The Chainlink (LINK) ecosystem saw exponential growth in 2021 – BeInCrypto

The Chainlink (LINK) ecosystem experienced exponential growth in 2021. The project published a list of achievements from the past year and indicated its development outlook for 2022. The most important events are expected to be the launch of the staking of LINK and the launch of the Interoperability Protocol Cross-Chain (CCIP).

According to a report Released recently, 2021 was a record year for Chainlink on many levels. The most popular oracle network has already surpassed more than 1,000 integrations, obtained more than 75 billion dollars from TVS (total insured value) and delivered secure computing off-chain by using DON (decentralized Oracle networks).

Also, Chainlink protocols are used by many of the networks blockchain popular ones such as Avalanche (AVAX), Binance Smart Chain (BSC), Ethereum (ETH), and Polygon (MATIC).

What’s more, the dominant global trademarks have chosen to run their nodes on the network to access reliable and verified data from a variety of industries. These include The Associated Press, AccuWeather, Amazon Web Services, Google Cloud Platform o Swisscom.

One of the most impressive findings of the 2021 Chainlink report is the year-over-year increase in TVS. In early 2021, the network was insuring around $ 7 billion, only to increase that number 10 times 12 months later. Today, Chainlink oracles secure over $ 75 billion. This gives the network second place in the entire DeFi ecosystem.

Source: blog.chain.lin

Another success story of the larger oracle network is the number of partnerships and integrations. In December, cbroke the barrier of 1,000 projects that use data off-chain provided by Chainlink in their hybrid smart contracts. In addition to the core areas of DeFi, oracles ensure value in many other sectors. As the report says:

“Chainlink is also being used to secure value in a number of additional innovative DeFi use cases, such as algorithmic stablecoins, decentralized exchanges, prediction markets, payment networks, insurance platforms, asset management protocols and more.”

Since mid-2021, there has also been a large increase in requests for access to the verifiable randomness feature (VRF), over 2.5 million, and data points delivered. on-chain, more than 1.1 billion.

In this way, VRFs and so-called Chainlink Keepers have extended support to more blockchains, giving developers access to a secure source of verifiable randomness.

Outlook for 2022

In a new video 1.5-hour session titled “The Future of Chainlink,” Sergey Nazarov, Chainlink’s co-founder, outlined development plans for 2022.

During the presentation, explain the need for deterministic crypto truth versus the current system of paper-based probabilistic collaterals. Additionally, he extensively describes how Chainlink is facilitating what he believes to be a key social transition.

Commenting on the presentation, popular Chainlink community ambassador @ChainLinkGod tweeted the 3 most important initiatives for the development of the project in 2022. These are, in his opinion:

  • Launch of CCIP
  • Launch of LINK stakeout
  • Chainlink as a layer of abstraction for businesses

The Interoperability Protocol Cross-Chain (CCIP) is an open source standard for secure messaging cross-chain. Allows programmable token bridges and applications cross-chain which can send tokens and commands between blockchains and Layer 2.

For example, Celsius, a leading CeFi platform, has announced that it will use CCIP to generate revenue in its ecosystem. multi-chain. As the report says:

“CCIP will provide smart contract developers with a pervasive computing-enabled infrastructure to transfer data and commands over public and private blockchains.”

Next, the staking de tokens LINK it is a highly anticipated feature of the Chainlink network. It is expected to improve the crypto and economic security of the Oracle network. LINK will be blocked as a security measure to generate revenue from user fees, which can be reduced in the case of malicious nodes.

Finally, the last point highlights the importance of Chainlink for global companies that will be integrated with the networks blockchain.

The introduction of the abstraction layer means that companies can connect their system backend to someone blockchain through a single integration. This It will allow any company to generate new sources of income and mitigate counterparty risk through direct access to smart contracts.


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The Chainlink (LINK) ecosystem saw exponential growth in 2021 – BeInCrypto

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