ChainLink One of Most Exciting Assets in Crypto Market: IntoTheBlock

Chainlink (LINK) has topped cryptocurrency ranking resource CoinMarketCap‘s DeFi section with $2.8bn market cap and 24-hour trading volume of $619.6m.

DeFi, or decentralized finance, lists the most important altcoins in the space in terms of attracting traders and investors.

LINK is an Ethereum token that powers the Chainlink decentralised oracle network.

According to cryptocurrency analytics company IntoTheBlock, LINK is doing well despite lacking the momentum other top crypto-assets have.

IntoTheBlock said, “The number of transactions over $100,000 in LINK has increased 15x in three months.”

The company also revealed, “There were only 22 LINK transactions over $100,000 in mid-April. That number skyrocketed to over 300 on 13 July.”

Moreover, western countries showed better performance than Asian nations when it comes to LINK’s recent speculation.

“The FTX LINK futures contracts expiring on 25 September has been regularly in contango. It has been trading at a premium compared to the spot price as shown by IntoTheBlock’s contango-backwardation analysis,” Jesus Rodriguez, CTO at IntoTheBlock said.

Such results represent “a sign of optimism,” Rodriguez noted. He expected that the LINK speculation is going to stay strong for a few weeks at least.

Rodriguez further said that “these metrics show a unique perspective about the recent momentum that ChainLink has been experiencing.”

“With the recent lack of volatility in Bitcoin and Ethereum, ChainLink has become one of the most exciting assets in the crypto market,” he continued.

ChainLink Gaining Momentum 

Earlier in June, China’s Blockchain Service Network (BSN) integrated Chainlink oracle network.

LINK is one of few cryptocurrencies that invariably scores new levels over the last few years.

The network provides “reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain,” according to its own description.

Earlier on Monday, Reflexer Labs announced that it successfully integrated Chainlink as part of RAI’s testnet launch.

Stefan Ionescu, CEO of Reflexer Labs, said they chose Chainlink because “it’s a ready-made solution that is already securing hundreds of millions of dollars in value across many leading DeFi applications.”

In the meantime, Chainlink announced a year ago that Google became one of the major companies “integrating Chainlink into their approach to smart contract adoption.”

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Fatma Lotfi 11 Articles
Egyptian bilingual journalist with six years of experience in print and digital journalism, focusing on various beats, including tech, cryptocurrencies, and finance.