It has been officially confirmed that the total value safeguarded by the Chainlink network has topped $75 billion, marking a new milestone for the decentralised oracle solution that has become associated with pricing data services for the fast expanding DeFi industry. According to protocol co-founder Sergey Nazarov, with the achievement of this milestone, Chainlink has established itself as “one of the most value secure forms of decentralised consensus on the globe.”
Chainlink is also one of the fastest-growing networks in the whole cryptocurrency industry, with the value of smart contracts protected increasing by a factor of 10 in the past year alone. With the quick acceptance of Chainlink, which is composed of independent oracle nodes, various notable blockchains, including Ethereum, Binance Smart Chain, and Avalanche have experienced significant adoption.
DeFi apps created on this and other blockchains make use of Chainlink oracle networks to fuel their smart contracts, allowing them to access real-time market data while still remaining on-chain. Since launching its mainnet in May 2019, Chainlink has created more than 700 oracle networks, which have protected more than 600 million data points over 10 blockchains, according to the company.
The oracle network has onboarded an average of 1.4 new partners per day in 2021. With the introduction of DeFi, or decentralised finance, the need for oracle services has increased by orders of magnitude. The DeFi industry is presently valued more than $253 billion when measured in terms of total value locked, or TVL. When Chainlink debuted its mainnet two and a half years ago, the cryptocurrency sector was almost non-existent.
Concerning the development of “metaverse” technology, which was highlighted by Facebook’s complete rebranding as Meta, Sergey Nazarov informed that Chainlink “already powers many Metaverse applications spanning DeFi, NFTs, and gaming.”
“We fully expect smart contracts to power the new relationships that are being formed in the metaverse, especially given the fact that these relationships must be inherently trustless due to the new level of identity that the metaverse makes possible.” He went on to say: “We fully expect smart contracts to power the new relationships that are being formed in the metaverse.”
2020 was a year of record growth for the #Chainlink Network. Here’s an overview of key metrics, like our adoption in #DeFi, implemented research, & blockchain integrations. Thank you to our great community and the amazing smart contract developers we are lucky to work with. OK;LG pic.twitter.com/4E543ALVX6
— Chainlink – Official Channel (@chainlink) December 31, 2020
The Cross-Chain Interoperability Protocol, or CCIP, is being used by Chainlink to connect several worlds, according to Nazarov’s explanation. CCIP “will use Chainlink oracles to enable users to move digital assets and execute smart contracts across the various chains used throughout the metaverse,” he explained, adding that the project “will use Chainlink oracles to enable users to move digital assets and execute smart contracts across the various chains used throughout the metaverse.”
“I predict that a trustless metaverse would need the use of trustless data, trustless off-chain computation, and the capacity to leverage many chains, all of which Chainlink is now strongly reliant on for its current functionality.”
