PANews reported on April 1 that according to The Defiant, Chainlink has launched its payment abstraction system on the Ethereum mainnet, enabling users to pay for Chainlink services with various assets such as GAS tokens and stablecoins, which will be automatically converted to LINK through Uniswap. The system aims to reduce payment friction and enhance user experience within the Chainlink network.
The initial application of the payment abstraction system is in conjunction with Chainlink Smart Value Recapture (SVR), where network fees generated by SVR (including Aave's use) will be converted into LINK. As the first user of Chainlink SVR, Aave will enjoy a six-month discount, with a 65/35 split of the recovered liquidated maximum extractable value (MEV), with 65% going to the Aave community and 35% going to the Chainlink ecosystem.
Chainlink SVR fees will initially be used to pay oracle rewards to existing node operators, with plans to transfer these fees to LINK stakers once Chainlink staking secures the set of nodes powering the SVR service. This move is part of Chainlink's strategy to enhance the economic sustainability of its network and establish LINK as a universal GAS token.
