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Information about Chainlink (LINK)
Chainlink is a platform that aims to bridge the gap between smart contracts based on blockchain technology (widely popularized by Ethereum) and real-world applications. Since blockchains cannot access data outside their networks, oracles must act as data feeds in smart contracts. In the case of Chainlink, the oracles are connected to the Ethereum network.
LINK is a cryptocurrency derived from the Chainlink decentralized oracle network, used to pay node miners. Because the Chainlink network has a reputable scoring system, node providers with many LINKs can be rewarded with larger contracts, but failing to provide accurate results will result in a token deduction. After the $32 million LINK ICO in 2017, 32% of LINK tokens were sent to node operators to incentivize the ecosystem, and 30% stayed on Chainlink for development (35% were sold during the public token sale).
News
Hedera has integrated Chainlink’s CCIP on its mainnet, allowing developers to seamlessly create decentralized applications connecting Hedera with over 46 blockchains. This move is expected to enhance user engagement and liquidity within its ecosystem.
The integration enables secure transfers of tokens, messages, and actions across chains, highlighting the potential for growth in decentralized finance (DeFi) and tokenization of real-world assets. CCIP has powered over $75 billion in DeFi activity.
The HBAR Foundation’s collaboration with Chainlink through the SCALE program enhances developer access to essential tools. With the launch of CCIP, developers have more opportunities to innovate and expand the Hedera network.
Large transactions for Chainlink’s token, LINK, surged significantly by 178% in the last 24 hours, reflecting increased whale activity. This spike represents 166 million USD in transactions, resulting in heightened interest from institutional investors.
Currently, LINK trades at 11.8 USD, marking a 10.2% rise. Despite this, trading volume has decreased by 17%, indicating cautious sentiment among investors. Partnerships with PayPal and Abu Dhabi Global Market are expected to enhance adoption.
Ethereum whales are re-accumulating DeFi tokens after a market dip, showing renewed interest in top assets. Aave (AAVE) has particularly stood out, experiencing a bounce to 132.49 USD, while Chainlink (LINK) also saw notable buying, climbing to 11.52 USD.
Despite recent market corrections, the DeFi ecosystem remains resilient with a valuation exceeding 75 billion USD. The continued demand for essential lending protocols illustrates the ongoing liquidity needs within the Ethereum space.
LINK is currently priced at 12.88 USD, reflecting a 1.14% decline over the last 24 hours, with the critical support level at 12.57 USD.
Strong accumulation signals show over 376 million LINK tokens held across almost 90,000 addresses, indicating solid investor confidence.
On-chain indicators reveal mixed sentiments, showing bearish trends despite significant accumulation, raising concerns about the durability of the support level.
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