Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject
Chainlink, the leader in oracle network management, was in the news this week due to the highly-anticipated staking service It was launched on December 6, 2007.
Chainlink’s launch of Staking marks a turning point. It will usher in the next phase of sustainable growth, network security and increased value capture for the ecosystem. However, the potential rewards of this major update have not been reflected in its native token LINK.
Get Price Predictions for Chainlink [LINK] For 2023-24
LINK was ranked number 20 at press timeTh By market capitalization. LINK witnessed an increase of its daily trading volume in the days leading up to the launch. Catalyst traders were eager to capitalize on this important update. The 24-hour trading volume reached $183 millions.
According to an on-chain analytics firm Defi Llama, Chainlink’s total value secured (TVL) was at $9.45 billion during press time. This figure has fallen dramatically since May’s collapse of Terra. Chainlink had a TVL in excess of $55 billion in January.
A number of prominent figures within the industry, who are concerned about the turmoil in crypto markets due to the solvency concerns at FTX (Bahamas-based crypto exchange), have demanded transparency and advocated for proof of reserve. On 10 November, Chainlink started offering Proof of reserve services is required for crypto exchanges that are in trouble. This feature was introduced back in 2020 and has been growing in popularity since the current turmoil in crypto exchanges.
Chainlink has announced several partnerships that will help increase its adoption, including the staking upgrade. On 24 October, the company announced that prices for the Bitizen Following its integration into Polygon’s mainnet, Chainlink will provide price feeds to wallet.
Chainlink has also established a channel partnership. Tokenomia.proWeb3 Consulting, which specializes in token engineering and smart contracts design.
Chainlink’s recently announced Partnership with SWIFT, an international banking network. It brought much-needed good news to its stakeholders.
Sergey Nazarov, Chainlink Cofounder, spoke at SmartCon22. He revealed plans to launch stakes at the end 2022 and a new economic model to support the Web3 services platform.
SWIFT, the international bank network, launched on September 29th. announced Collaboration with Chainlink to develop A In an initial proof-of concept (PoC), cross-chain interoperability protocol CCIP (CCIP). This will open the door to institutional adoption of Distributed Ledger Technology, DLT.
According to Chainlink’s official websiteThe transaction value that the network has enabled so far amounts to $6.3 trillion.
The altcoin has a “Buy” signal from TradingView, which has an optimistic outlook on it. Its Chainlink price prediction suggests that this cryptocurrency still has a chance to grow. TradingView’s technical analyses also indicate that LINK will increase in value over time.
SmartContract.com set out in 2014 to build a bridge between public blockchains and external data sources. Ironically, this resulted in Chainlink, a centralized oracle network. This product was transformed into the Chainlink Network in 2017.
Chainlink is the most valuable oracle project by market cap and total security. It also has a lot of crypto-projects. An oracle is software that acts as an intermediary for the real world and on-chain.
Chainlink also offers many use cases. Users of Chainlink can operate nodes and make money by managing the blockchain’s infrastructure. A number of node operators power the Price Feed Oracle Networks. It integrates over 100 projects with 700 Oracle network networks. This gives it access to more than a billion data points, and protects over $75 billion.
Source: Chainlink
What does all this mean and is it a good moment to invest in LINK? This article will focus on the altcoin that ranked 24th in market capitalization. This article will address the most important factors to consider when buying into LINK.
Here’s a fun fact from Defi Llama – Chainlink is securing more value than all of its competitors combined. More than $13 Billion has been secured by protocols that depend on Chainlink’s data feeds.
Sergey Nazarov (Co-founder and CEO, Chainlink) disclosed this in a May 2021. podcast Chainlink accounts for 60% of the market.
There are pros and cons to a monopoly such as this. Chainlink was responsible for a loss of $11.2 million to the Venus protocol in the Terra collapse. This, was when the latter was unable to access accurate data from Chainlink’s price feed.
Chainlink is home to some major names such VISA SWIFT, Google Cloud, and others.
It’s important to note that most of the LINK in circulation is being used for speculation rather than rewarding node operators. This is what value investors should be concerned about.
Chainlink, according to some, is creating economic value by supporting a variety of crypto-projects. Alas, that value doesn’t seem to reflect in their native token’s price.
Even so, following Chainlink’s 7 June proposal LINK rose by almost 20% after the painstaking update. It went from $7 to $9, and then jumped nearly 20% back up.
