- Chainlink hit a new milestone today as it announced a $7 trillion TVE.
- Chainlink’s TVE was inked across 12 protocols since the start of 2022.
It has been an incredible journey for the Chainlink ecosystem since its inception in 2017 and through a series of ecosystem growths, the protocol has achieved a lot. From the start of 2022 to date, Chainlink has recorded a total of $7 trillion as its Total Value Enabled (TVE), making it the first and biggest oracle service in the blockchain ecosystem.
Chainlink made its debut on the Ethereum blockchain and quickly established its foothold as an abstraction layer that enables universally connected smart contracts. Through its oracle network, Chainlink permits blockchain protocols to communicate or interact with external data feeds, events as well as payment methods.
Chainlink was also developed to offer critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement. The offering Chainlink introduced bolstered the interoperability of Web3.0 protocols amongst themselves, as well as with the traditional digital ecosystem.
As shared by the protocol, the $7 trillion accrued in TVE was inked across a total of 12 blockchain networks showcasing how widespread the Chainlink influence has grown over the past few years.
⬡ Network Milestone ⬡
The #Chainlink Network has surpassed $7 trillion in transaction value enabled (TVE)—a measure of aggregate USD value of on-chain transactions facilitated by Chainlink oracles across 12 blockchains since the start of 2022. pic.twitter.com/Gzw5C3x2ew
— Chainlink (@chainlink) January 25, 2023
TVE Fueled by functional partnerships
While Chainlink is known as a very useful tool for blockchain systems communications, the core developers did not sit on their oars but are rather adding to the functionalities through defined partnerships. As reported by Crypto-News Flash, Chainlink partnered with OpenEarth and the University of California Berkeley in the broad fight against Climate Change.
The Chainlink integration, as detailed by Charlie Moore, Head of Carbon and Sustainability Solutions at Chainlink Labs was targeted at leveraging the protocol;
..to help provide greater transparency in the pricing of carbon in transition planning and financing activity. By using this Carbon Pricing Oracle, powered by Chainlink, organizations are better able to account for all social aspects, energy projects, and other factors that impact their social cost of carbon.
This integration notably showcases the borderless reach of the Chainlink oracle, a feature that is notably being maximized by all the projects associated with it.
The observable TVE growth has also impacted the price of the protocol in more than one way. While the protocol also got bashed with the crypto winter, it is notably trading at a better price level today with a 3.56% growth to $6.99. It is worth noting that the Chainlink protocol is trading up by over 5400% from its lowest price point attained about 5 years ago.
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Discrepancies in the TVE
As a versatile and decentralized technology, Chainlink has come under the crosshairs of keen observers in the community who believe the reported TVE of $7 trillion is 13x the observable value. According to a researcher identified as “ejwallach,” the TVE equals as much as 5x the aggregate YTD volume of DEXs and lending applications.
While ejwallach believes there could be some unexplained methodologies deployed in calculating the values, a Chainlink Labs representative named James provided clarity noting that the TVE represents the true value of all dollar transactions on all the protocols that the blockchain oracle supports.