Chainlink (LINK) Surges as Partnership with Oracle Gains Steam
Recently announced partnerships with Oracle and Zilliqa have created a virtuous cycle for Chainlink (LINK). The decentralized oracle service was the crypto market’s top performer on Saturday, surging more than 19% against the dollar, Ethereum and bitcoin.
Chainlink Price Update
In dollar terms, the value of Chainlink surged 22.2% to $2.66, according to CoinMarketCap. The cryptocurrency is trading at its highest level in over two weeks.
LINK also appreciated against bitcoin and Ethereum. The LINK/BTC exchange rate jumped 19.2% to 0.00024559. LINK/ETH surged 20.8% to 0.01190125, based on last available data.
More than $148 million worth of LINK was exchanged via the spot market on Saturday, according to CoinMarketCap’s reported trade volumes. While these figures are likely inflated, Binance processed more than half of the volumes. Binance is one of ten cryptocurrency exchanges whose bitcoin trade volumes have been verified by Bitwise.
At current values, Chainlink has a total market capitalization of $930 million, where it ranks 17th among active blockchain projects.
After peaking at $4.54 on June 29, LINK would plummet all the way back down to $2.01 in July. On balance, the volatility has worked in LINK’s favor as the cryptocurrency has a lifetime return on investment of nearly 1,600%.
Partnerships Power Chainlink Forward
Chainlink catapulted higher back in June after Oracle’s startup program announced it was partnering with the blockchain platform. According to Forbes, the partnership is aimed at helping Chainlink generate additional revenue streams by selling its own data.
“Chainlink’s decentralized oracle technology will be leveraged to monetize APIs via smart contracts on the Oracle Blockchain Platform,” writes Darryn Pollock of Forbes.
As a member of the Oracle for Startups program, Chainlink receives cloud credits, pricing discounts and access to the software giant’s marketing services.
Earlier this week, cryptocurrency project Zilliqa announced it was integrating Chainlink oracles for its own smart contracts. Amrit Kumar, Zilliqa’s president and chief scientific officer, said Chainlink’s oracles would become a key part of his platform’s operations.
Chainlink will provide reliable price feeds that will “be integral to the growing diversity of the Zilliqa ecosystem,” he said.
Chainlink offers an attractive value proposition for large companies that would like to embrace blockchain technology without overhauling their infrastructure. Unlike Ethereum, which cannot accept data outside of its blockchain, Chainlink offers technology for communicating with the outside world.
As Hacked reported back in May, Chainlink aims “to connect cryptocurrencies that run smart contracts to the outside world or the existing infrastructure.”
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Charts via TradingView.