Chainlink price has staged a strong recovery in the past few days as investors cheered some of Donald Trump’s policies and its growing ecosystem. LINK token rose for four straight days, reaching its highest swing since January 6. It has risen by 34% from its lowest level this month. So, what next for Chainlink as the crypto boom resumes?
Chainlink’s ecosystem is growing
Chainlink, the biggest oracle network in crypto, has continued to grow its ecosystem, becoming one of the most diverse projects in the industry.
Initially, it was an oracle project that moves off-chain data to the on-chain. Some of the biggest players in crypto projects like AAVE and Compound embraced it.
Recently, it has launched other solutions that have become popular among developers. For example, it launched the cross-chain interoperability protocol (CCIP), which is a standard that enables developers to build secure applications that can transfer tokens and messages across different chains.
CCIP is an important part of the growing industry of Real World Asset (RWA) tokenization. Analysts expect that the industry was valued at $2.3 billion in 2021 and that it would surge to over $5.6 billion by 2026. McKinsey expects that assets worth over $2 trillion will be tokenized by 2030, while other analysts place the number at $10 trillion.
Chainlink has been embraced by numerous companies its technology. The most notable ones are Swift Society, which is owned by some of the biggest banks globally. Swift handles over $150 trillion in transactions annually.
Chainlink has also partnered with other companies like Coinbase, Emirates NBD, UBS, and ANZ Bank.
The company recently launched the Cross-Chain Token (CCT) standard that streamlines token transfers across blockchains using CCIP. Several cryptocurrencies like Shiba Inu and Floki have embraced this standard. The latest CCIP upgrade went live this week.
