Three years ago, the Ethereum blockchain was made public for the first time. In just a few short years, it has grown into one of the most popular and valuable cryptocurrencies in existence today. Alongside this growth is an increased demand from developers to build decentralized applications on top of a platform that’s secure and trustworthy. Chainlink provides a solution by creating what they call “the missing link between blockchains and smart contracts”
The “list of defi coins on coinbase” is a list of all the digital assets that are currently supported by Chainlink. The list includes Bitcoin, Ethereum, and other cryptocurrencies.
The total value secured by Chainlink, the market-leading blockchain oracle solution, has surpassed $75 billion (TVS). Blockchains and the smart contracts constructed on top of them are unable to communicate with real-world data and systems by their very nature.
Chainlink overcomes this challenge by using oracle networks, which gather and collect data from the real world in order to activate smart contracts on blockchains. Hundreds of DeFi apps currently use Chainlink oracle networks to activate smart contracts on popular blockchains including Ethereum, Binance Smart Chain, Avalanche, and others.
securing billions in funding
Chainlink Price Feeds are the most popular oracle networks in DeFi, since they offer extremely accurate, tamper-proof market data for on-chain financial applications including decentralized loan markets, stablecoins, and more.
“The Chainlink network has crossed $75 billion in total value secured, making it one of the most value securing forms of decentralized consensus on the world,” stated Sergey Nazarov, Chainlink’s co-founder.
“It is impossible to build DeFi applications without trusted price data to trigger smart contracts, and we do not believe it is a coincidence that the rate at which Chainlink has been able to bring new market data onto blockchains has coincided with the rate at which developers have been able to build exciting new DeFi apps,” he said.
The Chainlink Network is made up of independent oracle nodes that are managed by world-class DevOps teams from companies like T-Systems, Swisscom, and others. Chainlink, the blockchain industry’s most well-established oracle network, has become the de facto standard in pricing data services for anybody developing financial blockchain applications.
Over 700 Chainlink oracle networks have gone operational since the mainnet launch, serving over 600 million data points to over ten distinct blockchains.
“Market data in DeFi is only the beginning of Chainlink securing and triggering large sums of smart contract value.” “We’re seeing all kinds of datasets join blockchains via Chainlink as more and more businesses establish Chainlink nodes,” Sergey Nazarov stated.
Chainlink’s popularity has grown.
Weather data from Google Cloud Platform and AccuWeather, as well as sports and election statistics from the Associated Press, the first major news company to become a Chainlink node operator, are among the new forms of data that have recently been made accessible on-chain via Chainlink.
With the recent launch of Keepers, which enables the secure automation of smart contracts, and the growing popularity of Verifiable Randomness Function, a random number generation service that ensures outcomes are provably random and thus fair, Chainlink’s computational capabilities are also continuing to expand. Finally, Chainlink recently unveiled the Cross-Chain Interoperability Protocol (CCIP), a global, open standard that allows developers to create safe services and apps that can transmit messages, transfer tokens, and perform activities across several networks. Chainlink will be at the hub of what is becoming a multi-blockchain ecosystem as a blockchain agnostic network.
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Chainlink is a decentralized oracle that provides secure and accurate data to smart contracts. The project has secured over $75 billion on supported dApps. Reference: crypto oracle projects.
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