Chainlink, the decentralized oracle network that’s helping blockchains and dApps become more useful by connecting them to off-chain data, recently ascended into the top-10 projects per market cap in the cryptoeconomy — a significant milestone.
Indeed, Chainlink’s rise over the past few years has been one of the more notable and interesting threads in the cryptocurrency space, and the project has only continued to pick up steam in 2020. So what comes next for the oracle effort, then?
The future is wide open, to be sure. But to get a better sense of why traders are so optimistic about Chainlink lately, let’s explore some of the key happenings that’ve been popping off around the project lately.
LINK Buy Pressure Picks Up
After entering July 2020 with a price of $4.70 USD, Chainlink’s native LINK token hit its latest all-time price record of $8.66 on July 15th.
At the time of writing, the token was still hovering around $7.80 — a price that puts the token up nearly 80% on the month and +200% on the year. Accordingly, LINK has outperformed more than a few major cryptocurrency projects in recent weeks.
Why the major acute run now, though?
One significant factor is how altcoin markets have been heating up in recent weeks, particularly around projects in the blooming decentralized finance (DeFi) sector.
That said, as the influx of interested traders comes in, people look to take positions in promising projects. LINK’s status as the largest ERC20 token by market cap, as well as Chainlink’s technical and social advances around Ethereum and other smart contract platform communities, has seemingly made the coin a prime target for energized crypto traders this month.
Key DeFi Collabs Bloom
Chainlink partners with projects small, medium, and large, but a lot of the fresh excitement around the oracle network is a result of how the project has aptly positioned itself to serve the ongoing DeFi surge we’re seeing in the cryptoeconomy.
For example, consider how Chainlink…