Despite being in a bear market, Chainlink continues to be widely adopted. The demand for the services it provides, right from VRF to automation and price feeds to data, is now on the rise. As a result, an increasing number of projects have been integrating with the decentralized blockchain oracle network.
For instance, just over the past week, 14 new integrations of its services across three different chains [BNB Chain, Ethereum, and Polygon] took place.
Also Read: Is Chainlink at $6-$9 an “Opportunity of a Lifetime”?
Chainlink Spreads Its Wings In 2022
In 2022, the oracle network supported a host of prominent blockchains and helped them power applications across Web3.
Price feeds have witnessed notable demand on L2 platforms like Arbitrum. The protocol is bringing scalability to Ethereum dApp devs, and it currently has more than $1 billion in TVL.
Moving on, Chainlink also expanded to Avalanche. Elaborating on the same, Chainlink’s official tweet thread noted,
“Avalanche continues to empower its dev ecosystem by joining the Chainlink SCALE program & being its first member to integrate all Chainlink services on mainnet.“
Additionally, it noted that the network is also catering to a lively community on BNB Chain.
Evidently, the Ethereum Merge was a landmark event. Interestingly, the oracle network had a role to play in helping the network attain that feat. Elucidating on that, the Twitter thread noted,
“Chainlink node operators and data providers successfully navigated The Merge without any service disruptions.“
Other Notable Integrations
Additionally, the Gnosis Chain successfully completed the Gnosis Merge, transitioning from its Proof of Authority consensus mechanism to Proof of Stake. Its services on the chain notably remained “operational” and “secure” throughout the said complex upgrade.
Additionally, the Fantom Foundation continues to support its developer ecosystem and enable new use cases beyond DeFi via the native integration of Chainlink’s VRF and automation services.
With respect to Polygon, the thread pointed out,
“Polygon continued to support high-quality education for Web3 devs, including by sponsoring the Chainlink Fall Hackathon. Chainlink services are widely used by dApps within the Polygon ecosystem.”
Despite putting up an impressive show on the adoption front, the network’s native token LINK traded at discounted prices throughout the year. When compared to its January 1 high of $20.79, the asset was trading at ~$6 at press time. Analysts have, however, labeled this price to be an “opportunity of a lifetime.”
