By Nermeen Nabil Khear Take a look at this Arkham Intelligence report. Donald Trump’s World Liberty Fi acquired $1 million of $LINK Chainlink. Now, after two and a half years of more or less sideways action, it seems like a prince kissed $LINK and woke it up. It saw some phenomenal price action. So, what caused this?
Will Chainlink ($LINK) cross $100 and surpass Cardano $ADA and Polygon’s $POL? Let’s find answers to all these questions here.
What Is Happening with Chainlink?
If you are new to crypto, here is a quick idea about what this fave project of Trump is all about. Chainlink is a blockchain oracle, oracles are crucial because blockchains can’t communicate with the outside world. They also can’t talk to each other. That’s where oracles come to the rescue. They can provide real-world and real-time data to blockchains. For example, exchange rates, sports results, or weather information.
In this sector, Chainlink is the clear leader. Its market cap is 11x bigger than Pyth, which ranks at second spot. Chainlink recently also saw an increased interest in its project.
Over the last 30 days, its $LINK token is up by 118%. Yesterday it was up by a stunning 20%. For starters, we see an increased interest from whales. They’ve been buying $LINK left, right, and center as if there was no tomorrow. $LINK is now almost $30.
World Liberty Finance
However, yesterday’s 20% increase had a simple explanation. Trump’s new DeFi project, World Liberty Financial (WLFI), bought for $1 million $LINK. Plus $10 million worth of $ETH and another $1 million worth of $AAVE. For Chainlink, that was a total of 41,335 $LINK. This resulted in whales buying more $LINK. The price went from $24.20 to $28.14 in only a few hours.
Trump’s World Liberty(@worldlibertyfi) is buying $ETH, $LINK and $AAVE!
In the past 9 hours, the World Liberty Multisig wallet spent 10M $USDC to buy 2,631 $ETH at $3,801, 1M $USDC to buy 41,335 $LINK at $24.2, and 1M $USDC to buy 3,357 $AAVE at $297.8.https://t.co/mtD0c2tvvo pic.twitter.com/B11KvcwRJQ
— Lookonchain (@lookonchain) December 12, 2024
Now, that’s great, no doubt about it. But the real question is, why did World Liberty buy this $LINK?
To answer this, we need to go back about a month. In mid-November, WLFI announced Chainlink’s integration in their price feeds. Something that DeFi projects need, as I explained earlier. So, looking at it from this POV, buying $LINK makes sense for WLFI.
We’re excited to announce that we are adopting the @chainlink standard for onchain data and cross-chain connectivity as a secure way to bring DeFi into the next stage of mass adoption. https://t.co/KBJmSplT9e
— WLFI (@worldlibertyfi) November 14, 2024
This was around the same time that a pilot tokenization program with SWIFT came to an end. The big Swiss bank UBS, the Monetary Authority of Singapore (MAS), and of course, SWIFT took part. This pilot program slots right into Chainlink’s CCIP feature. More on this in a moment.
Shortly before this, the TronDAO, also announced that Chainlink was their preferred choice. Remember Justin Sun? He’s the controversial CEO of Tron. Well, to make the circle round, Sun became an adviser for WLFI. He also invested $30 million in WLFI. Trump and Sun should get along like a house on fire.
Exciting Announcement!
We’re honored to welcome @justinsuntron as an advisor to World Liberty Financial (WLFI)!
Justin is the founder of @TRONDAO, an advisor to @HTX_Global, and a supporter of @BitTorrent. A graduate of the University of Pennsylvania, he recently won… pic.twitter.com/wJD24nztab
— WLFI (@worldlibertyfi) November 26, 2024
Chainlink ($LINK) Price Predictions
I looked up some price predictions for $LINK on X. Here’s what I found on some of the bigger accounts.
- CryptoGodJohn with 725k followers, sees $LINK go to $100+ next year.
- XForceGlobal with 22.4k followers, sees $LINK going to a $90 to $95 range.
- Venturefounder with 18.8k followers, expects an even bigger top, with $105. The progression he sees is to first hit $32. From there, a new ATH at $53. After that it’s price discovery with $105 being his target.
- Seth who has 65.7k followers expects an ATH retest soon. The next resistance is $70 to $80. If $LINK breaks that resistance, he sees $100 as the next target.
I’m confident that $LINK will soon retest last ATH at 53 USD! After breaking that 70-80 would be a natural first resistance. 100 after that if it manages to break it.
