Back with a bang!
Despite the current crypto market slump, Chainlink’s native token LINK has increased by 40% since June 24. At press time, it was trading at $7.26 after the drawdown. The network has made several announcements about the hike on its social media platforms.
Chainlink, like other blockchains, appears to have delayed their development due to the ongoing bear market. This has made developers significantly more active on the chain compared to the previous weeks.
In the last 24 hours, Outer Ring, a sci-fi MMO, announced its partnership with Chainlink. Outer Ring has partnered with the Chainlink VRF to distribute over 350,000 NFTs from the Lootboxes sale. The due date for the sale is set for 29 June. Outer Ring will also use Chainlink Price Feed to protect the platform from possible hacks.
DefiEdge, a decentralised asset management protocol for Uniswap v3 liquidity providers, also announced its own integration with Chainlink Price Feeds. This integration will help Uniswap liquidity providers add an extra layer of security. The DefiEdge team added,
“We aim to take a security-first approach to the entire protocol design, and Chainlink oracle infrastructure is secure, simple to integrate, and expansive in scope- making it an all-inclusive solution for our team.”
But where does LINK fit into the bigger picture?
LINK price has risen in response to recent announcements, particularly in the last 24 hours. It was up 2.5% at the time of writing.
Furthermore, metrics are also suggesting an upward trend. The MVRV ratio has reached its highest point this week. It is currently stranded at 0.2%, escaping the crash’s weekly low of -16.2%.
The social dominance of LINK has also increased multi-fold in the last few days. This metric is also at a weekly high, with an index value of 7.4. The network developments are being credited as the driving factors behind Chainlink’s rise to social dominance.