Chainlink’s cross-chain payment system Payment Abstraction has officially launched on mainnet

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