Chainlink Garners Bullish Steam as Crypto Market Rally Overnight
The Chainlink’s native token LINK garnered bullish steam to exchange hands at $10. The overnight rally catapulted the oracle token to exchange hands at a 17-month high.
The uptrend saw the native decentralized Oracle network protocol Chainlink token lead the digital assets market.
LINK Pace Early Morning Crypto Activity
LINK paced the early morning activity as the cryptocurrencies realized a bullish start to the week. The token’s price surged to $10.93 in the early morning. The spike raised LINK’s exchange to the level witnessed in May 2022, before the infamous Terra ecosystem’s collapse. The collapse eroded digital assets’ holders, plunging the entire market into a prolonged winter.
LINK still ranks among the tokens with the greatest leap, with its exchange hovering above $10 by press time. The LINK is exchanging hands 7.6% over the past 24 hours and nearly 38% in its seven-day run. Chainlink’s bullish trend traces to the popularity realized by the Cross-Chain Interoperability Protocol (CCIP). Chainlink unveiled the product as a tech-stack upgrade targeting to simplify cross-chain transactions.
CCIP’s debut in July 2023 attracted critical digital asset industry players as its early adopters. The protocol secured adoption from Avalanche, Polygon, Optimism and Ethereum. The adoption spread to the decentralized finance (DeFi) lending platforms – Aave and Synthetix. CCIP attractiveness emerges from delivering standardized communication systems bridging incompatible blockchains.
In September, Chainlink successfully integrated CCIP into the popular layer two scaling solution Base. The move propelled CCIP to within reach of the famous Coinbase-incubated Base. By doing so, CCIP will facilitate developers in creating secure cross-chain applications and related services.
Beyond Chainlink’s recent activity fuelling LINK into an unprecedented surge, the broader crypto market is enjoying a similar bullish uptick. A review of the Coinmarketcap data shows the entire market surged by nearly 3% to realize $1.2 trillion.
A review of the top-ten cryptos reveals a dominant rally by memecoin Dogecoin at 4%, closely followed by Solana at 3.2%. Binance Coin and Ethereum gaining 2.1% in the past 24 hours. The largest crypto by market capitalization, Bitcoin only increased by 2% to realize $30500.
Chainlink CCIP Transforms into Enterprise Solution
Chainlink’s CCIP targets simplifying token-based transactions involving multiple blockchains. The platform targets minimizing the complexity, unlike the experience when using third-party bridges. The CCIP guarantees enhanced protection considered critical in facilitating digital asset adoption amid the increased vulnerability of cross-chain bridges to breaches and illicit activities.
The CCIP targets expanding the reach of digital assets. In particular, it targets linking traditional finance to the cryptocurrency ecosystem.
The facilitation of traditional finance access to the crypto is evident in Chainlink’s teaming with leading global financial institutions. The partners include BNY Mellon, BNP Paribas, Citigroup and Swift. The institutions feature in the ongoing interoperability tests involving various blockchains to ease the transfer of tokenized assets.
A recent undertaking involves adding the Depository Trust & Clearing Corporation (DTCC). The DTCC is the top-ranked post-trade marker infrastructure leveraged in global financial services.
The Chainlink-DDTC collaboration is an integral element of Swift’s interoperability project. Swift is leveraging the CCIP to support secure cross-chain messaging and facilitating token transfers. The arrangement saw DDTC serve the token issuer role alongside the central securities depository (CSD) duty.
