This is a significant feat not just for Chainlink but for the entire blockchain and cryptocurrency space. The decentralized oracle platform is providing a much-needed service to both blockchain platforms and smart contracts.
Chainlink (LINK) aggregate real-world data and provide them to smart contracts built on blockchain protocols. Simply put, smart contracts cannot function without access to a decentralized data oracle platform like Chainlink.
Therefore, Chalink has reached USD 75 billion in total value secured. In other words, Chainlink has secured assets worth USD 75 billion.
1/ #Chainlink, the most widely used decentralized oracle network, has officially crossed $75 billion in Total Value Secured (TVS).
Today, a vast array of top apps across leading blockchains & layer-2 networks use Chainlink services to trigger & secure their smart contracts.
— Chainlink – Official Channel (@chainlink) November 4, 2021
More on Chainlink Price Feeds
Chainlink currently offers its services to many top blockchains like Ethereum (ETH), Binance Smart Chain (BSC), etc. Its price feeds have also been accurately described as tamper-proof, reliable, and secure.
According to the annoucement, the Co-founder of Chainlink, Sergey Nazarov, disclosed that “Crossing $75Bn in total value secured makes the Chainlink network one of the most value securing forms of decentralized consensus on the planet.” Also, Chainlink is currently securing some of the “[…] most valuable smart contracts across multiple chains.”
On the other hand, some of the world’s most important DevOps teams currently serve as independent oracle nodes on Chainlink Network. DevOps teams like Deutsche Telekom’s T-Systems, Swisscom, etc.
Since its mainnet launch, more than 700 oracle networks have launched on Chainlink. Also, the price oracle platform has provided more than 600 million data feeds to at least ten different blockchain protocols.
Chainlink to Offer Off-chain Computation Services
The data oracle platform has its sights set on off-chain computation services. Chainlink plans to offer not just data delivery but automation, privacy, scalability, and randomness. According to Nazarov, Chainlink was looking to expand beyond what “[…] hybrid smart contracts can achieve.”
Also, its recently launched Keepers and its Verifiable Randomness Function (VRF) has continued to help expand Chainlink’s computational abilities. Interestingly, Chainlink currently provides a wide range of data types. Some of them include; Weather data for AccuWeather and Google Cloud Platform, Sport data, etc.
See the range of blockchains below 👇 pic.twitter.com/av8ES5K9co
— Chainlink – Official Channel (@chainlink) November 5, 2021
Also, its recently launched Cross-Chain Interoperability Protocol (CCIP) will provide dApp developers with a uniform standard for creating applications. This, in turn, will help them make smart contracts that can operate across multiple blockchain networks.
At the time of writing, Chainlink (LINK) was trading at USD 33.52 with a market cap of USD 15.5 billion and a 24-hour trading volume of USD 928 million. The token price is also up by 4.3% in the last 24 hours.
Also, join us on Telegram to receive free trading signals.
Find out more about the blockchain and crypto space on the Altcoin Buzz YouTube channel.