Chainlink co-founder: Network has enabled over 7 trillion in transaction value mainly driven driven by DeFi – LINK poised to lead future

  • Despite a rocky 2022, the Chainlink network managed to successfully enable 7 trillion in transaction value, mainly driven by DeFi. 
  • Sergey Nararov, the Co-founder of Chainlink tells CNBC that developers are committed to problem-solving, despite the ongoing banking crisis. 

Chainlink is making waves in the crypto and blockchain industry, as the network continues to facilitate transactions in the market.

Despite the bears taking charge of the previous year, Chainlink was able to enable a transaction value of $7 trillion cumulative total for 2022. The transaction total was a build-up from January 2022, and climbed to the $7 trillion level in December, despite the bearish woes the market faced.

Chainlink’s transaction value enabled is calculated by the total sum of the USD value associated with each transaction utilizing prices from the start of 2022. Optimism, Avalanche, Ethereum, Polygon, BNB Chain, Gnosis, Fantom, and five other networks are some of the chains included.

As far as helping the Web3 industry scale, Chainlink has remained on top of its game. The network also closed in 2022 with commendable growth levels in other areas. Data points delivered on-chain have crossed 5.8 billion, while Public GitHub Repos using Chainlink has surpassed 18,000. Projects in the Chainlink ecosystem have jumped past 1,6000.

Chainlink’s Co-Founder speaks on developers’ sentiments as regulatory pressure increases

Meanwhile, Sergey Nararov, the Co-Founder of Chainlink has bared it all out in a recent interview with CNBC. Speaking on Chainlink’s TVE reaching 7 billion, he remarked that the growth has mainly been driven by DeFi. However, he expects the numbers to be driven by DeFi gaming and capital markets which will funnel value into blockchains in the future.

“Right now it’s at over 7 trillion in transaction value enabled. I feel it is going to go well beyond that and that’s going to be driven by interest in using blockchains in financial products, gaming and the capital markets.” He said.

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The interviewer quizzed the founder about the current uncertainty in the crypto space. She highlighted the ongoing crisis that traditional banks have been facing in the last few weeks, and the regulatory pressure facing the fintech market.

In his response to the ongoing events and how they ripple into the sentiments of developers in the Web3 ecosystem, Chainlink boasts said the following;

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I think for developers, It is very positive because people are starting to realize that true ownership and control over assets, and counterparty risks in traditional institutions is a real problem. People turn to technology to solve their problems and developers build the tools and systems and applications that people use to have those problems solved.

Developers are committed to problem-solving, he says, adding that customers are losing faith in traditional financial institutions. Network developers have new and exciting problems to solve, as traditional financial institutions place customers’ funds at risk. 

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Olivia Brooke has been writing about cryptocurrencies since 2018. She’s currently fascinated by NFTs, and she remains committed to learning and writing about the broader cryptocurrency industry.

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