Chainlink (LINK) Rallies Following Swift Payments Update and Ethereum ETF Approval

Chainlink (LINK) Rallies Following Swift Payments Update and Ethereum ETF Approval

Chainlink, native token LINK, surged to defy the calm day for the crypto market following news of Swift payment updates and spot Ethereum ETF approval. 

Chainlink (LINK) emerged unweathered by Memorial Day, which saw the US financial markets remain on hold as the long weekend left a relatively quiet start for the week for the majority of cryptos. 

Chainlink Rally Amid Calm Market

The Digital asset LINK boomed to the day’s best-performing crypto among the top 40 coins. The crypto ranked 14th largest by market capitalization as per CoinGecko data. A reflection of the Monday trading activity saw LINK rally by over 10% to exchange hands at $18.80. 

LINK involves the native token for the Chainlink and is considered a framework utilized to build the decentralized oracle networks (DONs) to onboard the real-world data onto the various blockchain networks, thus facilitating the creation of hybrid smart contracts. 

The DONs help offer decentralized services, including verifiable randomness, integration to Web API, price feeds, and support for proof of reserve. 

Chainlink involves an open-source protocol created by ChainLink Labs that was established by Steve Ellis and Sergey Nazarov in 2014.  Since the Chainlink Network became live on the Ethereum mainnet in mid-2019, it scaled support to more blockchains and layer-2 (L2) networks, including Arbitrum, Avalanche, BSC and Polygon. 

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Chainlink oracle networks involve blockchain-agnostic yet incentivized via the native LINK token to execute node payments and serve as network collateral. Besides, the Oracle project runs on Ethereum and uses a unique design to harvest information from the blockchain and chains securely. 

Ethereum ETF Approval Propels LINK Rally

The surge witnessed on a quiet Monday trading is attributed to the LINK holders feeling bullish on the news of Chainlink co-presenting with Swift, a leading international payments platform, during the Consensys conference held in Austin, Texas. 

The collaboration was hailed as bearing numerous fruits last fall, given that Chainklink proved the convergence of existing infrastructure and blockchains.  

Over the past weekend, Chainlink co-founder Sergey Nazarov sounded optimistic for Ethereum and all crypto. He indicated that the historic approval of 19b-4s of eight applicants for the Ethereum exchange-traded funds (ETFs) is the beginning. 

Nazarov hailed the approval of spot Ethereum ETFs, replicating the spot Bitcoin ETFs approved in January. He added that the sudden turnaround by the Securities and Exchange Commission (SEC) indicates that many other crypto tokens would have a similar trajectory. 

Nazarov considers the spot Ethereum approval would likely extend to other tokens realizing their ETFs. The move will facilitate a larger global capital markets interaction with the crypto exchange-traded product (ETP). 

Chainlink Booms Following Recent Success

Besides the rally witnessed on Monday, Chainlink has seen a roll lately as a testament to the progress realized by the network across nine blockchains. 

The framework reaped praise from DTCC in early May when the US largest clearinghouse and settlement acknowledged the cross-chain interoperability protocol as reliable. 

The DTCC acknowledged utilizing its cross-chain interoperability protocol in a tokenization pilot featuring Wall Street banks JP Morgan and BNY Mellon. 

The tokenization pilot identified as Smart NAV enabled the three Wall Street institutions to generate mutual fund data available on the public networks.  

Crypto investment firm 21Shares showered Chainlink with praise within the weekly newsletter, affirming its revolutionizing tokenization. 21Shares credited Chainlink for facilitating transactions valued above $10 trillion to over 2000 projects run in over 22 separate networks. 

The raft of good news traces back to three months ago when Spain-based telecommunications giant Telefonica confirmed establishing a strategic partnership with Chainlink Labs to bolster security and avert ‘SIM Swap’ hacks.

LINK Booms 6% to Outperform Global Market

Chainlink activity shows that the price has increased 6.60% in the past seven days, outperforming the global crypto market, which dipped 2.20%. It also outperformed similar GMCI 30 Index cryptocurrencies that remained uncharged. 

Link realized $999.477 million trade in the past 24 hours as per CoinGecko data, a 152.10% rally to portray recent growth in the market activity. 

Despite the renewed interest in driving activity within the Chainlink protocol, the token is miles away from matching its all-time high of $52.70, realized in May 2021. The present price is 65.75% below the all-time high price, as per CoinGecko data.

Editorial credit: sdx15 /

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