- ChainLink will be the centerpiece of a billion-dollar crypto revolution – Weiss Ratings
- ChainLink is set to leverage the growth of DeFi and smart contracts
- ChainLink’s oracle network takes data outside the Blockchain and feeds them on-chain
ChainLink News Today – a digital asset has received a positive review from Weiss Ratings. The cryptocurrency analytic firm has praised the structure of the digital asset and cited that it will be crucial to the digital currency revolution based on DeFi and smart contracts. The US-based investment and cryptoanalysis firm have declared that a billion-USD crypto revolution is underway with the coin known as ChainLink set to take center stage.
ChainLink, the native token of the Oracle network has been praised and tipped by Weiss Ratings to lead the ongoing crypto revolution. Wiess Rating gave their approval of LINk on Saturday, July 25 via a post on Twitter.
ChainLink is Set to Leverage the Growth of DeFi and Smart Contracts
According to the tweet posted by Weiss Ratings on Saturday, July 25, the oracle network’s native token ChainLink is reportedly well-positioned to leverage the growth of the smart contracts sector and DeFi (decentralized finance). Here is how the firm put it on Twitter:
“DeFi platforms are currently red-hot with more than $1 billion in collateral already pledged. The oracle network empowers not just DeFi, but everything that the second and third-generation digital currencies do. This is why it is hardly an exaggeration to agree that ChainLink will be at the center of the ongoing billion-dollar crypto revolution going forward.”
Before the launch of ChainLink, the smart contract platforms were only able to manage data that is available in the Blockchain. These apps were limited because the data outside the Blockchain (including market data, bank payments, or events data) were not accessible.
ChainLink’s Unique Usage Places it Above Most Cryptographic Projects
ChainLink which is created by the oracle network and designed to alter the game. The token can attain this by standing in as a bridge between on-chain data and real-world data. The oracle network reportedly takes data outside the Blockchain network and feeds them on-chain. No wonder two popular crypto analysts Bruce Ng and Juan M. Villaverde agree that due to the unique use case offered by ChainLink, the digital currency is by far ahead of most digital tokens when it comes to in adoption. They also pointed out that smart contract tokens like Ethereum (ETH), Tezos (XTZ), Zilliqa (ZIL), Fantom (FTM), and Polkadot (DOT), all make use of ChainLink to source their real-world data. The analyst’s concluded that:
“ChainLink already offers more secure and reliable price feeds to popular DeFi platforms (including Synthetix, Aave, Compound, and 20 other platforms).”
Whether the position of Weiss Ratings and that of the analyst’s regarding ChainLink is accurate remains to be seen.