Chainlink (CCC:LINK-USD) is a popular cryptocurrency. LINK-USD has gained 208 percent year to date (YTD), from $11.27 at the end of December to about $37 on May 17. This is despite the fact that the LINK token has dropped considerably from its May 9 peak closing of $52.20.
LINK has also increased by nearly 8.5 times in the last year, rising from $3.78 on May 17, 2020 to $873 percent today. This demonstrates that the bitcoin is in high demand. As a result, expect Chainlink to rebound after the current market downturn has passed.
Rare Attributes of LINK and Chainlink
Chainlink, which was founded in 2017, is a “oracle network” that focuses on smart contracts and integrates blockchains with real-world data. It advertises itself as a “Defi” (decentralized finance) app. These are bitcoin and blockchain-based apps that aim to disrupt traditional banking.
In 2019, Google (owned by Alphabet (NASDAQ:GOOG)) began using Chainlink for smart contracts, which was one of Chainlink’s initial breakthroughs. It gained a lot of momentum as a result of this. Forbes labelled Chainlink as a company that offers on ramps and off ramps for information required to run smart contracts or self-executing code.
Sergey Nazarov, the founder of LINK, has become renowned as the “Father of the Smart Contracts Concept” as a result of all of this attention. Furthermore, according to Nazarov, the DeFi business is now worth $80 billion and is set to soar in the future.
Finally, Filecoin (CCC:FIL-USD) and Chainlink have recently begun collaborating to make it easier to use smart contracts with Ethereum (CCC:ETH-USD). Filecoin is a storage service for cryptocurrency and blockchain data. As a result of this collaboration, developers now have access to “complete Web 3.0” infrastructure.
Chainlink: $500 Billion Industry
Chainlink, with these innovations and features, is expected to take off this year once the current crypto market correction has passed. In the year 2021, DeFi products will gain in popularity.
Even so, crypto investors want to profit from their investments. This will necessitate the usage of Chainlink to develop the smart contracts that underpin several DeFi interest and staking solutions.
Decrypt.com recently highlighted Chainlink’s whitepaper, which described how the cryptocurrency will become more widely employed in a variety of growing sectors. NFTs (non-fungible tokens), stablecoins, and DeFi are examples of these domains.
According to Nazarov, DeFi contracts have already locked in a total worth of $500 billion this year. Staking and interest-related contracts, which are available at numerous crypto brokerages and wallets, are most likely to blame. The issue is that there is no way to validate this claim about the current size of the sector.
Furthermore, Nazarov told Decrypt.com at the end of last year that Chainlink was already being used in 300 apps. Gaming, insurance, wallets, and even the regulated financial company Nexo were among them. Clearly, there is an increasing interest in this topic.