Rumored Chainlink Grayscale Trust Propels LINK To New Price Record
Chainlink set a new all-time high of $25.51 at 15:30 UTC Saturday, following a sharp rise over the past week. The milestone propelled Chainlink to the seventh spot on top cryptocurrencies by market cap, surpassing Litecoin.
LINK, the native token of decentralized oracle provider Chainlink, has been one of the best performing crypto assets of the past year. This success is primarily attributable to the project’s development of smart contracts that connect blockchains to the real world.
According to LINK cofounder Sergey Nazarov, hundreds of projects integrated the oracle provider in 2020. The blockchain project currently secures about 70 price feeds and has also consolidated new use cases in gaming and insurance.
Chainlink has now established itself as a technology pioneer in the crypto sector, with 29 new projects integrating the decentralized oracle provider in October of last year alone.
Since its launch in 2017, Chainlink has integrated its oracle technology into 315 projects, including multiple DeFi protocols, regulated finance operators, and wallets like crypto.com. The latest project to integrate Chainlink key datasets is the securitized asset platform Queenbee.io.
Grayscale Could Be Gearing Up to Support LINK
Chainlink’s explosive growth has reportedly prompted Grayscale, one of the largest crypto asset management companies, to consider adding support for its native cryptocurrency.
Grayscale has made waves in the crypto sphere over the past few months for procuring vast amounts of BTC for its institutional investors. News that the investment giant could soon integrate a LINK trust to its growing list of products is hugely bullish for the oracle provider.
The seventh-largest cryptocurrency has gained bullish momentum since unconfirmed reports surfaced on Jan 22, hinting at an upcoming Grayscale Chainlink trust. The product would provide increased exposure to LINK amid big money investors and likely play a part in boosting the altcoin’s upward trajectory.
LINK is now up over 100% since the start of 2021 and has surpassed the $9.5 billion mark in market capitalization.
LINK Buoyed By The Budding DeFi Industry
Chainlink established its role as the leading decentralized oracle provider within the ETH network last year mainly due to the booming DeFi sector.
The project boasts 98 DeFi integrations, including top protocols such as Synthetix and Kyber Network. As per a recent tweet, the Chainlink team is committed to meet the growing demand for on-chain products involving various crypto assets by continually rolling out secure price oracles.
“We’ve successfully been able to secure DeFi in the billions of dollars. The value on our networks has stood up to extreme unforeseen events—and our networks have operated through those successfully,” Chainlink cofounder Sergey Nazarov told Decrypt in an earlier interview.
Moreover, other top blockchains, notably Polkadot and Tezos, have adopted Chainlink’s tech over the past year, further cementing LINK as a mainstay of the cryptocurrency ecosystem.