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In my recent post, “Oracles – The Forgotten sector”, I mentioned how projects such as ChainLink and Band Protocol seem to have been excluded in the bull run of 2020 and 2021. There were very modest gains in the oracle sector as a whole and yet ChainLink, in particular, has had an amazing 2021 in terms of growth and partnerships. I did say that I would be doing a bit of research into ChainLink and others, as I was fairly certain that some interesting developments must have taken place during the course of this time. So, let’s take a look at what has been happening on the ChainLink side!
ChainLink began making some serious moves in 2019 in regards to token valuation. As the idea of oracles began to garner more attention, LINK managed to take center stage. When you consider that more than half of these 1000+ partnerships were secured in 2021, you can simultaneously understand how bullish and productive 2021 was for ChainLink. Unfortunately, the price action was not that bullish. When you look at the graphs below from ChainLink’s official blog, you will notice that absolutely everything is experiencing exponential growth besides the price!
It is actually quite impressive, especially since things were so quiet on the ChainLink front. As mentioned in my previous post, that could be largely due to the NFTs and metaverse boom. It is also in keeping with Sergey’s approach of focusing on building, rather than token price.
Total Value Secured Grows 10X In 2021
At the beginning of 2021, the TVS across the ecosystem was $7 billion. By the close of 2021, the TVS had grown to $75 billion, more than 10X growth in a matter of a year. Data points delivered in 2021 were a whopping 1.1 billion and reveal an area of exponential growth for ChainLink. The data clearly paints a picture of significant and exponential growth for ChainLink during the course of 2021 and leaves one wondering how the market has managed to miss this.
This is actually a good thing in my opinion. Great investment opportunities exist where performance or excellence is yet to be observed and noted.
ChainLink Dominating DeFi
Looking further into the TVS reveals that ChainLink secures 54% of all value across the DeFi sector. This is massive. This is larger than Bitcoin’s dominance in relation to market cap and altcoins.
This is a significant percentage and secures LINK’s dominance in the DeFi realm. Band Protocol is in the Top 5 and secures approximately 3% of all value across the DeFi sector.
Looking at the LINK price, it is beginning to look as if we could experience a bullish breakout relatively soon. This is obviously largely dependent on the Crypto market in general, especially Bitcoin. Taking a look at the daily graph below reveals a possible breakout to approximately $20. The next target would be in the $25 region if the price was able to find support at $20 and then look to push higher.
It is looking as if BTC could continue sideways until May in the event that it doesn’t break out soon. This would be quite bullish for altcoins, including ChainLink. Altcoins will perform against USD during a BTC pump, as well as in sideways price action for Bitcoin, provided the sentiment is not overly bearish.
I am just wondering when the market will wake up to the data that I have presented in this article. It looks as if ChainLink is on the brink of a solid move to the upside. A confirmed breakout could perhaps draw fresh eyes to the project and ultimately create an awakening to the progress and growth that has been achieved over the past year. As always, do your own research and enjoy the journey!
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