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What It Takes To Fulfill The Vision Of Chainlink 2.0
"...At last week’s 2021 Global DeFi Summit, the leading gathering of global DeFi experts, Chainlink Co-founder Sergey Nazarov joined Real Vision Crypto Editor Ash Bennington for a fireside chat about the architecture of hybrid smart contracts and Chainlink’s place in the broader DeFi ecosystem.
“What is the vision for version 2.0?”
Chainlink 2.0 outlines the architecture of hybrid smart contracts’ two essential parts: deterministic on-chain code and decentralized oracle networks (DONs) that provide equally trust-minimized off-chain services.
Nazarov explained how more decentralized services will power more advanced hybrid smart contracts to ultimately build Web 3.0."
https://chainlinktoday.com/what-it-takes-to-fulfill-the-vision-of-chainlink-2-0/
Looking very positive. Notice that recently, every selloff is followed by buying.
Good hodling!!!!
Bought some Solana last week for a long term hold.
Anyone want to try to explain this gift?
Chainlink adoption compounds with Glitch Finance and Lever, as LINK price prepares for 22% lift-off
o Chainlink adoption is on a constant uptick with new projects on-boarding its oracle solutions.
-
o Recently, Glitch Finance and Lever have integrated Chainlink Price Feeds to accelerate development.
o LINK price is has dipped below crucial levels and shows signs of recuperating losses with a 22% upswing to $21.65.
"Chainlink fuels most of the DeFi projects with its reliable and accurate price data. Glitch Finance and Lever are two recent additions that will leverage its oracle solutions. While the former focuses on improving the DeFi landscape and dApps, the latter will use it to secure its lending and margin trading platform...."
https://www.fxstreet.com/cryptocurrencies/news/chainlink-adoption-compounds-with-glitch-finance-and-lever-as-link-price-prepares-for-22-lit-off-202106240407
Lever Integrates Chainlink Price Feeds to Secure its Lending and Margin Trading Platform
"...We are delighted to announce that Lever has successfully integrated Chainlink Price Feeds on mainnet, starting with DOGE/USD and EPS/USD. Lever will reference Chainlink Price Feeds to issue loans, check limit order conditions, and verify that user’s open margin positions are fully collateralized at all times, keeping our DeFi markets fully solvent and in line with the global crypto markets. We plan to continue expanding our use of Chainlink Price Feeds across multiple blockchains to bring margin trading support for new cryptocurrencies in demand by our ecosystem..."
https://levernetwork.medium.com/partnership-with-chainlink-184916454780
Announcing Plans to Integrate Chainlink Price Feeds to Accelerate DeFi Development on GLITCH
"...We decided to integrate Chainlink as our preferred decentralized oracle solution because it is the most widely used and time-tested oracle network. It already supports top projects in the blockchain space, securing tens of billions of dollars in value..."
"...As the best oracle solution in the industry, Chainlink unlocks development barriers on the GLITCH Network for smart contracts needing market information for use cases such as yield farms, insurance, decentralized exchanges (DEX), and automated market maker protocols (AMMs)..."
"...Chainlink solves this problem by acting as secure middleware between off-chain and on-chain data — fetching off-chain data, validating it, and then delivering it to smart contracts on demand..."
https://medium.com/glitchfinance/announcing-plans-to-integrate-chainlink-price-feeds-to-accelerate-defi-development-on-glitch-7581a67b1c2b
Announcing Plans to Integrate Chainlink Price Feeds to Accelerate DeFi Development on GLITCH
"...We decided to integrate Chainlink as our preferred decentralized oracle solution because it is the most widely used and time-tested oracle network. It already supports top projects in the blockchain space, securing tens of billions of dollars in value..."
"...As the best oracle solution in the industry, Chainlink unlocks development barriers on the GLITCH Network for smart contracts needing market information for use cases such as yield farms, insurance, decentralized exchanges (DEX), and automated market maker protocols (AMMs)..."
