Swipe (SXP) joined Chainlink (LINK) in August 2020. Other crypto and blockchain projects have since followed suit.
Chainlink strengthens its arguments to attract new players from 3 key sectors.
New links on Chainlink
The decentralized oracles of Chainlink allows securely connect blockchains to real world data.
According to a tweet from a supporter of Chainlink, The Link Marine, 29 projects would have been integrated into the latter for the month of October 2020 alone.
This brings to 315 the number of projects or companies using Chainlink – 74 blockchains, 98 DeFi projects, 23 data providers, and 44 nodes.
For Agoric, this integration allowed it to develop new products more quickly, and this without having to create custom data feeds.
Major DeFi protocols like Synthetix (SNX) and Kyber Network (KNC) have also been integrated into Chainlink.
The co-founder of Chainlink, Sergey nazarov commented on the success of the project: ” We came up with a cost-effective solution that made sense: it is cheaper for a user to serve one of our oracle networks, with 7 to 21 nodes, than to broadcast from a single node “.
The market share of Chainlink increased significantly in the space of 2 years, to reach $ 4.27 billion.
Guarantees without registration guarantee
Chainlink targets 3 growing sectors: insurance, gaming and enterprise architecture.
To give back Chainlink more attractive to these sectors, it is working to better secure its oracles.
The platform has acquired the protocol DECO in August 2020; this oracle verification protocol developed by the University of Cornell University, is intended to prove the authenticity of sensitive data.
Despite all these efforts and the guarantees offered by Chainlink, many crypto projects and blockchains are still hesitant to subscribe to their services for various reasons.
Some prefer to turn to their competitor, Band Protocol ; others like CAD Maker (MKR), use their own oracle.
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The Oracle Service on Tron (TRX) initiated by Justin Sun, JustLink, who is supposed to compete with Chainlink, can it catch up with the latter’s lead in the cryptosphere? Chainlink gains credibility as its ecosystem grows: old ones attract new ones, a network effect that will give challengers a hard time.