Chainlink has been making waves in the Web3 space and has been capitalizing on its fast paced growth.
With a surge in network growth and rise in development activity, the cryptocurrency also witnessed interest from crypto whales. Can Chainlink capitalize on this growth?
LINKing up in Web3 :
The Chainlink team mentioned of the ways it was contributing to the Web3 growth. This was done by its Transaction value enabled (TVE).TVE is a Web3 metric that measures the aggregate monetary value of transactions facilitated by a protocol over a given time period.
As can be seen from the image below, the number of transactions enabled by Chainlink on the Web3 ecosystem continued to grow throughout 2022. Chainlink, at the time of writing, had facilitated more than 6.4 trillion transactions in the Web3 space.
Furthermore, apart from the Web3 developments, Chainlink also managed to observe noteworthy growth in terms of on-chain developments. Over the past few days, Chainlink observed a spike in terms of network growth. An uptick in network growth would suggest that the amount of new addresses that transferred LINK for the first time had grown.
Alongside Chainlink’s network growth, its development activity surged as well. This indicated that the developers on the Chainlink team had been increasingly contributing to Chainlinks GitHub. Thus, implying that there could be a possibility for further updates and upgrades in the future.
These developments coupled with an increasing Market Value to Realized Value (MVRV) ratio could paint a positive outlook for Chainlink’s future.
Source : ambcrypto.com/chainlink-are-traders-holding-on-to-their-links-these-developments-could-prove/ by Suzuki Shillsalot - October 30, 2022