Despite Chainlink’s native token has taken a dip of 7% in the weekly chart, the network has shown robust growth in the past seven days. According to a tweet, the week saw a total of 7 integrations of 3 Chainlink services across 4 different chains, which include Binance Smart Chain, Ethereum, Moonbeam Network, and Polygon.
Some of the newly integrated services include Bybarterio, Creditcoin, Prime Protocol, RageOnWheels, Spark Protocol, and Yearn Together. These integrations are expected to expand its network further and increase its adoption.
Chainlink is a decentralized Oracle network that provides reliable and secure connections between smart contracts and off-chain data sources. Its unique architecture has made it a popular choice among developers in the blockchain industry.
Meanwhile, the network’s Economics 2.0 has achieved several milestones recently. GMX_IO community recently approved a proposal to integrate Its new low-latency oracles with a 96.28% approval rate. Its service providers will be paid 1.2% of the total protocol fees generated by GMX V2 and later versions.
The Celo community also approved a proposal for CeloOrg to join Chainlink SCALE with a 99.9% approval rate. The network’s Data Feeds on the Celo network will be covered over a three-year term with the allocation of ~6M CELO.
BuildOnBase, an Ethereum L2 network by Coinbase, has integrated Chainlink Data Feeds on testnet and will join the Chainlink SCALE program. The base will cover certain operating costs of services on its network, helping fuel ecosystem growth.
A total of 31 projects have joined Chainlink BUILD, with 16 joining this year alone. This program supports the growth of early-stage and established Web3 projects by providing enhanced access to services and technical support.
These recent developments highlight the progress made by the network’s Economics 2.0 and showcase how the network is moving toward long-term economic sustainability. With sustainable Web3 services, the blockchain ecosystem as a whole becomes more sustainable.
Chainlink (LINK) Price Analysis
As per the latest data from CoinMarketcap, the cryptocurrency is trading at $6.62, up by about 2% in the last 24 hours. However, the weekly chart recorded a decline of about 6.83%, indicating some market volatility.
In addition, LINK’s trading volume has witnessed an increase of 5.40%, reaching $106,914,987, whereas the market capitalization has decreased by 2.07%.
LINK’s long-term trend is bearish, predicting a $0.14678 decrease in price by 22nd May 2023. In the short term, LINK is neutral, with a slight chance of an increase followed by a possible decrease in the next few hours.
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