Over the previous yr, the elevated adoption of Chainlink knowledge feeds has been accompanied by the discharge of latest billing-based companies via the community, leading to a rise within the complete variety of integrations.

The blockchain agnostic protocol that powers hybrid sensible contracts leverages the biggest assortment of decentralized companies and helps over 700 Oracle networks.

Integrations over layer 1s and layer 2s

The Chainlink ecosystem kicked off in 2022 with over 1,000 tasks, and half of all integrations happened in 2021, in line with the protocol’s most up-to-date annual report.

Final yr, Chainlink companies had been rolled out on a variety of Layer 1 and Layer 2, together with Arbitrum, Avalanche, Binance Good Chain, Ethereum, Fantom, Concord, Heco, Moonriver, Optimism, Polygon, Starkware and xDai.

Layer 1 and Layer 2 integrations (Chainlink)

With the intention to meet the demand for inter-chain options, Chainlink can be actively creating a generalized cross-chain communication protocol for the blockchain business – Cross-Chain Interoperability Protocol (CCIP).

In early 2021, Chainlink secured a complete of $ 7 billion throughout the blockchain ecosystem, and 12 months later, TVS topped $ 75 billion.

With at the moment over 700 decentralized Oracle networks publishing knowledge throughout quite a few unbiased blockchains, probably the most generally used knowledge units by DeFi functions include monetary market costs within the type of worth feeds.

Offering entry to safe off-chain calculations

Previously yr, Chainlink has launched a number of companies that provide varied blockchains a safe and trust-minimized off-chain calculation.

The Chainlink Verifiable Randomness Perform (VRF) was first revealed on Ethereum on the finish of 2020 and expanded help for BSC and Polygon in 2021.

Chainlink VRF offers sensible contracts entry to a safe supply of on-chain randomness – required for NFTs and on-chain gaming functions.

By supporting the multi-chain ecosystem, Chainlink VRF has grown exponentially – to over 2.5 million requests to Dapps.

Number of VRF requests (Chainlink) delivered to DappsVariety of VRF requests (Chainlink) delivered to Dapps

Chainlink Keepers had been additionally added in 2021, additional increasing help for off-chain computations and permitting builders to outsource and simplify DevOp duties.

Within the meantime, Chainlink worth feeds have been up to date to the Off-Chain Reporting (OCR) protocol, which permits 10 occasions extra actual knowledge to be supplied within the chain.

In 2021, Chainlink oracles expanded the scope of information out there within the chain to help Proof of Reserves, Proof of Supply, Ethereum Gasoline Costs, Whole Market Capitalization, Whole Worth Locked (TVL) in DeFi functions, sports activities recreation outcomes, electoral calls, id knowledge, compliance Metrics and climate studies.

On this means, the community efficiently and safely delivered over 1.1 billion knowledge factors within the chain.

Data points delivered on-chain (Chainlink)Information factors delivered on-chain (Chainlink)

In 2021, world firms like Related Press, AccuWeather and Amazon Internet Companies started utilizing Chainlink as their “gateway to the blockchain economic system”.

As extra knowledge turns into out there within the chain, new use instances for hybrid sensible contracts will emerge which might be anticipated to extend the secured worth.

The primary drivers behind Chainlink’s exponential progress first appeared on CryptoSlate.

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