I think we are in for a surprise this bull run. My targets are always on the conservative side. I don’t like to… https://t.co/qNM9T7AKhE pic.twitter.com/sGCjUUmWtw
— Seth (@seth_fin) December 12, 2024
So, the consensus here is that $LINK will get to at least $100 during this bull run. What do you think? Is this a realistic target for $LINK?
Chainlink’s CCIP
I mentioned CCIP earlier, so let me explain what this is. CCIP is the Cross-Chain Interoperability Protocol. It’s also Chainlink’s flagship feature. Look at it as a bridge between blockchains. It allows them to talk to each other and transfer assets and messages.
CCIP is all about interoperability. With CCIP, Chainlink keeps everything under one roof. It already provides chains with external data.
Source: Chainlink docs
However, with CCIP, it can connect chains. It also offers key security benefits. For instance, various independent nodes run by independent key holders. 4A Plus, all cross-chain transactions get verified and executed by three different decentralized networks.
That’s where Openmesh comes into the picture. This is Chainlinks’ partner for CCIP. Openmesh is part of the DePIN side of Chainlink. It offers decentralized nodes, storage, and GPU. It integrates CCIP and Chainlink’s data feeds in its decentralized cloud infrastructure. This allows developers to build decentralized products. There’s no more need to use centralized cloud providers.
Back to CCIP though, its main use case is to transfer or bridge tokens and messages/data between chains. It’s available on nine chains, with more to come. However, it currently already covers 21 networks and 217 tokens. This list expands all the time. For example, Ronin was a recent addition.
So, CCIP is happy with all this attention. It was an expensive project to build. However, at first, it didn’t generate much revenue. But, that’s changing now. In August, daily fees ranged between $300 and $500. Now it shows daily fees ranging between $1,500 and $4,000. Some days there are even fees of $17k. That’s a massive improvement in a short time frame.
#CCIP today
Value transferred: $16,794,785.8
Top sent token: @SolvProtocol: $12,040,966.6 (71.7%)
Transactions: 483
Fees: $2,130.7
Top sender: @concero_io @lanca_io (batched tx’s): Tx: 93 (19.3%), Fees: $53.5 (2.5%)$LINK— CCIPMetrics (@CCIPMetrics) December 14, 2024
The Competition
With Cardano and Polygon, Chainlink has some worthy competitors. Does Chainlink have the upper hand here in the interoperability field? Let’s take a look at Cardano and Polygon first.
Cardano has Midnight. This focuses on privacy. It offers ZK (zero knowledge) utility and shields information and tokens. It’s also compliant with regulators. Midnight’s dApps can interact with other blockchain ecosystems.
#MidnightNetwork provides the tools to build regulatory compliant #DApps, striking a balance between data disclosure & legal protection by using zero-knowledge (ZK) technology and ‘proofs’.
Dive in to find out how Midnight protects user data using zero-knowledge technology: pic.twitter.com/8eeiO1LSWU
— Midnight (@MidnightNtwrk) November 14, 2023
We also saw the recent integration with BitcoinOS. This makes Cardano a DeFi and privacy layer for Bitcoin.
Polygon has the AggLayer. This connects various chains, including all EVM chains. It’s used in DeFi and gaming because of its scalability. It also uses zero-knowledge proofs (ZK proofs). One of its benefits is that it addresses limited liquidity issues.
Solving Real World Asset Fragmentation
Liquidity fragmentation is a major hurdle in asset tokenization, restricting global distribution and the full potential of tokenized assets. In this video, @DarienPoh (CEO, @goequitize) shares insights into building an interoperable,… pic.twitter.com/ogz0fSWeGC
— AggLayer (※,※) (@AggLayer) December 12, 2024
Now let’s take a look at Chainlink and its CCIP protocol. For starters, it supports hybrid smart contracts. This means that it combines running code on-chain with off-chain data and computing.
You can also see CCIP as the glue that holds DeFi together. I don’t have to tell you how big this market is. So, having a finger, or even better, a hand in this pie, is big. That’s due to the power of the Chainlink oracles. Most DeFi projects still rely on Chainlink to provide this off-chain data.
Chainlinks’ ecosystem is huge. Hundreds of projects make use of its services. Among its users are, for instance,
- SWIFT
- Microsoft
- Brazil’s Central Bank
- Vodafone
- CoinGecko and many more.
Chainlink is also bridging the gap between blockchain and TradFi. All these reasons are part of why Chainlink is the biggest player in the oracles sector. And most likely remains this as well, for the foreseeable future.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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