3 reasons to be bullish on Chainlink (LINK) crypto 2022

3 reasons to be bullish on Chainlink (LINK) crypto 2022
3 min read
19 August 2022

Like every cryptocurrency, Chainlink has had its  ups and downs. However, this well-managed project   serves a real purpose in crypto and might have  a solid chance of achieving mass adoption.

Now let’s get into the 3 reasons  to be bullish on Chainlink and   its native token: LINK.

1) Crypto needs an oracle Chainlink might just be one of the most important cryptocurrency   projects in the world. For blockchain  technology to reach its full potential,   there has to be a way to bring data  onchain. Sports scores, stock market prices,   historical dates and everything in between.  Crypto’s rapidly expanding ecosystem of   smart contracts and metaverse applications demand data, and Chainlink can provide it. Chainlink already has 1,600 integrations with both  crypto and non-crypto companies, and the project’s   growth-rate is truly exciting. According to  Chainlink’s blog, and I quote, “At the beginning   of 2021, the Chainlink Network secured a total  of $7B across the blockchain ecosystem. Twelve   months later, Chainlink oracles secure over $75B  in value—an order of magnitude increase in TVS.” Going 10x on total value stored in  just twelve months is impressive,   and has made Chainlink one of the largest protocols in DeFi.

2) Chainlink is the industry leader No other oracle comes close to matching the  size and breadth of Chainlink’s ecosystem.   The network effect is one of the best ways  to measure how valuable a protocol is,   and Chainlink already has a huge network effect. At this point, it would be very difficult for a new   oracle to launch their service and overcome  Chainlink’s massive first-mover advantage.

3) Interoperability is coming to Chainlink Sergey Nazarov, the creator of Chainlink, has  a bold vision for the future of the project.   Beyond just being an oracle, Sergey  would like Chainlink to become an   interoperability protocol that connects all  of the largest blockchains to each other. With Chainlink as a hub, blockchains will  be able to share data and reference each   other’s smart contracts. Officially, the  cross-chain bridge is referred to as the   Cross-Chain Interoperability Protocol, or  CCIP for short. In addition to sharing data,   the protocol will also allow users  to transfer tokens between chains. With its decentralized network of nodes, Chainlink  already has all of the infrastructure in place   to rapidly roll out the CCIP standard.  If the new interoperability bridge gets   adopted it could be incredibly bullish  for Chainlink and the LINK token.   Especially with LINK staking  also coming up on the horizon! 

Den W. 3243
I'm a passionate tech enthusiast who loves diving into the world of software, programming, and tech reviews.
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