Sokipiriye Dokubo
While most digital currency markets remained quiet, Chainlink’s LINK token saw remarkable growth thanks to positive developments. Chainlink (LINK) stood out as a top performer, even as U.S. financial markets paused for Memorial Day.
Currently standing as the 14th largest cryptocurrency in terms of market capitalization, LINK made significant gains, rising over 10% in the last 24 hours to reach $18.75, according to CoinGecko data.
LINK acts as the native token for Chainlink, an oracle project established on the Ethereum blockchain with the purpose of securely transferring data within and between blockchains.
The recent boost in LINK’s value can be attributed to the optimistic outlook from holders and supporters, spurred by the news of Chainlink’s collaboration with Swift, a global payments platform. This partnership will be featured at the upcoming ConsenSys conference in Austin, Texas, showcasing the possibility of merging traditional financial systems with blockchain technology.
Sergey Nazarov, co-founder of Chainlink, expressed confidence in Ethereum and the broader digital asset market following the approval of Ethereum exchange-traded funds (ETFs). Nazarov believes this is just the start and foresees a future where various tokens will have their ETFs, facilitating engagement with global capital markets.
Chainlink has been demonstrating progress across nine distinct blockchains, including Ethereum, Arbitrum, Polygon, and Base. Notably, the Depository Trust & Clearing Corporation (DTCC), a significant settlement and clearinghouse in the U.S., recently utilized Chainlink’s cross-chain interoperability protocol in a tokenization pilot with JP Morgan and BNY Mellon, called Smart NAV.
Further acknowledging its advancements, the crypto investment firm 21Shares highlighted Chainlink’s role in transforming tokenization, enabling transactions exceeding $10 trillion across more than 2,000 projects on 22 networks.
Despite its recent successes and growing interest, LINK still has a considerable journey ahead, requiring a surge of over 64% to match its all-time high of $52.70 from 2021.