While there’s been a lot of interest currently around Bitcoin (BTC) and Ethereum (ETH), some of the altcoins in the market are really doing well at this stage. Chainlink, the oracle service provider for blockchain-based smart contracts has recently clinched a new milestone of hitting a four-month high network growth.
As per on-chain data provider, Santiment, close to 6000 new LINK addresses have been created in the last few days. The Chainlink network has registered a 16% growth in the last week with the LINK price surging by 30%.
???????? #Chainlink just hit a 4-month high in network growth. The last couple days saw 5,966 and 5,791 new $LINK addresses created, respectively. These are the highest daily values since Aug 21, 2020. It's +16.2% this week, and hovering at ~$14.05 currently. https://t.co/mn4jysSgE2 pic.twitter.com/VH2k69kuSS
— Santiment (@santimentfeed) January 5, 2021
At press time, the LINK price is trading 11.44% higher at $14.67 and a market cap of $5.8 billion. Although the LINK price tanked more than 15% on Monday, January 4, it has required quickly and currently eyeing a surge above $15.
Chainlink Had A High-Performance Year In 2020
The 2020-performance for the LINK token has helped it scale the rank among the top-ten cryptocurrencies by market cap. In 2020, the LINK price all the way from under $2 to end the year of 2020 above $11 i.e. nearly a 600% price jump in a single year.
The Chainlink project became immensely popular during summer 2020 when decentralized finance (DeFi) was at its peak. It was the same time when Chainlink registered a record-high network growth last time. In August 2020, the LINK price escalated all the way to hitting its all-time high of $19.12.
Chainlink has been adopted by nearly 45 DeFi protocols including some of the popular projects like the Binance Smart Chain, Kava, Matic, Kyber Network, CREAM, etc. As per the latest metrics released by Chainlink, the platform secured more than $7 Billion in smart contract value.
2020 was a year of record growth for the #Chainlink Network. Here’s an overview of key metrics, like our adoption in #DeFi, implemented research, & blockchain integrations. Thank you to our great community and the amazing smart contract developers we are lucky to work with. OK;LG pic.twitter.com/4E543ALVX6
— Chainlink – Official Channel (@chainlink) December 31, 2020
Last month in December 2020, Chainlink entered a very important partnership with the World Economic Forum (WEF)to establish new industry oracle standards that can easily connect different blockchains and legacy systems.