While several other altcoins have been in the news off late, it will be a good time to pay attention to Chainlink (LINK). The oracle service provider cryptocurrency has been hovering around $35 levels with strong going whale accumulation. As on-chain data provider Santiment reports:
There are currently 64 addresses that hold between 1M and 10M $LINK. In just the last 4 days, these whale wallets have added 1.89% of the #Chainlink supply to their cumulative bags. They’re now up to 18.01% of the total supply, a new #AllTimeHigh held.
Unlike other altcoins, Chainlink (LINK) hasn’t aggressively participated in the altcoin bull rally recently. The Oracle service provider has given a decent performance with more than 20% gains over the last month.
The Chainlink ecosystem continues to gain strength on fundamental grounds. As more and more players within the DeFi ecosystem use Chainlink oracles, to communicate across networks, Chainlink continues to gain more market presence.
Chainlink Hits New Milestone in Total Value Secured (TVS)
One of the important metrics for the Chainlink (LINK) ecosystem has been the total value secured (TVS) across multiple blockchain networks. Last week, the total value secured (TVS) by Chainlink ecosystems has surpassed a staggering $76.5 billion.
The Chainlink Price Feeds have currently emerged as the most popular networks oracle networks in DeFi. Hundreds of decentralized applications across Ethereum, Avalanche, and Binance Smart Chain (BSC) now rely heavily on the Chainlink Oracle networks. They provide “accurate, tamper-proof market data” thereby powering on-chain financial applications in decentralized lending markets. Speaking of the development, Sergey Nazarov, Co-founder of Chainlink said:
“Crossing $75Bn in total value secured makes the Chainlink network one of the most value securing forms of decentralized consensus on the planet. Chainlink networks are securing the most valuable smart contracts across multiple chains.
Without trusted price data to trigger smart contracts, it is impossible to build DeFi applications, and we do not think it is a coincidence that the rate at which Chainlink has been able to bring new market data onto blockchains has been the rate at which developers have been able to build exciting new DeFi apps.”
Chainlink’s native crypto LINK could be a potential contender for the next leg of the rally in altcoins.
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