Chainlink adoption rates continue to prove its value

“The adoption rate that the Chainlink network is experiencing is essentially unheard of for this space"

Decentralised Oracle provider Chainlink has now collaborated with more than 800 projects in the cryptocurrency industry.

The projects comprise the full breadth of the industry, with the majority of integrations being DeFi projects across multiple cross-chain Layer-1 and Layer-2 platforms.

Data from ChainLink project aggregator Chainlinkecosystem shows that 363 integrations are in the DeFi industry, which utilises Chainlink price feeds to ensure that prices across their products remain stable and accurate.

Johann Eid – Head of Integrations at Chainlink Labs – spoke of Chainlink’s importance to the DeFi ecosystem and its unmatched adoption rate within the cryptocurrency industry.

“The adoption rate that the Chainlink network is experiencing is essentially unheard of for this space,” he said.

“For many of these up-and-coming blockchains, integrating with Chainlink is essentially synonymous with becoming DeFi-enabled, as most DeFi applications are the result of hybrid smart contracts that contain both an on and off-chain component.”

Chainlink provides price feeds for many leading Layer-1 solutions due to its agnostic, multi-chain capabilities. Blockchains including Ethereum, Solana, Fantom and Avalanche alongside leading DeFi platforms Aave and SushiSwap all use Chainlink price feeds to secure to their networks.

Additionally, Chainlink plays an essential role in the performance of Layer-2 platforms Arbitrum and Optimism, which have both seen recent success following their mainnet launches.

Eid added that “Chainlink was powering hundreds of DeFi applications across several different blockchains, and we anticipate more will follow as additional oracle functionalities go live”.

He also noted that it is not “a coincidence that it is only after adopting Chainlink that blockchains see a sudden surge in TVL and usage”.

The recent resurgence of NFTs has led to the rise of iGaming and novel NFT projects, which may require a method of distributing assets and numbers in a provably fair manner. Through Chainlink, approximately 300 projects use Verifiable Random Function (VRF) to provide this.

The remainder of the integrations and partnerships cover the full spectrum of the crypto industry, including emerging areas such as insurance, compliance and enterprise solutions. Chainlink also accommodates a number of high-profile node operators including AccuWeather and SwissCom.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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