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Chainlink (LINK) Sets New Network Milestone: Details

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Thu, 26/01/2023 - 11:08
Chainlink (LINK) Sets New Network Milestone: Details
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In a recent tweet, the decentralized blockchain oracle network Chainlink celebrated a new milestone. According to it, the Chainlink network has surpassed $7 trillion in "transaction value enabled" (TVE) — a measure of the aggregate USD value of on-chain transactions facilitated by Chainlink oracles across 12 blockchains since 2022.

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TVE is an advanced flow metric that provides insight into Chainlink's role as a key Web3 infrastructure. It refers to the sum of the USD value of all transactions enabled by a protocol.

Now that over 1,000 Oracle networks have been launched and natively support more than a dozen major blockchains, Chainlink seems to be on the path of growth.

According to recent data, there are over 1,600 projects in the Chainlink ecosystem that have integrated Chainlink Oracle services, including DeFi, NFTs, gaming and insurance.

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As reported earlier, Chainlink's social volume blasted off to all-time highs, according to on-chain analytics firm Santiment, after it put out a tweet on its proof-of-reserve advantages.

After the collapse of FTX, several users across the cryptocurrency industry started demanding proof of reserves from exchanges. To increase transparency on the reserves underlying on-chain assets, stablecoin-wrapped tokens and blockchain bridges have used Chainlink's proof of reserve.

This year, 2023, Chainlink says it looks to expand its monetization model by building an enhanced payment model across Chainlink services.

In this enhanced model, payments would be able to be made in LINK or, in certain cases, in other assets, including native tokens, at a higher rate compared to LINK payments. Payments in other assets can then be converted into LINK, leading to an increase in LINK utility.

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Despite numerous milestones reached, the LINK price remains down 55.7% yearly, per CoinGecko data. It is barely up 14% since the start of 2023 and was trading at $6.89 at press time.

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