The crypto community is eagerly awaiting the proposed staking upgrade. The update will be beneficial for the token’s value as oracles will be required to stake LINK. This update will enable the community to participate, which will lead to improved security overall.
Nazarov clarified that Chainlink does not produce blocks but “make consensus on hundreds of oracle networks about price data.” He further added that the developer’s team is finally satisfied with the security and scalability of the consensus mechanism Are you ready to take the plunge?
The update will add additional utility to LINK and facilitate payments to node operator.
Chainlink developers estimate that the proposed staking will yield 5% annually thanks to proceeds from Chainlink’s data feed users and emissions from the treasury reserve. The goal is for treasury emissions to end once Chainlink’s usage grows, leaving all staking rewards to come from fees paid by oracle users.
Michael van de Poppe is a popular crypto analyst for his analysis. tweeted His opinion on the recent bull market by LINK, which saw the token surge 35% in the past 30 days. Poppe believes there is still plenty of momentum, and it is possible that LINK will reach its goal. $12 If it holds the mark $8 support level.
While speaking at NFT.NYC 2022, Lauren Halstead from Chainlink Labs outlined the spectrum of Chainlink’s use cases using the example of dynamic NFTs. Halstead demonstrated how dynamic NFTs could be updated in realtime using Off-Chain data gathered from Chainlink.
Interest Protocol, which is the first fractional reserve bank protocol on Ethereum blockchain, announced earlier in the month that it has entered into a strategic partnership agreement with Chainlink. Chainlink will assist Interest Protocol in integrating two of its features: Chainlink Keepers, and Chainlink Proof Of Reserve.
Floki Inu will be celebrating 15 August announced that they had integrated two products from Chainlink’s suite with their newly launched FlokiFi Locker on BNB Chain and the Ethereum mainnet. A core member of Floki’s team spoke to BSC news.
“We feel excited to be working with Chainlink to enhance the integrity of the FlokiFi Locker protocol. Chainlink is by far the biggest decentralized oracle solution in the world as well as the best and most reliable.”
Chainlink was established on the 28th of August informed Reddit’s community reported that Chainlink Verifiable random Function (VRF), was being used by over 350 projects from Avalanche to Ethereum, Fantom and Polygon as a source for provably fair randomness in their NFTS, Apps, etc. Chainlink VRF, the industry-leading random generator (RNG), is a solution for smart contracts and off-chain solutions.
Data from whalestats revealed LINK is the most popular token among top Ethereum whales. This information was derived from data taken from the wallets top 5000 Ethereum whales.
Fortune Business Insights has published a report stating that the global Internet of Things (IoT), market will grow at a rate of 26.4% annually from 2022 to 2029. Blockchain technology is increasingly being adopted in mainstream business such as banking, logistics, and other related industries. A similar growth rate can also be expected for cryptocurrencies designed to boost IoT-based businesses. Chainlink is an example.
LINK Price Analysis
Source: TradingView
Chainlink was close to double-digit territory for August, when it hit a two month high of $9.52. Then prices plummeted and the monthly return became negative. This is pretty volatile, compared to the rather calm sideways movement witnessed by LINK’s price in July.
Despite all the volatility, August’s overall theme can be summarized with one word: bearish.
The bullish September was followed by a mixed bag of positives in October. For November, the more said is better.
LINK traded at $6.839.
Chainlink’s critics
Eric Wall from Arcane Assets has been rather critical of Chainlink’s activities. In May 2021, he stated that the network is not “crypto-economically secure,” citing the developer’s state and the fact that the model relies on a trusted system.
Chainlink has been criticised by Zeus Capital since 2020 when they published a fifty nine-page document. investigative report. One outlining how the network is a fraud, going as far as calling it the “wirecard of crypto.”
CryptoWhale escalated the pressure on Chainlink developers with a series tweets too. It also accused the team running a pump-and dump scheme. These accusations came after a $1.5 Billion LINK sale allegedly conducted by Chainlink insiders.
LINK Tokenomics
Chainlink raised $32M through an initial coin offering (ICO) in 2017 after one billion LINK tokens were already pre-mined. Thirty percent was paid to the founders of the project. Three-quarters of the remaining amount was used for rewards and airdrops for node operator. The remaining 30% went to investors.
