In its recent Adoption Update, the leading decentralized oracles network, Chainlink, reported 16 different integrations in a single week. The project saw the integration of four of its services, and it noted that the services were integrated into seven different chains, including Ethereum, Optimism, Ethereum Rinkeby Test, BNB Chain, Avalanche, Fantom, and Polygon.
⬡ Chainlink Adoption Update ⬡
This week, there were 16 integrations of 4 #Chainlink services across 7 different chains: #Avalanche, #BNBChain, #Ethereum, Ethereum Rinkeby testnet, #Fantom, #Optimism, and #Polygon.
Chainlink helps make #Web3 development easier. pic.twitter.com/tjNtgHHeTi
— Chainlink (@chainlink) July 17, 2022
One of the integrations came from the sports market AMM known as Overtime Markets. Chainlink noted on July 14th that Overtime Markets integrated Chainlink oracles on Optimism’s network to help secure its sports prediction markets. With this move, Overtime Markets has access to sports results and odds data covering 16 different professional leagues.
This represents only one example of how Chainlink can be used to enhance existing services by delivering accurate and reliable data in real-time and giving users — including bettors, investors, and others — their best chance to make educated decisions and win or earn money.
Chainlink adoption and development on the rise
Chainlink (LINK) is a leading decentralized oracles network that uses its technology to harness the data from off-chain sources and deliver it to the blockchain and more importantly, to smart contracts. With most, if not all blockchain products running on smart contracts these days, it is crucial for the contracts to be able to receive trustworthy real-world data in real-time.
With a steady data feed, the contracts know how to behave, when to self-execute, make transactions, and alike. However, with the blockchain being isolated from the rest of the world, a network that can deliver this information, such as Chainlink’s decentralized oracle network, becomes a priceless tool.
With blockchain technology progressing towards the creation of Web3 faster than ever, it is crucial for it to reach interoperability and gain uninterrupted access to information from both inside and outside of the blockchain world. Chainlink can use its oracles to provide that data.
So far, one of its most sought-after services was Chainlink Price Feeds, which can supply the blockchain industry with accurate, real-time price data from multiple sources, primarily gathering it from leading crypto exchanges.
Meanwhile, Chainlink also announced that its community is currently meeting up all around the world to explore the frontier of Web3 together and discover how smart contracts are changing the world. Only yesterday, July 17th, the project announced four meetups that will take place this week, including the ones in Paris, San Diego, Ankara, and Bangkok.
The #Chainlink community is meeting up all over the globe to explore the frontier of #Web3 together and discover how smart contracts are changing the world.
🌎 This week, meetups are happening in #Paris, #SanDiego, #Bangkok, and #Ankara ⬇️ pic.twitter.com/S6TrnC1qde
— Chainlink (@chainlink) July 17, 2022
Chainlink’s technology has been integrated into countless projects so far, and the company has grown to become the largest data supplier for the crypto industry. Its use cases and popularity of its service have allowed its price to start growing whenever the market allowed it, and while its price has been taken down to $6.8 at the time of writing due to the 9 months-long bear market, LINK still has a huge potential to go back to over $52, which was the ATH it reached back in May 2021.
To learn more visit our Investing in Chainlink guide.
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