Michaël van de Poppe - 06 October 2022
Chainlink and it's recent developments!
Welcome to this new blog article!
In this article, we will tell you more about the recent developments of Chainlink!
There were many new updates released for Chainlink during SmartCon 2022 at the end of September. Smartcon is a Web3 conference that connects builders, investors, and the community.
At the conference, SWIFT`s Strategy Director and Sergey Nazarov (Cofounder of Chainlink) announced that SWIFT is using Link`s CCIP in an initial proof of concept. CCIP will enable SWIFT messages to instruct on-chain token transfers, helping the SWIFT network become interoperable across nearly all blockchain environments.
SWIFT provides services related to executing financial transactions and payments between banks worldwide, and the adoption of Link technology is favorable for Chainlink.
Another important announcement was the staking program date announcement. Nazarov informed that the staking of LINK will go live in December. Before, it was only known that staking will be active in the second half of 2022, but now we know the exact month. This is an important update as it adds a lot of value to the now lacking utility of the LINK token.
Staking is a part of Chainlink Economics 2.0 which consists of an array of programs focused on improving data security and utility while reducing the operating costs of oracle services. It also increases user fees paid to Chainlink service providers and enables a broader scope of service providers, such as stakers, to participate in the Chainlink ecosystem.
The staking APY is expected to be 5% yearly starting in December. It is worth mentioning that staking is expected to decrease the selling pressure significantly because LINK holders will be incentivized after that point.
Additionally, early access for staking is announced on the 3rd of October with eligibility requirements and limiting max staking of 7000 LINK per wallet.
Blockchains require oracles to unlock their full capability to achieve their full potential. Chainlink can easily continue to be an industry leader for a significant time because it is one of the few projects developing Oracle solutions and has positioned itself well ahead of the rest.
The recent developments are promising for Chainlink. The adoption of traditional finance products like SWIFT is hard to achieve, and LINK staking will help to add more utility to the token and take more of LINK out of circulation.
LINK has a good chance of getting more adoption and use cases in the future and core value for the blockchain. Altogether, we can see bullish price movements for LINK because of the recent news and staking updates.
In our Trade Letter we go more into depth by looking at the charts of Chainlink too! Our TA team take a look at the 1D timeframe and 4H!
Next to this, we discussed IMX and did a FA and TA on this project! All in the same Trade Letter!
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