As DeFi continues to soar, the total value of Chainlink has exceeded US$75B


The total value of the Chainlink network guarantee has officially exceeded 75 billion US dollars, marking a new milestone in the decentralized oracle solution, which has become synonymous with the rapidly growing price data service in the DeFi field.

With this milestone, Chainlink has become ” The most valuable form of decentralized consensus On this planet,” said protocol co-founder Sergey Nazarov. Chainlink is also one of the fastest growing networks of all cryptocurrencies, and the value of smart contracts is guaranteed Grow It has increased tenfold since last year.

Chainlink is composed of independent oracle nodes and has been rapidly adopted in several leading blockchains, including Ethereum, Binance Smart Chain and Avalanche. DeFi applications built on these and other blockchains use the Chainlink oracle network to support their smart contracts and bring market data to financial applications on the chain.

related: The Associated Press plans to launch Chainlink nodes to publish data

Since launching its mainnet in May 2019, Chainlink has launched more than 700 oracle networks, which have secured more than 600 million data points on ten blockchains.As Cointelegraph reported in July, the oracle network has Add 1.4 new partners on average Every day in 2021.

With the advent of DeFi or decentralized finance, the demand for oracle services has grown exponentially. Measured In terms of total value lock-in (TVL), the DeFi sector is currently valued at more than $253 billion. When Chainlink launched its mainnet two and a half years ago, the industry was almost non-existent.

The DeFi industry has grown exponentially in the past two years. Source: defillama.com

When asked about the development of “meta universe” technology, Facebook completely changed its name to Meta, Sergey Nazarov told Cointelegraph that Chainlink “has provided support for DeFi, NFT and multiple Metaverse applications in the game.” He further explained:

“We fully hope that smart contracts can power the new relationships that are forming in the metaverse, especially because these relationships need to be trustless in nature, because the metaverse makes new identities possible.”

related: After Facebook changed its name to Meta, Axie Infinity, Decentraland and “Meta Festival” cryptocurrencies rose

As Nazarov explained, Chainlink is using the Cross-Chain Interoperability Protocol (CCIP) to connect the universes. CCIP “will use Chainlink oracles to enable users to move digital assets and execute smart contracts across various chains used by Metaverse,” he said, adding:

“I predict that the trustless metaverse does require trustless data, trustless off-chain computing, and the ability to utilize multiple chains, all of which already rely heavily on Chainlink.”