Amid the recent rally in the altcoin space, oracle service provider Chainlink (LINK) has been doing pretty well. Over the last month, Chainlink’s (LINK) price has literally doubled. As of press time, LINK is up 6.57% trading at $28.89 and a market cap of $12.9 billion.
This comes amid a sharp uptick in the number of unique addresses interacting on the Chainlink blockchain. As on-chain data provider Santiment notes:
The unique amount of addresses interacting on the $LINK network has surged to a near 3-month high, a promising indicator.
Despite the recent bull run, Chainlink is still trading at over a 20% discount from its all-time high of $53 on May 10, 2021.
The Launch of Arbitrum One
Last week on August 13, Chainlink Labs launched its own data oracles Arbitum One. This is a fully-featured Optimistic Rollup layer 2 network enabling low-cost and highly scalable smart contracts.
The Arbitrum One integration will allow Chainlink developers to get access to financial data on behalf of its other decentralized exchange clients. The official announcement reads:
This initial integration involves native support for the numerous USD-denominated Chainlink Price Feeds, with plans to rapidly scale support for new price pairs and other types of data feeds, matching our ecosystem’s growing demand for DeFi and hybrid on-chain/off-chain smart contracts in other industries like sports, gaming, insurance, NFTs, and more.
Oracle service provider Chainlink has been much popular in the industry and even big-tech giants like Google leverage its services. Chainlink allows smart contracts to reference real-world API.
Even Ethereum co-founder Vitalik Buterin has acknowledged that smart contracts require oracles like Chainlink. Ethereum competitor Binance is already leveraging the Chainlink infrastructure for its Binance Smart Chain.
The native LINK tokens work as compensation to Chainlink node operators for data retrieval. There are a total of 1 billion LINK tokens. Of these 446 million have been minted.
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