Key drivers behind Chainlink’s exponential development

by Cryptospacey

Through the previous yr, the rising adoption of Chainlink Information Feeds was accompanied by the community’s launch of latest computation-based companies–resulting in a surge within the complete variety of integrations.

Powering hybrid good contracts, the blockchain-agnostic protocol leverages the biggest assortment of decentralized companies–supporting over 700 oracle networks.

Integrations throughout Layer 1s and Layer 2s

The Chainlink ecosystem entered 2022 with over 1.000 tasks, and half of all integrations occurred in 2021, in accordance with the protocol’s latest yearly report.

Through the previous yr, Chainlink companies launched on quite a few Layer 1s and Layer 2s, together with Arbitrum, Avalanche, Binance Sensible Chain, Ethereum, Fantom, Concord, Heco, Moonriver, Optimism, Polygon, Starkware, and xDai.

Layer 1 and Layer 2 integrations (Chainlink)
Layer 1 and Layer 2 integrations (Chainlink)

Moreover, to accommodate the demand for inter-chain options, Chainlink is actively growing a generalized cross-chain communication protocol for the blockchain business–Cross-Chain Interoperability Protocol (CCIP).

At first of 2021, Chainlink secured a complete of $7 billion throughout the blockchain ecosystem, and 12 months later–TVS topped $75 billion.

With presently over 700 decentralized oracle networks which might be publishing knowledge throughout quite a few unbiased blockchains, essentially the most used datasets by DeFi functions embody monetary market costs within the type of Worth Feeds.

Offering entry to safe off-chain computation

Through the previous yr, Chainlink launched a number of companies that present numerous blockchains with safe and trust-minimized off-chain computation.

First launched on Ethereum in late 2020, Chainlink Verifiable Randomness Perform (VRF) expanded help for BSC and Polygon in 2021.

Chainlink VRF gives good contracts entry to a safe supply of on-chain randomness–required by NFTs and on-chain gaming functions.

Supporting the multi-chain ecosystem, Chainlink VRF has risen exponentially–topping 2.5 million requests served to dapps.

Number of VRF requests served to dapps (Chainlink)
Variety of VRF requests served to dapps (Chainlink)

Chainlink Keepers have been additionally added in 2021–additional increasing the help for off-chain computation whereas enabling builders to outsource and simplify DevOp duties.

In the meantime, Chainlink Worth Feeds have been upgraded to the Off-Chain Reporting (OCR) protocol, permitting 10 instances extra real-world knowledge to be delivered on-chain.

Throughout 2021, Chainlink oracles have expanded the scope of information out there on-chain, to help Proof of Reserve, Proof of Provide, Ethereum fuel costs, complete market capitalization, Whole Worth Locked (TVL) in DeFi functions, sports activities recreation outcomes, election race calls, identification knowledge, compliance metrics, and climate stories.

By doing so, the community efficiently and securely delivered over 1.1 billion knowledge factors on-chain.

Data points delivered on-chain (Chainlink)
Information factors delivered on-chain (Chainlink)

In 2021, international enterprises, such because the Related Press, AccuWeather, and Amazon Internet Companies, began utilizing Chainlink as their “gateway to the blockchain financial system.”

As extra knowledge turns into out there on-chain, new hybrid good contract use instances will come up, which is predicted to drive the worth secured up.

The publish Key drivers behind Chainlink’s exponential development appeared first on CryptoSlate.

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