In three days, LINK, the ERC-20 token on the oracle service platform, Chainlink, is up a massive 36%.
In the last 24 hours alone, the token is changing hands at $3.35, up 18 percent and not surprising, pushing weekly gains to 51 percent.
LINK Market Performance
At spot rates, LINK has almost doubled after sinking to lows of $1.94 on Mar 17, a few days after the capitulation of March 12, dubbed the Black Thursday, caused double-digit losses of asset classes across the board. The market seems to be recovering, and spearheading this revival is LINK.
Against Bitcoin (BTC) and Ethereum (ETH), LINK has gained 32 percent and 16 percent respectively, highlighting the firmness of ETH and the weakness of BTC, a few weeks before a market shifting event is set scheduled.
$LINK up over 36% the last three days
What say ye Link Marines? pic.twitter.com/8FWDZoHlA8
— Josh Rager 📈 (@Josh_Rager) April 8, 2020
What is Chainlink?
Chainlink is the leading oracles platform that expands the silo-ed smart contracting capability of most blockchains including Ethereum.
Since smart contracts relies on internal, on-chain data for execution, Chainlink creates a route where smart contracts can be triggered to executed from vetted, off-chain data introducing more use cases of smart contracting and therefore utility.
Chainlink is built on Ethereum and its native token, LINK, complies with the ERC-20 standard meaning it is compatible, fluid, and can be stored in ETH wallets.
3 Reasons LINK is outperforming Bitcoin (BTC) and Ethereum (ETH)
Spurring demand for LINK in the past few days could be first, because Chainlink is the dominant oracles player linking blockchains with smart contracting capacity with trusted and vetted off-chain data.
1. New Partnerships
It has partnered with Google and in the past few days; it continues to strike interesting partnerships including a deal with Fantom.
Fantom will integrate Chainlink. Michael Kong, the CIO of Fantom trusts in the decentralized oracle network of the platform saying its mechanism stands out in terms of security, reliability and accuracy. Fantom is keen on building public, DAG-based ledgers that are inherent scalable and secure.
In a medium post, he said:
“After significant research focused on the key features that make the best oracle mechanism, Chainlink stood out as an extremely secure, accurate and reliable choice for getting off-chain data onto Fantom.”
2. SWIFT (Ripple Competitor) could use LINK
There are speculations that by 2025, SWIFT, the main competitor of Ripple and XRP could use LINK for instantaneous global transactions. If that is the case, the token is hugely undervalued, and there are more upsides going forward.
If this doesn’t stink of $link to you I can’t help you. By 2025 every transaction for anything will be done through Chainlink not just Swift bank. Visa and MasterCard already have integrated, you really think the rest of the world won’t. It’s no longer a meme 1000 link=$1,000,000 pic.twitter.com/QbjDbcDodu
— Trading Benjamin's (@craigbenjamin22) April 4, 2020
3. Cypherium has also integrated with Chainlink
Cypherium, an enterprise grade platform whose focus is decentralization and scalability, has also integrated with Chainlink. Sky Guo, the CEO of Cypherium, lauded Chainlink’s “uncompromising security” and its established brand.
“Uncompromising on security, Chainlink is an ideal technology for Cypherium. The Chainlink network is recognized by top independent research firms such as Gartner as a leader in blockchain applications.”
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Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich