BlockBeats News: On April 1st, according to official sources, Chainlink announced the official launch of Payment Abstraction 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 use alternative assets such as Gas tokens and stablecoins to pay for Chainlink services, which will then be automatically converted into LINK tokens through Chainlink Automation, Price Feeds, CCIP, and DEX.
Payment Abstraction is now in production, with an initial focus on converting network fees generated by Chainlink Smart Value Capture (SVR). SVR is a oracle solution that enables DeFi applications to capture the harmless maximum extractable value (MEV) generated when using Chainlink data oracle. The captured MEV fees will be distributed between the DeFi application integrating the solution and the Chainlink network. At present, Chainlink SVR has taken the lead in integrating with Aave and launched a 6-month discount fee allocation plan with 65% belonging to the Aave community and 35% belonging to the Chainlink ecosystem.
