BlockBeats News, April 1st, according to official sources, Chainlink announced that Payment Abstraction has officially launched on the mainnet. This is an innovative cross-chain payment system that can significantly reduce payment friction within the Chainlink network. Through Payment Abstraction, users can pay for Chainlink services using alternative assets (such as Gas tokens and stablecoins), which will then be automatically converted into LINK tokens through Chainlink Automation, Price Feeds, CCIP, and DEX.
Payment Abstraction is now in production and initially focuses on converting network fees generated by Chainlink's Smart Value Recapture (SVR). SVR is an oracle solution that allows DeFi applications to capture the maximally extractable value (MEV) generated when using Chainlink's data oracles. The captured MEV fees will be distributed between DeFi applications integrating this solution and the Chainlink network. Currently, Chainlink SVR has first integrated with Aave and launched a 6-month discounted fee distribution plan with 65% allocated to the Aave community and 35% to the Chainlink ecosystem.
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