on their decentralized applications—leaving the connectivity, security, and reliability to the Chainlink.”

Web2 Developers Looking Forward to Jumping in Web3?

Chainlink envisions onboarding millions of Web2 developers to build on Web3 by improving the developer experience. The CPO writes, “For blockchains to become as ubiquitous as the cloud, or even AI, we need to continue to remove the barriers that exist in the Web3 developer experience. Lack of access to API data is one of those fundamental problems that Chainlink Functions solves.”

The developer community is excited and looking forward to seeing the real-life implications of Chainlink Functions. A senior Web2 developer calls it “Extremely easy” for newcomers.

Crypto Community Calls Chainlink a “Stablecoin”

Chainlink is known for its various strategic partnerships. For example, on Sep. 2022, Society for Worldwide Interbank Financial Telecommunication (SWIFT) partnered with Chainlink to enable cross-chain token transfer using the Cross-chain interoperability protocol (CCIP).

But, the partnerships haven’t had much of an impact on the price action. Hence, the frustrated Chainlink token (LINK) holders call the partnerships “non-existent.” Some criticized calling LINK a stablecoin.

The price of LINK has been consolidating between roughly $8.9 to $5.5 for more than the past 10 months. Check our latest LINK analyses here.

Chainlink LINK/USDT Chart Price
LINK/USDT, Source: TradingView

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