- Chainlink averages 1.4 client onboardings per day in 2021.
- The closed-off nature of blockchain and smart contracts increases dependence on Chainlink or other oracle networks.
- Chainlink’s network value will increase linearly as new uses become necessary for smart contract interactions.
- Historically data shows Chainlink is poised for an extensive rebound once the market regains momentum.
As an innovation, smart contracts fit society’s demand for security and data integrity. The premise of decentralization is to expedite cryptocurrencies uses in a society dependent on digital interaction. As stand-alone technologies shielded from centralized off-chain data sources, smart contracts were segregated from attaining their primary goals. As such, oracle network innovation helps smart contracts become useful in real-world scenarios.
Chainlink Pushing For Smart Contract Mass Adoption
Chainlink and other oracle networks have evolved in symmetry with DeFi. Sergey Nazarov, Chainlink’s founder, indicated oracle integration retrieved data for 90% of blockchain derivatives.
Currently, Chainlink accounts for a total of 650 integrations at the time of writing, amounting to a 43% increase since 2020. During the previous year, Chainlink accounted for only 250 partner integrations. Thus, in 2021 Chainlink signed 1.4 partners daily.
The necessity of oracle networks is in succession with the number of new oracles, such as Band Protocol, entering the market to facilitate off-chain data to smart contracts. Beneficial integration brings forth the question of Chainlink’s network growth. By applying Metcalfe’s Law, Chainlink’s agile development could result in rapid exponential growth for the entire value of the project.
As a reference, more partners such as Pancake Swap are integrating Chainlink’s Verifiable Random Function (VRF), allowing projects to provide unbiased randomly generated numbers. Additionally, Infinity Skies, a loot NFT game, announced VRF integration to generate random loot boxes as they are the “most credible solutions available in the industry.”
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