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- Chainlink and Optimism have been working together since September 2021 when the latter integrated with the former’s price feeds.
- LINK price has, however, not risen in the past year but continued to consolidate horizontally.
As the Web3 industry grows to mainstream adoption, Chainlink (LINK) ecosystem remains at the core center of almost all protocols development. The Chainlink (LINK) network provides Web3 developers with quality and timely price feeds to help secure billions of dollars. Already the Chainlink network has been integrated by leading decentralized applications including in lending and DEXes ecosystems.
Chainlink Powers Optimism’s Growth
In the latest development, the Chainlink team announced a successful integration of Chainlink Automation on an Optimism layer two scaling solution. Notably, Optimism will be joining a growing community of decentralized applications – including BarnBridge, DeFiEdge, Lyra, and Pickle Finance – that uses Chainlink Automation. The Chainlink Automation nodes help to reduce manual risk in building strong smart contracts.
With Chainlink Automation live on Optmism, developers can scale their Dapps by triggering key functions and DevOps tasks using Automation
“The launch of Chainlink Automation will help Optimism developers trigger DevOps tasks, provide stronger security guarantees, and more easily scale their dApps,” said Smit Vachhani, Head of DeFi Partnerships at OP Labs.
With the native integration of Chainlink Automation’s smart contract automation service, developers can build advanced features and unlock new use cases that help grow the Optimism ecosystem.
Worth noting that, Chainlink and Optimism began their collaboration more than a year ago. Notably, Optmism has been using Chainlink price feeds since September 2021, thus providing developers with updated data.
#Chainlink Automation is now live on @optimismFND.
Developers can now trigger key functions and DevOps tasks using Automation, enabling them to seamlessly scale their dApps.https://t.co/44wMBCKkzQ
— Chainlink (@chainlink) May 15, 2023
The growth of the Chainlink network is expected to be exponential in the coming years as Web3 adoption through Optimism layer two widens to institutional investors. Furthermore, the Optimism network is backed by Ethereum core developers.
“We’re pleased to support the Optimism ecosystem with the native integration of Chainlink Automation, enabling developers to build highly scalable smart contract applications that are decentralized end-to-end,” Johann Eid, VP of Go-To-Market at Chainlink Labs noted.
Market Outlook
The Chainlink network currently secures tens of billions of dollars across DeFi, insurance, and the gaming industry among others. As of reporting time, the Chainlink ecosystem has a market capitalization of approximately $3,436,906,896 and a fully diluted valuation of about $6,646,503,745. According to our latest crypto price oracles, LINK coin had a reported daily transaction volume of about $132 million.
However, the figure is expected to grow in tandem with the growth of Web3 adoption and digital assets adoption.
On-chain data from ethplorer shows there are about 652k LINK holders who have made more than 13 million transfers. Remarkably, the Chainlink ecosystem includes node operations, data providers, and data users, among others.
Price Action
The price of LINK has consolidated in the past twelve months despite the occurrence of the 2023 crypto relief rally YTD. On the weekly USD derivative, the LINK price is under the influence of a death cross between the 50 and 200 MAs. As a result, the LINK army could be forced to absorb some selling pressure in the coming months before a rebound to a rising trend.
