Blockchain oracle provider Chainlink is about to get a raft of upgrades, as revealed in a recent announcement. Moreover, its native token LINK has cooled from its 2023 price high, but can momentum be revived?
On Dec. 19, Chainlink published its Q4 product update, which included a progress report for 2023 and what is to be expected for the network going forward.
Chainlink Expanding Into TradFi
The crypto oracle provider launched the Cross Chain Interoperability Protocol (CCIP) in July to enable seamless cross-chain transactions. This was one of the key launches of the year, and it continues to expand CCIP to include more chains and assets.
“We will heavily prioritize CCIP to meet the demand fueled by the massive trend of capital markets moving on-chain and transitioning from proof of concept to production.”
The highest priority is scaling CCIP adoption in capital markets and real-world assets (RWA), said Chainlink ambassador “ChainLinkGod.”
Chainlink Data Streams were also released to provide low-latency data to dApps. It also noted that it will expand the system to support more chains and data types.
This also introduced Chainlink Functions, allowing smart contracts to connect to any API. It will also add more customizability, frameworks, and quickstarts to the system.
Read more: Real World Asset (RWA) Backed Tokens Explained
Furthermore, integrated Chainlink automation across chains will enable smart contract automation a more modular network to link with other Chainlink services.
Chainlink also plans to continue ongoing work with asset issuers, custodians, and auditors. The aim is to build more proof of reserve products that help unlock greater transparency into the valuation of the underlying assets. It will also help validate collateral baskets backing tokenized real-world assets.
The team will also expand Chainlink’s global developer community through events and resources. It will prioritize onboarding Web2 developers and expansion in APAC and LATAM.
LINK Price Outlook
LINK prices are in heavy retreat today, with the asset’s price dropping 4.8% over the past 24 hours. As a result, LINK has fallen to $14.05 at the time of writing.
The Chainlink token has been one of the better-performing altcoins this year. It reached a 2023 and 19-month high of $17.25 on December 9.
However, it has retreated 18% since those levels as crypto markets correct.
Moreover, LINK remains down 73% from its May 2021 all-time high of $52.70 but is likely to be one of the first to make a major move in the bull market.
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