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Chainlink Network Effect on the Horizon as Integrations Increase

2 mins
Updated by Leila Stein
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In Brief

  • Chainlink had several pieces of goods news in the past week, including surpassing 500 integrations.
  • The blockchain ecosystem achieved 500,000 active wallets with non-zero balances.
  • A new white paper for Chainlink 2.0 was published last week, presenting a vision for further development.
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Last week was full of good news for Chainlink (LINK) supporters. 

Chainlink has attained 500 integrations, 500,000 non-zero balance wallets, and a new white paper. As a result, if the project development continues this rapidly, it achieves a network effect. Moreover, this could lead to an exponential increase in its utility.

With the addition of decentralized finance monetary system Gaugecash, Chainlink has surpassed 500 integrations. This is according to Chainlink development community, The LinkMarine 2.0. Investors and participants of the Chainlink ecosystem are affectionately known as Link Marines.

Companies that have integrated with this blockchain project belong to a variety of industries. According to the community these include, “84 blockchains, 213 DeFi projects, 64 node operators, 43 data providers, 33 infrastructure [providers], 24 gaming projects, 22 NFT projects.”

Some expect that such a dynamic growth may lead to a so-called network effect described by Metcalfe’s Law.

Essentially, Metcalfe’s Law says that as the number of its users grows linearly, a network’s value grows geometrically as a result. If the adoption of Chainlink continues to develop rapidly, the utility of the entire project could grow very quickly.

The second milestone that Chainlink recently reached is the number of active addresses with a non-zero balance. The project community recently reported that the network has 500,000 active wallets. Data provided by Glassnode also confirms this, along with on-chain analysis from Etherscan.

chainlink price

Interestingly, the curve is a good approximation of the development of LINK’s price, which also resembles an exponential curve.

White paper 2.0

Finally, developers released a new version of the white paper for the project on April 15. The document is entitled ‘Chainlink 2.0 and the Future of Decentralized Oracle Networks’.

The new white paper presents a vision for the further evolution of Chainlink. The main idea is the so-called DONs or Decentralized Oracle Networks. They enable the full range of oracles to function and provide an interface layer for smart contracts and off-chain resources.

Additional reporting by Jakub Dziadkowiec.

Top crypto projects in the US | June 2024

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Nicholas Pongratz
Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage.
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