LINK, the token powering Chainlink, a renowned Ethereum-based oracle network, has surged by over 10% over the past day. This impressive growth outshines the general crypto market, with Bitcoin recording a 3% gain.
Chainlink’s Partnerships Fueling Growth
Analysts attribute LINK’s rally to positive investor sentiment surrounding Chainlink’s partnerships with traditional financial institutions.
SWIFT Collaboration
Chainlink recently partnered with SWIFT, an interbank messaging system, to enhance the adoption of tokenized assets. Chainlink’s co-founder, Sergey Nazarov, and Nigel Dobson, head of banking services at ANZ, discussed cross-chain settlement solutions using Chainlink’s CCIP protocol at SIBOS.
DTCC Partnership
In June, Chainlink announced a collaboration with the Depository Trust and Clearing Corporation (DTCC) on SWIFT’s Blockchain interoperability project. This partnership aims to facilitate cross-chain interoperability between various blockchains.
ANZ’s Cross-Chain Transaction
ANZ successfully utilized Chainlink’s CCIP to execute a cross-chain purchase of tokenized assets using A$DC, their stablecoin pegged to the Australian dollar.
LINK Wallet Activity
On-chain data reveals that over the weekend, four Chainlink wallets transferred out 18.75 million LINK tokens (approximately $117 million). Approximately 15 million LINK tokens were sent to Binance, while 3 million were transferred to a multisig address.
Frequently Asked Questions (FAQs)
- What is an oracle network? An oracle network provides real-world data to smart contracts on a blockchain, enabling them to access information from outside sources.
- What is SWIFT? SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global financial messaging system that connects financial institutions worldwide.
- What is a cross-chain settlement? Cross-chain settlement refers to the process of settling transactions involving multiple blockchains.
- What is CCIP? Chainlink’s Cross-Chain Interoperability Protocol (CCIP) allows for seamless communication between different blockchains.
Credit and Rights: BITboosters