LINK Skyrockets 16% Amidst Buzz of New Developments

The crypto asset of well-known decentralised oracle network Chainlink (LINK) is up over 16% in the past 24 hours and 28% in the past week. The rally has taken the popular coin from USD $13.84 (AUD $21.08) last week to USD $17.78 (AUD $27.08) as of the time of writing.

Chainlink Ecosystem Gets Boost

The impressive gains come on the back of a prolonged upwards trend for the network which is regarded as a critical component of the blockchain ecosystem. Chainlink provides a reliable way for smart contracts to interact with external data, thereby broadening their scope and applicability in various industries.

It has seen many developments and announcements over the past few months, including a focus on real-world asset (RWA) tokenisation, which many believe to be one of the hottest topics in crypto going forward. Other remarkable events include CCIP (Cross Chain Interoperability Protocol) and its recent expansion.

Initially launched in July, Chainlink is expanding CCIP, which is pivotal in enabling seamless cross-chain transactions. This expansion will include more chains and assets to meet the demand of capital markets moving on-chain.

In a more recent development, liquid restaking platform Eigenpie, is incorporating CCIP to enable seamless interaction between the Arbitrum and Ethereum mainnets. This integration leverages CCIP’s established standard for secure and reliable cross-chain operations.

Chainlink Automation Launch and DeFi Yield Index

Only days ago, we had reported about Chainlink’s latest update – the Chainlink DeFi Yield Index. The index is focused on the distribution and optimisation of yields within the DeFi ecosystem. Chainlink supports this aspect by providing reliable data feeds and infrastructure to yield farming protocols, facilitating fair token distribution and efficient yield optimisation strategies.

Just days before this Chainlink launched automation on the Base network. Chainlink Automation offers a standardised and efficient way for dApp developers to execute smart contracts at low cost, but with scalability, high security, and decentralisation. Through a partnership, developers on Base can now use this to significantly reduce automation tasks’ gas costs, up to 90%.

With all these developments it shouldn’t come to a surprise that LINK is taking off. Additionally, as per market intelligence platform Santiment, Chainlink has recently outperformed other altcoins, marked by a significant Age Consumed spike of 5.38 billion. This metric, calculated by multiplying the number of coins moved by the length of time they were inactive, indicates a substantial movement of previously dormant LINK coins.