Chainlink surpasses the value of $75 billion
The entire value of the Chainlink network has already surpassed $75 billion, marking a new milestone for the decentralized oracle solution that has become synonymous with price data services for the rapidly growing DeFi business. Chainlink is one of the cryptocurrency space's fastest-growing networks, with smart contract value secured increasing by a factor of ten since last year.
DeFi's Chainlink platform has swiftly acquired popularity on a number of well-known blockchains, including Binance Smart Chain and Avalanche. Chainlink oracle networks power smart contracts in DeFi apps built on this and other blockchains. Chainlink is composed of individual oracle nodes, each with its own private oracle network.
In 2021, the Chainlink oracle network onboarded an average of 1.4 new partners every day. Chainlink has deployed approximately 700 oracle networks since its mainnet debut in May 2019. Over 600 million data points have been safeguarded over 10 blockchains.
With the introduction of DeFi, the demand for Oracle services has increased tremendously. When Chainlink debuted its mainnet two and a half years ago, the industry was basically non-existent. The DeFi industry is presently valued more than $253 billion as measured by total value locked, or TVL.
“We fully expect smart contracts to power the new relationships being formed in the metaverse, especially since these relationships need to be inherently trustless, due to the new level of identity that the metaverse makes possible.”
Chainlink has revealed a new technology that will allow users to transport digital assets and execute smart contracts across the metaverse's numerous chains. The Cross-Chain Interoperability Protocol, or CCIP, is being used by the corporation to connect several worlds via a network of inter-universes.
“I anticipate the trustless metaverse does require trustless data, trustless off-chain compute and the ability to utilize multiple chains, all of which Chainlink is being heavily relied upon for already.”