- Chainlink (LINK) has disclosed that four of its products were integrated across twelve different chains, underscoring its growing adoption.
- Analyst predicts that 2025 could be a bullish year for LINK after embarking on a long recovery period last year.
Chainlink (LINK) adoption hits a new level this week as the platform announced 10 new integrations of four Chainlink services across 12 chains. According to the disclosure made on X, the underlying chains are Ethereum, Base, Avax, Arbitrum, Polygon, Optimism, Starknet, Meris, ZkSync, Linea, Binance Chain, and Moonbeam Network. On top of that, Chainlink announced a new partnership with Metis, Goldlink Finance, Beefy Finance, MaviaGame, and Cryptex Finance.
While this underscores its expansion and shows the growing interest in its products, Chainlink’s recent update in the Second Quarter of 2024 (Q2 2024) report shows it is also at the forefront of asset tokenization.
Chainlink (LINK) to Dominate the Industry Through Tokenization
According to its report, Chainlink is already working hand in hand with the likes of Paxos, 21Shares, Swift, DTCC, ANZ and Fidelity International and Sygnum to explore how to use its products like the CCIP to unlock use cases for tokenized assets. Also, its recent effort to unlock tokenization via different product innovations was highlighted.
Notable highlights include the launch of the Chainlink Digital Assets Sandbox—the first in a series of turnkey solutions designed by Chainlink Labs to accelerate digital asset innovation within financial institutions; the introduction of Chainlink-powered Net Asset Value (NAV) solutions for DTCC and Sygnum and Fidelity International; Aave’s integration of CCIP to make its GHO stablecoin cross-chain enabled, and more.
Regarding tokenization, Chainlink is still in the early stage, with about $170 billion of its assets tokenized. According to our research, $1.64 quadrillion of its assets are yet to be tokenized. With the ongoing partnerships and integrations, experts believe that a significant development could drive Chainlink to rub shoulders with the likes of Solana and Ethereum, as we previously reported.
In its Q2 report, the blockchain platform disclosed that it would be adding more use cases and workflows to the Digital Assets Sandbox while implementing other measures to test and develop tokenized assets and use cases of financial services involving blockchain and Chainlnk services.
(The team would also) Develop a comprehensive certification system designed to train developers in capital markets, specifically focusing on helping ramp up banking and capital markets developers in their use and expertise with blockchain technology. These certifications will serve as a valuable resource for potential banking and capital market partners, providing them with insights and solutions for exploring and integrating Chainlink into their on-chain operations.
Brief Price Analysis
At press time, LINK was trading at $10 after a decline of 2% in the last seven days and 28% in the last 30 days. Contrary, its 24-hour trading volume was up by 3%, with $219 million changing hands.
According to a crypto analyst identified as Alana Santana, LINK could embark on a significant price surge in the next bullish cycle to set a new all-time high record. His analysis hinges on the key accumulation periods, labelling 2023 as a recovery year and 2025 as a bullish year in which the asset could hit $135.
Unfortunately, technical indicators point to a bearish situation, with the 50-day and 100-day Exponential Moving Averages (EMAs) nearing $13.072 and $14.071, respectively.
Recommended for you:
No spam, no lies, only insights. You can unsubscribe at any time.
Credit: Source link
