Chainlink (LINK), a decentralized blockchain network focused on Oracles, reported this Thursday (26) that it has reached an important milestone. According to the team, the Chainlink network surpassed US$7 trillion (R$35.6 trillion) in “activated transaction value” (TVE).
This metric refers to the aggregated US dollar value of on-chain transactions facilitated by Chainlink Oracles across 12 blockchains since the year 2022.
Chainlink’s Oracle is a service that is used to securely deliver trusted data from the physical world to smart contracts. Chainlink is one of the leading oracles protocols in the crypto market.
Chainlink registers growth in 2023
According to the latest data, there are currently more than 1,600 projects in the Chainlink ecosystem that have integrated the network’s Oracle services. This includes, for example, projects from the DeFi, NFTs, gaming and insurance sectors.
In 2023, Chainlink said it intends to expand its monetization model. The development team has announced that it will create an improved payment model on Chainlink’s services.
In this model, payments could be made in LINK token. Or, in certain cases, other digital assets, including native tokens. Thus, payments in other assets can then be converted into LINK, leading to an increase in the cryptocurrency’s utility and, consequently, an increase in the price of LINK.
LINK token price performance
But despite the milestones achieved so far, the price of the LINK cryptocurrency has only risen by around 14% since the start of 2023, according to data from CoinGecko.
At the time of writing this article, LINK is costing BRL 35.92, having appreciated around 6% in the last 24 hours. With a market cap of R$17.6 billion, LINK is the twenty-fourth largest cryptocurrency by market cap, according to CoinGecko.
LINK price change chart over the last 24 hours. Source: CoinGecko