Australia and New Zealand Banking Group Limited, one of the prominent banks in Australia, recently concluded a transaction involving tokenized assets. They made use of their A$DC stablecoin along with Chainlink’s CCIP (Cross-Chain Interoperability Protocol). The CCIP operates through two distinct Oracle networks. One of these networks facilitates the transfer of value and the exchange of messages, while the other is responsible for scrutinizing and ensuring the safety of transactions.
Nigel Dobson, ANZ’s Banking Services Lead, highlighted that the bank’s experience in utilizing their A$DC stablecoin and tokenizing real-world assets has already provided them with valuable insights. In fact, the bank is actively exploring potential applications for enterprise-level use cases. In terms of broader adoption, he remarked,
“Based on market activity, we expect the continued adoption of digital assets will result in the proliferation of multiple assets across many blockchain networks.”
Indeed, ANZ was an active participant in a recent collaboration involving Swift, Chainlink, and more than 12 major financial institutions and market infrastructure providers. This collaboration focused on conducting blockchain experiments related to tokenization. In addition to ANZ, other participants in this initiative included BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Lloyds Banking Group, SIX Digital Exchange [SDX], and The Depository Trust & Clearing Corporation.
Chainlink played a crucial role as an enterprise-level abstraction layer, essentially establishing a connection between the Swift network and the Ethereum Sepolia network. Concurrently, Chainlink’s CCIP played a pivotal role in facilitating interoperability between the source and destination blockchains.
The Chainlink Effect: Recent Integrations in Focus
In addition to the progress achieved with ANZ Bank and Swift, Chainlink has recently achieved significant milestones. As stated in a recent adoption update on X (formerly Twitter), Chainlink’s VRF, CCIP, and Price Feeds services have been integrated into seven different projects in the last two weeks. These integrations have been spread across six blockchain networks, including Arbitrum, Avalanche, Base, Ethereum, Optimism, and Polygon.
The 30-day average for the recent adoption rate of LINK was approximately 30% at the time of this report. This figure has remained consistent since August. However, as indicated below, the present rate is considerably lower when compared to the peak levels observed in November 2022 and July 2023.
The adoption rate essentially measures the proportion of new addresses initiating their first transaction out of all active addresses on a given day. To put it simply, this metric offers insights into the portion of newcomers contributing to the overall activity. A rising figure suggests a greater level of adoption.
Consequently, the current stagnant rate suggests that the LINK token has not been reaping the full benefits of the increasing use cases and adoption of the Chainlink protocol. One possible factor influencing this trend is the unimpressive price of the asset. Over the past month, LINK has experienced an 8.23% decline, and on a yearly basis, it has depreciated by 18.08%. At the time of this report, the asset was trading at $6.20, a level significantly lower than its all-time high of $52.30.