Can Chainlink's 2024 Expansion of Real-World Assets Impact LINK Price Movement?

Chainlink’s Upgrades and the Future of LINK

Chainlink recently announced a series of upgrades that are set to enhance its blockchain oracle services. Additionally, the native token of Chainlink, LINK, has experienced a decline from its peak price in 2023. However, there is still potential for a revival of momentum.

Chainlink Expanding Into TradFi

In July, Chainlink introduced the Cross Chain Interoperability Protocol (CCIP) to facilitate seamless cross-chain transactions. This protocol will be expanded to include more chains and assets as part of Chainlink’s ongoing efforts to meet the growing demand in capital markets and real-world assets.

Chainlink Data Streams and Functions

Chainlink Data Streams were launched to provide low-latency data to decentralized applications (dApps). Chainlink also plans to expand this system to support additional chains and data types. Furthermore, Chainlink Functions allow smart contracts to connect with any API, offering more customization options and frameworks.

Continued Work and Community Expansion

Chainlink aims to collaborate with asset issuers, custodians, and auditors to develop proof of reserve products that enhance transparency in asset valuation. The team also plans to expand its global developer community through events and resources, with a focus on onboarding Web2 developers and expanding in APAC and LATAM regions.

LINK Price Outlook

The price of LINK has experienced a significant decline recently, dropping by 4.8% in the past 24 hours. Currently priced at $14.05, LINK reached a high of $17.25 in December 2023 but has since retreated by 18%. Despite this correction, LINK remains down 73% from its all-time high in May 2021.

Hot Take: Chainlink’s Upgrades and Potential for LINK

With its planned upgrades and expansion into various sectors, Chainlink is positioning itself as a key player in the blockchain oracle space. While the price of LINK has experienced a decline, there is still potential for a resurgence in momentum as the cryptocurrency market enters a bull phase.