A fair few cryptocurrency projects are built on top of Ethereum. ChainLink is a crucial example, and one of the more successful ventures to date.
To start off the new year, there have been numerous ChainLink-related developments. All of these confirm the ecosystem is growing, albeit there is always more room for progress.
Gas Price Popularity
The success of any Ethereum-based project can be gauged in different ways. One way of doing so is by looking at who generates the highest gas fees on the network. Tether’s USDT project has been leading the charts for some time now. Contrary to what most expected, ChainLink is firmly in second place.
In fact, it is well ahead of the rest of the top five. While overtaking Tether seems impossible right now, it is not unfeasible. As this ecosystem continues to grow, there will be further ETH spent on gas as well.
The DeFi Ecosystem
One popular aspect of Ethereum is its decentralized finance segment. This creates a different take on finance, including loans, interest-bearing accounts, and so forth. ChainLink will benefit from DeFi as well.
According to a recent blog post, a lot of ChainLink’s technology can be leveraged in this segment. Ranging from connectivity to reliable data and low-cost computation, the opportunities are plentiful. A lot can change in the coming months, to say the very least.
DeFi Part 2: Berlin Meetup
Meetups are the best way to create interest in any cryptocurrency project. In ChainLink’s case, there is a crucial Meetup coming up later this month.
This event, taking place at Full Node Berlin, will focus on DeFi and smart contracts. There will also be several presentations, including one on ChainLink’s oracles. Chainlayer is also represented by Oliver Birch.
A crucial partnership between ChainLink and Conflux has been forged. The goal is to provide a secure connection between blockchain systems and legacy solutions. Through ChainLink’s oracle network, Conflux smart contracts can interact with information from outside the native ecosystem.
Additionally, the oracles remove any single point of failure from Conflux’s contracts. This decentralized link will be beneficial to DApps with a focus on high throughputs.
It appears that the LinkPool service has undergone a genuine transformation. Several new features have been added to the native Market. Top changes include a new search engine, tighter Chainlink Explorer integration, and a more responsive design.
There will be several future improvements to look forward to. Various analytics depicting network usage will be made accessible. There is also the Market API, which is coming together nicely. All in all, another crucial update to advance the ecosystem as a whole.
Aave Oracle Network Launch
The year 2020 is off to a good start for ChainLink. With the Aave protocol going live, another big step forward has been taken. It provides price feeds for over a dozen different cryptocurrencies at this time. These feeds will also contribute to the DeFi ecosystem on the Ethereum network.
Statistics provided by CoinMetrics confirm ChainLink is doing well overall. There are plenty of active addresses and network transactions on a regular basis. Severe growth is noted in January 2020 so far.
In fact, it appears that the ecosystem becomes more stable as time progresses. The “lows” in transaction count grow higher, and the highs become bigger peaks. There are also more active addresses in the first half of this month compared to December 2019.