"...Chainlink solves this problem by acting as secure middleware between off-chain and on-chain data — fetching off-chain data, validating it, and then delivering it to smart contracts on demand..."
https://medium.com/glitchfinance/announcing-plans-to-integrate-chainlink-price-feeds-to-accelerate-defi-development-on-glitch-7581a67b1c2b
Post cryptocurrency plunge health of LINK:
Link's 49% return for the first 6 months of 2021 is still better US Treasury or corporate bonds.
Chainlink, AAVE, Sushi: What’s the deciding factor for these alts?
"...The next wave of DeFi projects that rally in response to ETH may be led by LINK... "
"...In the past 3 months, the price has dropped closer to the $16 level, the current price level is higher than that. LINK is undervalued at the current level, following on-chain metrics and LINK’s correlation with ETH, it is likely that LINK will rally in response to ETH’s price rally..."
https://ambcrypto.com/chainlink-aave-sushi-whats-the-deciding-factor-for-these-alts/
Chainlink 2.0 Will Boost the Crypto To New Heights
Chainlink's latest update will solidify its positioning as the top oracle in the smart contract realm
https://investorplace.com/2021/06/chainlink-2-0-will-boost-the-link-crypto-to-new-heights/
Uno Re announces integration with Chainlink
"... Uno Re plans to leverage the widely used Chainlink Price Feeds across Binance Smart Chain (BSC) and Polkadot to price policies, risks, and/or payouts in various crypto and fiat currencies. Additionally, we will utilize Chainlink’s flexible framework to securely expand our offering to various parametric insurance covers, such as weather and flights, using an aggregation of premium data feeds supplied by Chainlink oracles..."
https://medium.com/uno-re/uno-re-announces-integration-with-chainlink-5bcc0932d0b8
MoonFarm Finance Integrates Chainlink Price Feeds to Secure MoonFarm Algorithm Farming Strategy
"...We’re excited to announce that MoonFarm Finance — the first CeDeFi Yield Farming Aggregator on Multi chain — has integrated Chainlink Price Feeds on the Binance Smart Chain mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, MoonFarm Finance has access to high-quality, tamper-proof price feeds needed to monitor the price changes of token so that the algorithm can detect the impermanent loss could happen and switch the farm to avoid it..."
"...MoonFarm optimizes Yield Farming interest (APY/ APR) and provides users with the abilities to choose what farms they want to use, or the system will automatically determine the best farming strategies using the yield optimization engine..."
https://moonfarmfinance.medium.com/moonfarm-finance-integrates-chainlink-price-feeds-to-secure-moonfarm-algorithm-farming-strategy-844d11ed6909
Every quad witching, this Chainlink price trend can be observed
"...Based on the above chart from Coinmetrics, LINK’s price is not likely to recover until next week. The concentration by large HODLers is increasing, it has crossed 75% based on data from intotheblock. Besides, with the increase in concentration the percentage of HODLers profitable at the current price level. The percentage of profitable HODLers has increased consistently following a recovery from a dip..."
"...LINK is likely to follow, while ETH leads the second altcoin rally in 2021...'
https://ambcrypto.com/every-quad-witching-this-chainlink-price-trend-can-be-observed/
I took the advantage of going back to the mid-January 2021 LINK prices and doubled my investment.
Keep this in mind before you turn negative about crypto investments (esp. DeFi category).
"...In the traditional financial markets, the total value of financial derivatives is estimated by some to be 10x larger than global GDP.
Essentially, derivatives dwarf the value of regular financial markets.
The DeFi derivatives market, on the other hand, is still in its infancy.
The TVL of the[img][/img].
But its recent growth has been very impressive.
The TVL of the DeFi derivatives market was around $132 million a year ago. That means that the market has grown by about 210x in a single year..."
https://explodingtopics.com/blog/defi-trends
Since ihub replaces actual data with "?" at submission of a message. here's the mathematical "formula" that was submitted before it was "????-ized".
