- The Chainlink ecosystem made some major progress last year by launching staking and additional features for NFTs and DeFi.
- With its BUILD and SCALE initiatives, Chainlink helped to accelerate growth in early-stage Web3 blockchains and dApps.
Although Chainlink’s native cryptocurrency LINK faced the brunt of the market-wide crypto winter last year in 2022, the oracle service still hit major milestones in terms of new development and network usage.
Furthermore, Chainlink also introduced the LINK staking features while helping the Web3 economy in order to scale securely. Last year in 2022, Chainlink’s oracle services supported more projects and developers than ever before. In 2022, the oracle service provider enabled $6.9 trillion in transaction value alone.
Also, Chainlink was successful in expanding its Data Feeds across different blockchains and other Layer 2s. This also includes offering support to a non-EVM chain Solana. In 2022, Chainlink launched the NFT Floor Price Feeds and the CF #Bitcoin Interest Rate Curve which helped to empower NFT and DeFi builders to unlock new markets.
Following the collapse of the crypto exchange FTX, the crypto industry started demanding Proof-of-Reserves. Chainlink noted that its Proof of Reserve services was popular among leading stablecoins, blockchain bridges, and wrapped tokens for offering transparency around the reserves to back new on-chain assets.
In 2022, #Chainlink reached several major milestones from value enabled to #LINK staked, helping the #Web3 economy scale securely.
Here’s a look at key network highlights & how Chainlink is growing to meet global demand for #ProofNotPromises 🧵👇 pic.twitter.com/fO6pCmvlEo
— Chainlink (@chainlink) December 31, 2022
Accelerating Growth in the Web3 Space
Web 3 is one of the fastest-growing industries and continues to do so with participation from small and big players. In a few years from now, Web3 is likely to secure hundreds of trillions in value across the global economy.
Chainlink has also been an active participant in this rapidly emerging economy. The oracle service provider launched Chainlink Economics 2.0 in order to lay the foundation for the Web3 world. for this, chainlink unveiled its three major initiatives – BUILD, SCALE and Staking.
Chainlink’s BUILD and SCALE initiatives extend support to accelerate growth in early-stage Web3 blockchains and dApps. It also provides long-term sustainability to the Chainlink ecosystem by aligning incentives between Chainlink service providers and other program members.
Besides, Chainlink also tasted success with the launch of its staking feature. It notes:
The initial Community Pool allotment of Chainlink Staking v0.1 was filled within 3 hours of General Access launch. The successful launch of v0.1 marks a new era of cryptoeconomic security for Chainlink & will help drive a virtuous cycle of innovation for Web3 at large.
Furthermore, several builders on Chainlink got together in order to innovate and connect. Over 18,000 people attended Chainlink hackathons and there were 265 meetups all across the globe. These events further helped in accelerating Web3 adoption while showing the vast possibilities of smart contracts.
The major breakthrough was the traditional banking platform SWIFT collaborating with Chainlink to facilitate token transfers across the blockchains by leveraging Chainlink’s cross-chain interoperability protocol (CCPI).
Chainlink (LINK) Price Prediction
Although the Chainlink ecosystem attained some breakthrough milestones, the LINK cryptocurrency continued to face headwinds amid the broader market correction. Currently, the LINK cryptocurrency is trading at a price of $5.7 with a market cap of $2.9 billion.
Popular crypto analyst Van de Poppe tells: “We’re probably going to see a case where things like Chainlink are going to bottom out around $4.50 to $5. It’s really close, I believe. And then we get a relief rally somewhere in 2023 taking place towards [about $17].”
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