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On October 29th, 2022 prominent decentralized oracle networks provider Chainlink (LINK) came up with an announcement. In a Tweet, the Chainlink team noted achievements and developments around the network and its efforts within the Web 3 space. In its post, the team explained the methods by which it contributed for the overall growth in Web 3 space.
Chainlink team stated the Transaction Value Enabled (TVE) as the crucial reason behind its growth contribution. A metric for Web 3 used for measuring the overall gathered money following the transactions that a protocol facilitates within a certain time frame.
Through 2022, Chainlink’s Web3 environment enabled an increasing number of transactions. In the Web3 area, Chainlink had facilitated more than 6.4 trillion transactions as of the time of writing.
In addition, Chainlink was able to see significant progress in terms of on-chain innovations in addition to the Web3 developments. Chainlink noticed a surge in network growth during the last few days. An increase in network expansion would indicate that more new addresses were being transferred LINK for the first time.
The expansion of Chainlink’s development activity coincided with the expansion of its network. This demonstrated that the Chainlink team’s developers have been making more and more contributions to Chainlink’s GitHub. Consequently, it suggests that future updates and upgrades might be possible.
These changes, when combined with a rising Market Value to Realized Value (MVRV) ratio, may indicate a bright future for Chainlink.
Growing whale excitement for LINK was another encouraging sign for Chainlink. The top 500 Ethereum whales were continuously displaying interest in LINK, according to WhaleStats, a platform for analyzing whale activity in the cryptocurrency market. In a tweet on October 30, it was stated that LINK was one of the top smart contracts used in the previous day by the top 500 ETH whales.
Additionally, at the time of publication, the top 500 Ethereum whales held LINK worth $43 million. The network may benefit from the growing interest in whales and the numerous partnerships in the NFT and DeFi space.
While at the time of writing, Chainlink (LINK) was trading at approx 8.10 USD with an uptick of 6.8% within the last 24 hours and over 16% in the last seven days. The crypto asset was reported to hold a surge of over 128% during the similar time frame. Overall trading volume for LINK token is over 684 billion USD.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