As ChainLink's Function Users Are Growing Following Metcalfe's Law. So will Link's price
Background:
Function Calls (Callers)
"... ChainLink permits a user to capture real world data by
executing software code. A request to execute this
code is termed a function call. For example, if fictional
ABC Pharma Corp wished to monitor and record
shipments of prescription painkillers, an oracle could
record the quantity, price, date, and time of that
activity. ABC may want to do this to ensure its drugs
are not stolen or misdelivered..."
Unique Function Callers as an Accurate
User Count
"...Function calls to ChainLink increase LINK’s value
because it represents a direct financial interest in the
oracle service ChainLink provides. The converse it not
true; an increase in LINK’s price does not trigger
people to make function calls to the ChainLink
network..."
Summary:
Value
"...There is an extensive and growing library of material
supporting Metcalfe’s Law as the basis for network
valuation, including financial networks and
cryptocurrency networks.
We obtained the daily count of unique callers from
bloxy.info and applied Metcalfe’s Law to value LINK as
a network.
For this research, we use the formula
???? = ????????
where
???? = 0.5????(???? - 1)
n is unique caller count per day and A is an exponential
decay factor proportional to users and adjusted for
price elasticity of demand.
ChainLink’s daily function caller activity can vary
greatly from day to day. However, we can look at
long- and short-term trends and estimate a high and
low boundary around LINK’s daily Metcalfe Value.
LINK’s price has mostly stayed above the lower bound
of this range. Two notable exceptions are December
2018 (the nadir of “crypto winter”) and the market
crash of March 2020.
Using the lower bound of Metcalfe Value as a
baseline, we can look at the relationship of Price to
Value to evaluate whether LINK is or has been priced
near equilibrium and what the downside risk might be.
https://static1.squarespace.com/static/5d580747908cdc0001e6792d/t/5f3bba7fe0cc631d15da5c04/1597749887865/research+note+8.17.1.pdf
Conclusion:
Chainlink's price will follow Metcalfe's Law of exponential growth.
Don't fight this mathematical law.
Konomi Integrates Chainlink Price Feeds to Secure its DeFi Solutions for the Polkadot Ecosystem
"...We are proud to announce that Konomi, a Substrate-based blockchain, has natively integrated the widely used Chainlink Price Feeds on testnet via the Chainlink Oracle Pallet. By integrating Chainlink Price Feeds as our go-to oracle solution, we can secure critical functions within our decentralized liquidity and money market protocol, such as issuing loans and triggering liquidations based on fresh, accurate, and tamper-proof asset prices.
We recommend that all decentralized applications (dApps) launching on Konomi and needing price oracles to use Chainlink Price Feeds. Not only is Chainlink the most provably reliable oracle solution during periods of extreme network congestion and market volatility, but its Price Feeds are backed by industry-leading data quality that’s proven to be flash loan resistant. Hence, why Chainlink is counted on by leading decentralized finance (DeFi) applications to secure tens of billions of dollars, and makes for a perfect fit to support Konomi’s DeFi offerings..."
https://konomi-network.medium.com/konomi-integrates-chainlink-price-feeds-to-secure-its-defi-solutions-for-the-polkadot-ecosystem-ac4fe05eeaaf
Base Protocol Using Chainlink Keepers for Decentralized Maintenance of its Rebasing Function
"... We are excited to announce that Base Protocol has expanded its integration with market-leading decentralized oracle network Chainlink. Our new integration involves Base Protocol using Chainlink Keepers to automate the regular maintenance of our rebasing function. By automating the triggering of our daily rebase at 10:00PM UTC through Chainlink’s decentralized network of professional DevOps, supply adjustments to BASE are carried out in a highly reliable and trust-minimized manner. This marks a major leap towards Base Protocol being more resilient even amidst unexpected events like network congestion, both by removing the need for manual processes and having clear economic incentives around the timely execution of rebases.
