Chainlink has launched a payment abstraction system on the Ethereum mainnet, converting SVR fees to LINK through Uniswap

PANews reported on April 1st, according to The Defiant, Chainlink has launched its payment abstraction system on the Ethereum mainnet. This allows users to pay for Chainlink services with various assets (such as GAS tokens and stablecoins), which will automatically be converted into LINK via 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's Smart Value Recapture (SVR). Network fees generated by SVR (including usage from Aave) will be converted into LINK. As the first user of Chainlink SVR, Aave will enjoy a six-month discount and receive 65% of the maximum extractable value (MEV) recaptured at a ratio of 65/35, where 65% goes to the Aave community and 35% goes to the Chainlink ecosystem.

Chainlink SVR fees were initially used to pay oracle rewards for existing node operators. Once nodes providing power for SVR service are secured through Chainlink staking, these fees will be transferred to LINK stakeholders. This move is part of Chainlink's strategy aimed at enhancing its network's economic sustainability and establishing LINK as a universal GAS token.