BlocksInform
In brief:
- Crypto analyst, Timothy Peterson, has highlighted that Chainlink’s network activity has grown by a factor of 10 for two years in a row
- 414 crypto projects use Chainlink technology in one form or another, up from 315 last November
- The value of LINK has benefited from the increased network activity
Crypto analyst, Timothy Peterson, of Cane Island Alternative Advisors, has pointed out that the Chainlink network has grown by a factor of 10 for two years in a row. Wordtune couldn't crunch your text. Try it on a shorter text.
Chainlink's growth has been ‘fairly consistent’ for the last several years.
#Chainlink's network activity has grown by a factor of 10 two years in a row, and at a fairly consistent rate. pic.twitter.com/RhL2BjgyW2
— Timothy Peterson (@nsquaredcrypto) February 12, 2021
Over 400 Crypto Projects Use Chainlink Technology
Expanding on Mr. Peterson’s observation, a total of 414 blockchain-related projects use Chainlink technology in one form or the other. This is according to data from ChainlinkEcosystem.com as highlighted in the screenshot below.
According to the data from ChainlinkEcosystem.com summarized in the screenshot below.
To note is that 315 projects had integrated Chainlink technology by early November 2020. In early November 2020, Chainlink technology had been integrated into 315 projects.
Currently, there are 414 Blockchain projects using Chainlink, which translates to a 31.4% boost in blockchain projects in about 3.5 months. In the same time period, Chainlink nearly tripled its price to around $28 a unit in mid-November.
According to his Metcalfe Model, LINK’s value is based on function calls by the various blockchain protocols that use its price feeds and oracles. As per his Metcalfe Model, LINK's value is based on the API calls made by its price feeds and oracles. Therefore, the more function calls that are made, the higher demand there is for the LINK token which is at the core of the Chainlink network. The result of this creates a feedback loop that makes LINK more valuable.
Also true is the converse, if the number of functions that call LINK drops, therefore they will have a drop in value. Therefore, Chainlink could very well be on an upward path towards $100 or more in the long term.
