The standout cryptocurrency of 2020 Chainlink, is seeing more improvements as the social media presence and community sentiment enhances. In the latest chain link news today, we are reading more about it.
Chainlink is one of the best-performing alternative crypto assets this year and now, the standout cryptocurrency hit a new high in the number of Twitter followers. According to the market data firm CryptoCompare, social media followers are surging past new highs and they wrote:
“LINK has been one of the standout altcoin performers of 2020 and seems to be going from strength to strength. Its social media followers seem to be growing in tandem as it gains popularity.”
Social media metrics are not the conventional way to measure cryptocurrency trends but these usually indicate a strengthening community and improving sentiment on the market. Bitcoin at the same time, and its Twitter dominance, remains well above LINK’s 41% to over 5%. The community’s sentiment around LINK seems to be improving because of two factors including new partnerships and the growth of decentralized finance. Chainlink provides oracles through smart contracts and it is mostly used by DeFi protocols as the oracles provide real-time market data which is why DeFi platforms use it and operate seamlessly.
DeFi protocols have two options: building their own oracles or using existing service providers. The latter is more compelling because it prevents making more costs while DeFi protocols such as Aave and Synthetix are working with Chainlink. Aave’s CEO Stani Kulechov said:
“I think part of composability is that you don’t have to build everything by yourself. Chainlink’s oracle is very good, and it’s part of this whole composability idea, it’s vital.”
As the total value locked in DeFi achieved a new high $3.56 billion, it further boosted the usage by Chainlink in DeFi protocols. Other than DeFi-related growth, LINK partnered with Binance Smart Chain and German telecommunications giant Deutsche Telekom System:
“You could even say duty as a telecom company to be a public blockchain network infrastructure provider.”
Binance Smart Chain is using Chainlink oracles to aggregate prices from exchanges that assist Binance DEX to operate in different DeFi spaces:
“Chainlink oracles bring greater market coverage to DeFi applications on Binance Smart Chain by retrieving price data from data aggregators, which aggregate prices from all centralized and decentralized exchanges.”
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