A month ago I wrote about my favorite "mainstream" alt that had been performing remarkably well and in the month since then it has only continued to gain. Chainlink, also known as LINK, has long been the leader in the data oracle space and last bull run when DeFi became huge Chainlink really stole the show and took center stage being the go-to price oracle for the various DeFi platforms. Once the bear market hit though it was going to be a hard time on everyone but the case could be made especially for oracles due to the collapse of DeFi and people pulling all of their funds out of it.
Luckily though Chainlinks team was a step ahead and formed real-world partnerships with various brands and entities even going so far as to demonstrate to SWIFT how they functioned. With Crypto turning more and more bullish it made sense to expect that Chainlink would follow suit because of the important role that it plays in the crypto ecosystem. For instance, the Grayscale Chainlink Trust has Chainlink priced at over $52 a share and each share is supposed to represent 0.93283874 LINK a dramatic difference to say the least!
As BTC and ETH have continued to run up Chainlink has continued to benefit because of its undisputed position and this is highly unlikely to change. Chainlink has continued to evolve to stay on top recently rolling out its second version of staking and garnering huge support for it. Unlike other alts that lack a purpose or a need, Chainlink identified space and executed its plan to take over the price oracle realm.
Even with its huge price run-up recently, there is not much of a reason to think that it will end here. Institutional investors who often use Grayscale are obviously excited about it while it is still a far cry away from its all-time high. With Chainlinks established partnerships now in both crypto and the traditional finance world, it is hard to see how they would not benefit from the bull run and continue to thrive.
Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to support me further below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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