The Chainlink Keepers servicing Base Protocol will poll our Monetary Policy contract throughout the day, waiting for the supply adjustment window to open. Once the contract indicates that the window has opened, Chainlink Keepers will issue a transaction that adjusts BASE’s total supply based on the Total Crypto Market Cap Data Feed supplied by Chainlink. Additionally, all of the liquidity pools where BASE is traded will be instantaneously rebalanced..."
https://medium.com/@BaseProtocol/base-protocol-using-chainlink-keepers-for-decentralized-maintenance-of-its-rebasing-function-583543ae0178
Status of ChainLink's ROI YTD:
Interesting comparisons:
- Average annual interest in a US savings account is .50%
- As of May 2021, the yield for a ten-year U.S. government bond was 1.58 percent, while the yield for a two-year bond was 0.14 percent.
. . . . . .
Treasury yield curve in the United States as of May 2021:
Bond maturity Yield
10 year.........1.58%
20 year.........2.18%
30 year.........2.26%
---Thus the need for DeFi---
BTC is up again. What about altcoins?
:...According to the analyst, once BTC’s movement becomes sideways, the altcoins would follow suit. Such a projection is based on the past as every altcoin fell down at the same time as BTC crashed, primarily due to the panic that ensued in the market. Thus, when Bitcoin consolidates again, altcoins would get back their price momentum.
“The best nature for the altcoins to move is when Bitcoin consolidates and doesn’t be volatile as it is regularly…”
Altcoins are yet to hop on the rally train as BTC’s sudden upturn has put pressure on them to perform like the king coin. If Bitcoin goes through another round of volatility/price spike, it could make things truly difficult for the altcoins.
However, Bitcoin will not be making an impulsive move anytime soon due to the presence of multiple resistances on the upside, especially since BTC is still far away from its ATH.
Bitcoin’s resistance levels | Source: BTC/USD – TradingView
“This is the period [ consolidation under 48k ] where altcoins will start outperforming Bitcoin…The longer that Bitcoin is going to act sideways, the more likely altcoins are going to continue their run and get back to pre-crash levels.”
https://ambcrypto.com/with-bitcoin-on-the-up-what-are-altcoins-waiting-for/
Chainlink network effect
With the addition of decentralized finance monetary system Gaugecash, Chainlink has surpassed 500 integrations. This is according to Chainlink development community, The LinkMarine 2.0. Investors and participants of the Chainlink ecosystem are affectionately known as Link Marines.
Companies that have integrated with this blockchain project belong to a variety of industries. According to the community these include, “84 blockchains, 213 DeFi projects, 64 node operators, 43 data providers, 33 infrastructure [providers], 24 gaming projects, 22 NFT projects.”
Some expect that such a dynamic growth may lead to a so-called network effect described by Metcalfe’s Law.
Essentially, Metcalfe’s Law says that as the number of its users grows linearly, a network’s value grows geometrically as a result. If the adoption of Chainlink continues to develop rapidly, the utility of the entire project could grow very quickly.
Half a million LINK addresses
The second milestone that Chainlink recently reached is the number of active addresses with a non-zero balance. The project community recently reported that the network has 500,000 active wallets. Data provided by Glassnode also confirms this, along with on-chain analysis from Etherscan.
Interestingly, the curve is a good approximation of the development of LINK’s price, which also resembles an exponential curve.
White paper 2.0
Finally, developers released a new version of the white paper for the project on April 15. The document is entitled ‘Chainlink 2.0 and the Future of Decentralized Oracle Networks’.
The new white paper presents a vision for the further evolution of Chainlink. The main idea is the so-called DONs or Decentralized Oracle Networks. They enable the full range of oracles to function and provide an interface layer for smart contracts and off-chain resources.
https://www.yahoo.com/now/chainlink-network-effect-horizon-integrations-101500488.html
Example of Metcalfe's Law in a simple illustration.
Two telephones can make only one connection, five can make 10 connections, and twelve can make 66 connections.
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