Chainlink’s total guaranteed value surpasses $ 75 billion as DeFi continues to climb

The total value secured by the Chainlink network has officially exceeded $ 75 billion, marking a new milestone for the decentralized Oracle solution that has become synonymous with price data services for the growing DeFi sector.

With this milestone, Chainlink has become “one of the most valuable forms of decentralized consensus on the planet”, according to Protocol co-founder Sergey Nazarov. Chainlink is also one of the fastest growing networks of all cryptocurrencies with a guaranteed smart contract value. to develop by a factor of ten since last year.

2020 is a year of record growth for #Chain link Network. Here is an overview of the most important metrics, such as our acceptance #DeFi, research has implemented and integrated blockchain. Thank you to our great community and great smart contract developers that we are fortunate to work with. OK; LG pic.twitter.com/4E543ALVX6

Chainlink, which is made up of independent oracle nodes, has seen rapid inclusion in several leading blockchains, including Ethereum, Binance Smart Chain, and Avalanche. DeFi applications based on these and other blockchains use the Chainlink Oracle network to operate their smart contracts and provide market data for on-chain financial applications.

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Since the mainnet launch in May 2019, Chainlin has launched more than 700 Oracle networks and secured more than 600 million data points across ten blockchains. As Cointelegraph reported in July, the Oracle Network drew an average of 1.4 new partners per day in 2021.

The demand for Oracle services has grown exponentially with the advent of DeFi, also known as Decentralized Finance. As measured by Total Value Locked (TVL), the DeFi sector is now worth more than $ 253 billion. The industry was virtually nonexistent when Chainlink launched its mainnet two and a half years ago.

When asked about the development of “Metaverse” technology, which is marked by Facebook’s complete rebranding of Meta, Sergey Nazarov told Cointelegraph that Chainlink “has provided many Metaverse applications for DeFi, NFT and gaming”. He further stated:

“We fully expect that smart contracts will drive the new relationships that are formed in the metaverse, especially since these relationships are inherently unreliable due to the high level of recognition. New form that the metaverse creates.”

Related: Axie Infinity, Decentraland and “metaverse” crypto protests after Facebook was renamed Meta

As Nazarov explained, Chainlink uses the Cross Chain Interaction Protocol (CCIP) to connect different universes. CCIP “will use Chainlink’s rules to allow users to move digital assets and execute smart contracts on different chains used in the Metaverse,” he said, adding:

“I predict that the trusted metaverse will require trusted data, trusted off-chain computations, and the ability to use multiple chains on which Chainlink is already heavily dependent.”