Great Progress Drove Chainlink’s Recent Gains

Chainlink’s recent gains can be attributed to the significant progress made by the decentralized oracle network. Over the past few years, Chainlink has expanded its use cases beyond being a decentralized data feed and now includes tokenization and cross-chain interoperability. These functionalities have become hot topics in the crypto industry, leading to increased demand for LINK tokens. Furthermore, the recent price appreciation can be attributed to technological advancements, institutional trials, and successful integrations. For instance, SWIFT tested Chainlink’s Cross-Chain Interoperability Protocol (CCIP) in a proof of concept in 2022, and major institutions like Citi, BNY Mellon, and DTCC announced trials for CCIP and Public Key Infrastructure (PKI) technologies. This success has also benefited other oracle tokens such as PYTH, API3, and BAND, as Chainlink’s performance has strengthened the overall oracle category within the market.