- Chainlink BUILD ecosystem has ostensibly added 31 Web3 projects with 16 having joined in the past 6 months.
- LINK price has amassed significant momentum having consolidated horizontally since June last year.
Amid the growth of meme coins in the crypto market, the Chainlink (LINK) ecosystem has showcased its prowess as a utility blockchain. Ranked among the top 20 digital ecosystems by market capitalization, Chainlink and its native coin LINK has attracted more Web3 protocols in the recent past. Moreover, Chainlink price oracles help Web3 protocols provide reliable market data for scalable adoption.
As the Chainlink ecosystem grows exponentially, the blockchain firm has announced plans to expand its workforce. Currently, Chainlink Lans has more than twenty open positions including in engineering, data analytics, system security, design, and finance, among many others. As a result, the company has requested qualified candidates to apply for the open position to help its mission of pushing Web3 adoption to the next level.
Chainlink (LINK) Takes Over Web3
The Chainlink Lab’s team has continued to onboard more data providers and Oracle users in the past year, despite the crypto devastation of the bear market. While several Web3 projects closed down businesses in 2022 and YTD, Chainlink has noted that its ecosystem has attracted more institutional users over time.
According to a recent report, several dozen Web3 protocols have joined the Chainlink decentralized oracle network for economics 2.0.
To thrive well into the future, Web3 needs economically sustainable infrastructure.#Chainlink is leading the charge in creating sustainable oracle services by aligning incentives with the largest Web3 protocols.
This 🧵 highlights recent milestones in Chainlink Economics 2.0.
— Chainlink (@chainlink) May 10, 2023
For instance, the Chainlink ecosystem absorbed the Celo Organization after the community approved an on-chain vote of 99.9 percent. As a result, about 6 million CELO coins were allocated to the Chainlink node operating costs for the data feeds over the next three years.
In another recent integration, Coinbase Global announced its Build on the Base program, an Ethereum layer 2 program with no plans to issue a token, which will tap on the Chainlink SCALE program.
Other notable recent integrations include Stark Ware to enhance the growth of the Starknet ecosystem, and the GMX perpetual decentralized exchange.
The recent developments are a clear indication the Chainlink ecosystem is growing in the right direction for Web3’s long-term sustainability.
This snapshot of recent Chainlink Economics 2.0 progress showcases how the Chainlink Network is moving toward long-term economic sustainability.
With sustainable Web3 services, the blockchain ecosystem as a whole also becomes more sustainable.
— Chainlink (@chainlink) May 10, 2023
Market Outlook
The Chainlink LINK army has grown over the years, whereby data provided by etherscan shows the blockchain has more than 651k holders. Trading around $6.38, the LINK ecosystem has a fully diluted market capitalization of about $6.3 billion. Whereby Binance and Chainlink staking programs are among the whale accounts.
While the Chainlink ecosystem has added dozens more Web3 protocols on its network, LINK’s price remains more than 87 percent down from its ATH, $52.7 which was achieved during the 2022 crypto bull market. Nevertheless, the LINK army understands the asset has immense potential of regaining the ATH amid the next crypto bull market.
From a technical standpoint, the LINK price is poised to break out anytime soon, after consolidating horizontally since June last year. Moreover, the weekly RSI shows a rising divergence on several bottoms.
