Chainlink: Revolutionizing the Cryptocurrency Space
A recent research report by Jake Pahor compares Chainlink to Google in the cryptocurrency industry. The report highlights how Chainlink is transforming the sector, driving institutional adoption, and shaping the decentralized future.
Discovering Chainlink’s Impact on the Industry
Chainlink functions as a decentralized oracle network that connects smart contracts with real-world data. It offers versatile infrastructure that is widely utilized across various industries, including finance, DeFi, gaming, NFTs, climate markets, enterprise solutions, and insurance.
The launch of the Chainlink Community Improvement Proposal (CCIP) has been a game-changer for the platform. CCIP enables seamless data and value transfer between existing systems and public/private blockchains. Notable entities like base chain, ANZ/SWIFT, Vodafone, DTCC, and Affine Pass NFTs have adopted CCIP.
Chainlink currently holds over 46% of the market share as the dominant oracle provider. Competitors include WINkLink, Chronical, Pyth, and TWAP. The Total Value Secured (TVS) using Chainlink oracles amounts to $11.3 billion across 348 protocols.
Chainlink Emerges as Top Oracle Provider
Chainlink generates fees and rewards through various methods such as CCIP, keepers, requests, and VRF V1 and V2. In the past 30 days alone, it has generated $180,000 in fees and $111,000 in revenue, making it the top oracle provider according to DeFiLlama.
The LINK token plays a crucial role within the network for node operator fees and staking. The recently released Chainlink 2.0 aims to drive growth through its staking program, BUILD Program, and SCALE Program.
Chainlink has a solid foundation with multiple audits and a strong team led by Sergey Nazarov and Steve Ellis. With over 400 employees, the protocol has raised $32 million in funding through four rounds. The project’s governance is facilitated through validation.
Breaking Down Chainlink’s Market Cap
According to DefiLlama data, Chainlink has a market cap of $6.163 billion and a token price of $11.11. It demonstrates investor confidence and future growth potential. The platform’s fully diluted valuation stands at $11.067 billion with high trading activity and ample market liquidity.
Hot Take: Chainlink – The Google of Crypto
Jake Pahor believes that Chainlink has the potential to become the “Google of Crypto.” With its decentralized oracle network, widespread adoption, dominant market share, solid foundation, and revenue generation, Chainlink shares similarities with Google’s impact on the internet.
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