Chainlink, a blockchain oracle provider, has had a banner year in terms of milestones and achievements. However, this has yet to be reflected in LINK prices; is a significant shift on the horizon?
Despite the overall crypto market slump, industry oracle network Chainlink has had a busy 2022. Bear markets are a great time to build, and the Chainlink team has been doing just that.
Over the weekend, the team released a “Year Behind the Chain” report that highlighted some of its accomplishments and expansions.
On layer 2 platforms such as Arbitrum, chainlink oracles and price feeds are in high demand. It currently holds a 54.3% market share and a total value of $2.3 billion.
Chainlink has also expanded to Avalanche, which has exploded in popularity since the integration. It also stated that the network is attracting a vibrant community on BNB Chain.
Furthermore, Chainlink node operators and data providers successfully navigated the Ethereum Merge.
Fantom, Gnosis Chain, Harmony, and Metis are among the other notable integrations. Integrations with Moonbeam parachains, which joined SCALE to accelerate ecosystem growth, were also seen by Chainlink. Moonbeam is the Polkadot and Ethereum Virtual Machine network that allows for cross-chain compatibility.
SCALE is Chainlink’s L1 and L2 sustainable access initiative, which was launched in September as part of the company’s Economics 2.0 programme.
The team also highlighted integrations with Polygon, Optimism, and Solana, demonstrating that it has established itself as the industry standard for price oracles.
According to community members, the network now has 1,994 integrations, which is 1,650 more than its closest competitor.
Furthermore, the network launched LINK staking earlier this month, which has increased momentum but not necessarily price.
The positive achievements in 2022, however, have not been reflected in LINK prices. The token is currently trading flat on the day at slightly less than $6. It has moved very little since a drop to current prices on December 17.
Furthermore, LINK has dropped 10% in the last two weeks and is down 88.6% from its peak of $52.70 in May 2021.
Given the network’s solid fundamentals and real-world usage, LINK is likely to recover quickly.
Michaal van de Poppe, CEO and founder of Eight Global, believes that the Oracle token’s price will rise soon. He believes that increased DEX adoption will benefit Chainlink because of the demand for decentralised price feeds.