According to recent data from the blockchain analytics company Santiment, Chainlink, the Ethereum-based decentralized oracle, has maintained its leading position in the past 30 days, demonstrating an average daily development activity of 512.
Chainlink leads in RWA development
Santiment’s list of the top 10 Real World Assets (RWA’s) by development shows Chainlink as the frontrunner. With an average daily development activity of 512, it surpasses Synthetix and Centrifuge, which have 254.93 and 70.8, respectively. This substantial increase in Chainlink’s development activity signifies its dominance in the RWA space.
However, the list of the top 10 Real World Assets (RWAs) by development comprises Orai Chain, Dusk, Maker DAO, IX Swap, Creditcoin, Polymesh Network, and Reserve Rights. These projects, with development activities ranging between 55.4 and 11.9, contribute to the diverse RWA landscape.
Meanwhile, the remarkable expansion of the Chainlink ecosystem, powered by the LINK token, necessitates a more thorough examination of the underlying reasons.
Chainlink’s success factors
Since its establishment in 2017, Chainlink has become one of the most reliable and widely used blockchain oracle networks for integrating real-world data into smart contracts. The protocol has already secured over $1.1 billion in crypto assets.
The success of Chainlink is partially attributable to its decentralized architecture, enabling developers worldwide to propose their oracles following a thorough verification process.
With the support of a dynamic global community, Chainlink continues to form strategic partnerships, including recent collaborations with financial institutions SWIFT and Google Cloud. These partnerships contribute to its increasing recognition, ongoing development, and the climb of its native token, $LINK.
The project also recently announced that Intruxi has joined Chainlink’s BUILD program. The program aims to enhance the growth and adoption of tokenized assets by using Chainlink’s Oracle services and technical support.
Using Chainlink’s unique capabilities, Instruxi can now employ secure tokenized identity information. Furthermore, applying Chainlink’s Proof of Reserve (PoR) ensures that on-chain assets are adequately collateralized, enhancing transparency and trust.
LINK market performance
The price of Chainlink (LINK) has followed the overall downtrend in the crypto space, led by Bitcoin’s decline. Despite this bearish movement in recent weeks, crypto whales have purchased more than 6.2 million LINK, valued at about $76.88 million at the current time, as shared by renowned crypto analyst Ali Martinez.
This acquisition can be explained by whales looking to take advantage of the recent market crash and buy the dip, as the LINK price has dropped by 20.46% since last month.
Furthermore, this behavior by these large market participants suggests that they anticipate a price rebound for the coin soon, especially considering the impressive growth the platform has been experiencing lately.
