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Crypto Experts suggest solid growth for Chainlink after the Cross Chain Interoperability Protocol (CCIP) showed a revenue of $171k.
Revenue for Chainlink Cross Chain Interoperability Protocol (CCIP) has surged 180% over the past two months amid increased adoption of the multichain bridging platform. Fee revenue for CCIP has gone up from around $61,000 in total for January to more than $171,000 in just the first two weeks of March.
What Do Crypto Experts Say About the Performance of Chainlink?
Crypto experts Crypto Moose and Satoshi Flipper shared their thoughts on Chainlink’s (LINK) performance. According to Crypto Moose, the LINK price has surpassed $21, indicating strong fundamentals underpinning the project. In addition, He mentions that the LINK flywheel is starting to spin, implying a positive feedback loop fueling Chainlink’s growth.
According to Dune, the total cumulative revenue of Chainlink is $373 million, with the majority coming from Oracle feeds. Moreover, the asset returned to its highest levels for over two years on March 11, reaching $21.71 before sharply retreating to below $20 at the time of writing
The views of Satoshi Flipper
Similarly, Satoshi Flipper urges investors to recognize the massive adoption currently underway for Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
He is calling it the most important tech in the entire space. In addition, He dismisses the notion of a $200 price target for a single LINK token as FUD and encourages investors to look beyond their desired timeframes.
The surging fees generated by CCIP are a revelation shared by a Chainlink enthusiast called “Link Ant”. Moreover, He notes a $200,000 increase in CCIP fees within a short timeframe by comparing screenshots taken a day apart, underscoring the growing demand for Chainlink’s decentralized oracle services.
According to Dune Analytics, the total cumulative revenue for the cross-chain protocol, which launched in July 2023, has reached $377,724.
CCIP Growth Rate Remained Robust
Chainlink staking technology providers and creators of the Dune dashboard, LinkPool, confirm that the CCIP growth rate remains robust and very much in line with expectations. In addition to this, Ethereum layer-2 protocol Arbitrum is the largest source of CCIP network fees, with 28% of the total, followed by Base with 24%.
The latest price data from CoinGecko confirms the bearish momentum surrounding LINK, trading at $19 at the time of writing, reflecting a fall after the current fall of crypto markets.
Satoshi Flipper, a crypto trader with 189,000 followers on X, recently pointed out that investors are not paying attention to the significant adoption of CCIP.
Moreover, On March 14th, Kyle Chassé, a Crypto YouTuber and Bitcoin OG, mentioned that Chainlink’s CCIP fees are skyrocketing and had crossed $100k just the day before.
According to ‘ChainLinkGod,’ a Chainlink community ambassador, the fees associated with using Chainlink CCIP are used to cover the gas costs of completing transactions on the destination chain and the premium paid to CCIP service providers.
Summary
Chainlink’s Cross Chain Interoperability Protocol (CCIP) revenue has surged 180% in the past two months. The LINK price has surpassed $21, indicating strong fundamentals. CCIP has made several integrations, including the Metis layer-2 network, Code4rena, Circle, and Wemade.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos, or other related indexes comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
