Zilliqa (ZIL) and Chainlink (LINK) Reap Benefits of Oracle Integration
Zilliqa (ZIL) surged to 12% gains on Wednesday, fresh off news that it had chosen Chainlink (LINK) as its blockchain oracle for smart contracts. Chainlink followed with its own 9% surge – its first significant price increase since losing 50% of its value over the past month.
Zilliqa and Chainlink Partner Up for Oracle Feeds
According to Wednesday’s press release, Zilliqa has integrated Chainlink oracles for use in its own smart contracts. From the announcement:
“The collaboration will allow Zilliqa smart contracts to easily retrieve and query external data feeds through a custom Chainlink adapter, enabling access to real-time information such as exchange rates, market prices, voting results, weather forecasts, derived from other public blockchains and cloud service providers.”
The Zilliqa coin price responded in turn with a sharp 12.99% surge, carrying the valuation from $0.010066 up to $0.011374. Trade volume increased by over 150%, rising from $5 million to $13 million. The majority of trades were shared between OKEx, Binance and Huobi.
President and Chief Scientific Officer at Zilliqa, Amrit Kumar, said Chainlink’s oracles would become an integral part of Zilliqa’s operations:
“…reliable price feeds will be integral to the growing diversity of the Zilliqa ecosystem. We look forward to seeing exciting new applications on our network such as decentralised exchanges, trading platforms, and many other crypto-integrated financial services.”
Chainlink also saw its token price increase off the back of the news. The LINK valuation gained 9.35% hand-in-hand with Zilliqa, climbing from $2.03 to $2.22. That’s right after Chainlink topped out at $4.08 on July 1st, before subsequently dropping back down to $2.02 over the next thirty days.
The Coinbase Connection – Why No XTZ Yet?
The cryptocurrency charts were dominated by Tezos (XTZ) on Wednesday after Coinbase announced the coin would be going live on its platform. Yet Zilliqa was announced on Coinbase more than 8 months before Tezos, and its XTZ token is still nowhere to be seen in most jurisdictions, including the United States.
Some have suggested legal issues are holding back XTZ’s immediate launch on the exchange, particularly in the U.S. Others say the ongoing XTZ token swap (which sees the old Ethereum-based tokens swapped out for mainnet coins) is the reason Coinbase hasn’t dropped the hammer yet.
The Zilliqa price just hit an all-time low as recently as July 17th, making it a ripe target for bottom-picking. With a possible Coinbase pump still on the horizon, perhaps XTZ has legs to grow beyond its one cent valuation. That said, this writer is not convinced the current Bitcoin drop is over, so tread carefully.
This will be the fourth project to integrate Chainlink’s oracle tech in the past few weeks. Chainlink was one of June’s best performers, with 600% growth – helped in no small part by its partnership with Google, and its listing on Coinbase.
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 CoinMarketCap.