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Posted on:
- Polygon published a blog highlighting the details of this latest integration.
- LINK fell 14% and selling pressure was high.
Polygon (MATIC) zkEVM recently made important integrations with: Chainlink (LINK) This can improve the offerings and functionality of the blockchain.
In fact, Polygon co-founder Sanadeep Nailwal chose X and posted a tweet highlighting these benefits. However, despite this integration, zkEVM’s key network statistics did not go up.
Details on Polygon and Chainlink integration
According to Sandeep Nailwal, the combination of LINK’s solution and Polygon zkEVM’s ZK rollup will be a game-changer for DeFi.
.@Chainlink was with @0xpolygon Since Matic Network became Polygon in February 2021, the ecosystems have remained side by side. What a journey it has been for both communities! Chainlink on Polygon PoS is now being used by the biggest protocols like Aave and Gains… https://t.co/61lg61UdsK
— Sandeep Nailwal | sand deep. Polygon 💜 (@sandeepnailwal) December 15, 2023
Polygon also published this. blog Point out the benefits for developers. The integration allows DeFi developers to easily leverage external price data to build and launch highly effective liquidity protocols, advanced decentralized exchanges, and more.
Marc Borion, CEO of Polygon Labs, said:
“This feature is set to unlock the deployment of several important DeFi protocols on Polygon zkEVM early next year.”
It’s interesting to note that while developers are working on this integration, zkEVM’s DeFi ecosystem is also starting to grow.
According to AMBCrypto’s Artemis analysis: datapolygon zkEVMTVL has been on the rise for several weeks now.
However, while the DeFi space has grown, network activity has declined. This is evident from the fact that daily active addresses and transactions have started to decline.
Source: Artemis
Chainlink does not profit
While zkEVM has grown in DeFi, Chainlink has not followed the same trend in terms of price. According to CoinMarketCapLINK is down nearly 15% over the past seven days.
At the time of this writing, LINK had a market capitalization of over $8.2 billion and was trading at $14.50.
The trading volume of the token has also decreased over the past 24 hours, meaning investors have not been actively trading it. link.
To better understand the scenario, AMBCrypto looked at Santiment’s data. We have recently noticed a huge surge in exchange supply of LINK.
This suggests that we have seen a large sell-off, accompanied by a decrease in supply outside the exchanges. Additionally, the MVRV ratio remained low, which is a typical bearish signal.
Source: Santiment
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Nonetheless, the good news is that Chainlink’s open interest has fallen slightly along with its price.
A decline in the indicator usually suggests a trend reversal, which suggests that: link Register vegetables on the price chart.
Source: Coinglass