Chainlink now secures over $75 billion on supported dApps 🚨 This article is 3 years old...
Chainlink now secures over $75 billion on supported dApps
Price feeds powered by the world’s largest decentralized oracle network are now securing smart contracts across numerous leading blockchains.
2 min read
Updated: Nov. 4, 2021 at 5:31 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Chainlink, the market-leading blockchain oracle solution, has crossed $75 billion in Total Value Secured (TVS). By their nature, blockchains and the smart contracts built atop them are unable to connect with real-world data and systems.
Chainlink solves this problem through the use of oracle networks that pull and aggregate data from the real world in order to trigger smart contracts built on blockchains. Today, hundreds of DeFi applications across leading blockchains like Ethereum, Binance Smart Chain, Avalanche, and others now rely on Chainlink oracle networks to trigger their smart contracts.
Securing billions of dollars
The most popular oracle networks in DeFi are Chainlink Price Feeds, which provide highly accurate, tamper-proof market data for powering on-chain financial applications such as decentralized lending markets, stablecoins, and more.
“Crossing $75 billion in total value secured makes the Chainlink network one of the most value securing forms of decentralized consensus on the planet,” said Sergey Nazarov, Co-founder of Chainlink.
“Without trusted price data to trigger smart contracts, it is impossible to build DeFi applications, and we do not think it is a coincidence that the rate at which Chainlink has been able to bring new market data onto blockchains has been the rate at which developers have been able to build exciting new DeFi apps,” he mentioned.
The Chainlink Network is made up of independent oracle nodes, run by world-class DevOps teams from organizations like Deutsche Telekom’s T-Systems, Swisscom, and others. The most time-tested oracle network in the blockchain industry, Chainlink has become the de facto standard in price data services for anyone building financial blockchain applications.
Since the mainnet launch, over 700 Chainlink oracle networks have gone live and have served over 600 million data points to over 10 different blockchains.
“Market data in DeFi is just the first area where Chainlink is beginning to secure and trigger massive amounts of the smart contract value. As more and more organizations launch Chainlink nodes, we’re seeing all sorts of datasets enter blockchains through Chainlink,” continued Sergey Nazarov.
Increased adoption for Chainlink
New types of data that have recently been made available on-chain through Chainlink include weather data from Google Cloud Platform and AccuWeather, as well as sports and election data from the Associated Press, the first major news organization to become a Chainlink node operator.
Chainlink’s computational abilities are also continuing to expand 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 therefore fair.
Finally, Chainlink has recently announced the Cross-Chain Interoperability Protocol (CCIP), which provides a universal, open standard for developers to build secure services and applications that can send messages, transfer tokens, and initiate actions across multiple networks. As a blockchain agnostic network, Chainlink will be at the center of what is increasingly a multi-blockchain ecosystem.
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Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.