According to EtherscanThe top 100 wallets hold approximately 75% of the LINK supply. This doesn’t look so good for a token that’s supposed to be decentralized. Chainlink’s supporters have, however, argued that a certain degree of centralization will help developers to effectively respond to network-threatening events.
Data from Etherscan also revealed Chainlink developers’ addresses consistently dumping their holdings on Binance, something that hasn’t been received well by the community.
It would be easy to believe that this is in favor of decentralization. But, the majority of those tokens were bought up by whales.
Many analysts believe that LINK and ETH are correlated in some way.
Chainlink’s growth is inherently tied to the growth of smart contracts and blockchain services. Increased adoption of smart contract means a rise in demand for data feeds via oracles.
Chainlink’s utility has attracted cross-chain ventures. Non-Ethereum-based protocol like Polkadot, Solana and Solana are integrating Chainlink for easy access to Chainlink’s oracle network.
Price Prediction 2025 for Chainlink (LINK).
Experts at Changelly concluded from their analysis of LINK’s previous price action that in 2025, the crypto should be worth at least $26.64. According to them, the maximum price of LINK would be $32.01. That would give you a huge 312% profit based on its press price.
Contrary to popular belief, Finder’s panel of experts has projected a median value of $40 for LINK by December 2025.
Ethereum merging its mainnet and Beacon Chain is expected to affect LINK’s price action too. In fact, it has also been demonstrated that there’s some correlation between ETH and LINK. LINK crossed the $50-mark last year to surpass its all-time high of $4000, and ETH soared above $4000.
If ETH breaks the $ 10,000 mark, it is possible that LINK will too and reach $100.
In light of new business partnerships, API connection improvements, and Chainlink’s customized services, there are also projections You can place a maximum price at $45.75 on LINK before 2025.
Chainlink (LINK), Price Prediction 2030
Changelly’s crypto experts have estimated that in 2030, LINK will be trading for at least $182.88, possibly peaking out at $221.4. That would translate into a return rate of 2650%.
Joseph Raczynski is a futurist and technologist at Thomson Reuters. He was also one of the panelists. Finder, has a rather positive outlook on LINK’s future. He predicts that the coin will be worth $100 in 2025, and $500 in 2030.
“Link is pushing the boundary on one of the most important aspects of blockchain technology — connections to other blockchains, databases and ecosystems. Chainlink could be the highway among blockchains, which is a huge key for the industry.”
Justin Chuh, Senior Trader at Wave Financial made his own projections about the future of LINK. He predicts that the coin will be worth $50 in 2025, and $100 in 2030.
Forrest Przybysz, the Senior Cryptocurrency Investment Analyst at Token Metrics, shared his immensely bullish stance on the token’s future value and projected LINK to be worth $500 by 2025 and $2500 by the end of 2030.
“LINK has one of the fastest, smoothest growth curves of any cryptocurrency and has a major lead in terms of its competition,” Przybysz added.
Conclusion
Chainlink was previously clarified It said it would continue to work on Ethereum blockchain following Merge to the proof–of-stake consensus layer (PoS), which is scheduled for next week. This discredits claims of any association of forked versions of Ethereum blockchain, including proof–of-work forks.
The major factors that will influence LINK’s price in the coming years are,
- Staking update should be promptly implemented
- Increased adoption of WEB 3.0
- Partnerships with established companies
Chainlink was launched in 2017 and is still relatively new to the industry. Its full potential has yet to be discovered. According to on-chain metrics, users feel confident about the future prospects of LINK.
Chainlink is an online service that caters to a particular niche. However, it cannot be denied the importance of the niche and its future significance. Chainlink’s services are vital to the operations of all blockchains using smart contracts. Oracles cater to them all. Smart contracts have a significant significance for both traditional companies and those in the crypto space. It is a significance that will continue to grow.
Chainlink and its token can be compared to traditional shares and companies from an investment perspective. Shares that have a healthy balance sheet, and make a significant contribution to the economy, will perform well. Chainlink can also be said to be a leader in their sector, and their services will be essential for many future projects.
This analogy is not applicable to even a third the number of crypto projects available today.
The majority of forecasts for Chainlink have predicted double-digit growth. But price predictions cannot replace due diligence and research. That said, LINK’s fear and greed index showed the alt to be in a fear zone.
Source: Alternative