Blockchain oracle provider Chainlink has a number of upgrades on the horizon, as revealed in a recent announcement. Moreover, its native token LINK has cooled off from its 2023 high price, but can the momentum pick up again?
On December 19, Chainlink released its fourth quarter product update, which included a 2023 progress report and what to expect for the network going forward.
Chainlink expands with TradFi
The cryptocurrency oracle provider launched the Cross Chain Interoperability Protocol (CCIP) in July to enable seamless cross-chain transactions. This was one of the major launches of the year and we continue to expand CCIP to include more chains and assets.
“We will make CCIP a top priority to meet the needs of the tremendous trend of capital markets moving on-chain and moving from proof-of-concept to production.”
The highest priority is to expand CCIP adoption in capital markets and real assets (RWA). said Chainlink Ambassador “ChainLinkGod.”
Chainlink Data Streams has also been launched to provide low-latency data to dApps. They also mentioned that they will expand the system to support more chains and data types.
Additionally, Chainlink functionality was introduced, allowing smart contracts to connect to any API. It also adds more custom features, frameworks, and quickstarts to your system.
Read more: Real World Asset (RWA) Collateral Tokens Explained
Additionally, Chainlink automation integrated across chains allows for a more modular network that can connect to other Chainlink services through smart contract automation.
Chainlink also plans to continue its ongoing work with asset issuers, custodians, and auditors. The goal is to build more evidence on reserve products to help increase transparency in the valuation of underlying assets. It also helps validate the collateral basket backing the tokenized real-world assets.
The team will also expand Chainlink’s global developer community through events and resources. We will prioritize Web2 developer onboarding and expansion into APAC and LATAM regions.
LINK price outlook
LINK price retreated significantly today, with the asset price down 4.8% in the last 24 hours. As a result, LINK fell to $14.05 at the time of this writing.
Chainlink tokens have been one of the best-performing altcoins this year. On December 9, it reached a 2023 19-month high of $17.25.
However, the cryptocurrency market has fallen 18% since the corrected level.
Moreover, LINK remains down 73% from its all-time high of $52.70 in May 2021, but is likely to make the first big move in the bull market.
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