Blockchain oracle provider Chainlink has had a bumper year in terms of milestones and achievements. However, that has yet to be reflected in LINK prices, is a big move coming soon?
Industry oracle network Chainlink has had a busy 2022 despite the overall crypto market depression. Bear markets are a time to build, and the team at Chainlink has certainly been doing that.
The team highlighted some of its achievements and expansions in a “Year Behind the Chain” report over the weekend.
Chainlink oracles and price feeds have seen strong demand on layer 2 platforms such as Arbitrum. It is the current market leader with a 54.3% share and $2.3 billion in total value locked.
Chainlink Milestones in 2022
Chainlink also expanded to Avalanche, which has seen tremendous momentum since the integration. Furthermore, it added that the network is also attracting a lively community on BNB Chain.
Additionally, Chainlink node operators and data providers navigated the Ethereum Merge without a hitch.
Other milestone integrations include Fantom, Gnosis Chain, Harmony, and Metis. Chainlink also saw integrations with Moonbeam parachains which joined SCALE to accelerate ecosystem growth. Moonbeam is the Polkadot and Ethereum Virtual Machine network providing cross-chain compatibility between the two.
SCALE is Chainlink’s L1 and L2 sustainable access initiative launched in September as part of its Economics 2.0 program.
The team also touted integrations with Polygon, Optimism, and Solana, proving that it has become the industry standard for price oracles.
Additionally, the network now has 1,994 integrations which are 1,650 more than its closest competitor, according to community members.
Furthermore, the network launched LINK staking this month which has added to the momentum but not necessarily its price.
LINK Price Outlook
However, the positive achievements in 2022 have not been reflected in LINK prices. The token is currently trading flat on the day at just below $6. It has shown very little movement since a fall to current prices on Dec. 17.
Furthermore, LINK has lost 10% over the past fortnight and is down 88.6% since its May 2021 peak of $52.70.
LINK is likely to recover quickly, given the network’s solid fundamentals and real-world usage.
Eight Global CEO and founder Michaël van de Poppe is confident that prices will rise for the oracle token soon. He said that increased DEX adoption would be bullish for Chainlink due to the demand for decentralized price feeds.
BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.