Market-leading oracle solution Chainlink is reinforcing its integral role in the crypto industry after it surpassed the $75 billion mark in Total Value Secured (TVS) of assets.
The milestone metric – which measures the value of assets secured by Chainlink via a price feed or smart contract – marks the growing importance of Chainlink’s oracle solutions and their ability to pull and aggregate data from real-world sources.
Hundreds of DeFi applications across multiple blockchains like Ethereum, Solana and Avalanche all rely on Chainlink Price Feeds to provide highly accurate, tamper-proof market data for powering applications such as decentralised lending markets and stablecoins.
Due to its agnostic, multi-chain capabilities, Chainlink now boasts more than 900 integrations across the crypto industry and continues to grow both in stature and importance to the space.
Chainlink secures an approximate 30% of all assets locked into the ever-expanding DeFi ecosystem across the crypto industry – which stands at $256bn according to data from DefiLlama.
From money markets to stablecoins, #Chainlink makes all sorts of #DeFi apps possible. By combining oracles with blockchains, app developers can build a variety of new decentralized financial products. Explore the wide range of DeFi use cases #PoweredByChainlink below:
— Chainlink (@chainlink) October 31, 2021
Sergey Nazarov, co-founder of Chainlink, commented on its integral role in the DeFi ecosystem and its ability to drive the thriving space forward.
“Crossing $75Bn in total value secured makes the Chainlink network one of the most value securing forms of decentralised consensus on the planet,” he said.
“Market data in DeFi is just the first area where Chainlink is beginning to secure and trigger massive amounts of smart contract value.
“Without trusted price data to trigger smart contracts, it is impossible to build DeFi applications.”
More than just an oracle solution
Chainlink has now proven its worth as more than just an oracle solution too, with a growing number of products available for developers and organisations to provide and receive data seamlessly.
New on-chain data sources have now become available including weather data from Google Cloud Platform and AccuWeather alongside sports and election data from the Associated Press.
External node operators run by organisations like Deutsche Telekom’s T-Systems, Swisscom, and AWS also contribute heavily to the consistent streams of data Chainlink provides.
Chainlink has also expanded into ‘Keepers‘, a solution that enables the secure automation of smart contracts and has played a key role in the success of the burgeoning NFT space via Verifiable Randomness Function (VRF) – a random number generation service that ensures outcomes are provably random and fair.
Finally, Chainlink’s most exciting development is the Cross-Chain Interoperability Protocol (CCIP) – a “universal, open standard for developers to build secure services and applications” with multi-chain capabilities.
CCIP can send messages, transfer tokens and initiate actions across multiple cross-chain networks and bring true, unmatched agnostic networking via ‘DONs‘ to the multi-blockchain crypto ecosystem.
“As more and more organisations launch Chainlink nodes, we’re seeing all sorts of datasets enter blockchains through Chainlink,” continued Nazarov.
“Chainlink oracles are rapidly moving beyond data delivery and into the world of off-chain computation, meaning the network can provide randomness, automation, privacy, and scalability for smart contracts.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.