Chainlink Announces New Milestone Achievement as Price Remains Largely Unchanged

The decentralized blockchain oracle network Chainlink has announced a new milestone in a recent tweet. The network has reportedly surpassed $7 trillion in “transaction value enabled” (TVE) since 2022.

⬡ Network Milestone ⬡

The #Chainlink Network has surpassed $7 trillion in transaction value enabled (TVE)—a measure of aggregate USD value of on-chain transactions facilitated by Chainlink oracles across 12 blockchains since the start of 2022. pic.twitter.com/Gzw5C3x2ew

— Chainlink (@chainlink) January 25, 2023

TVE is a flow metric that measures the aggregate USD value of on-chain transactions facilitated by Chainlink oracles across 12 different blockchains.

This is a significant achievement for the network, which serves as a key Web3 infrastructure. With over 1,000 Oracle networks launched and native support for more than a dozen major blockchains, Chainlink is seeing steady growth in its ecosystem.

Currently, there are over 1,600 projects that have integrated Chainlink Oracle services, including DeFi, NFTs, gaming, and insurance.

Chainlink’s recent success is also reflected in its social volume, which reached all-time highs according to on-chain analytics firm Santiment. This can be attributed to the network’s proof-of-reserve advantages, which have become increasingly important in the cryptocurrency industry.

Following the collapse of FTX, many users have demanded proof of reserves from exchanges. Stablecoin-wrapped tokens and blockchain bridges have used Chainlink’s proof of reserve to increase transparency on the reserves underlying on-chain assets.

Chainlink Planning to Improve Monetization Model

Looking forward, Chainlink plans to expand its monetization model by building an enhanced payment model across its services. In this new model, payments can be made in LINK or other assets, including native tokens, at a higher rate compared to LINK payments.

These payments in other assets can then be converted into LINK, leading to an increase in LINK utility. This move is expected to further solidify Chainlink’s position as a leading Web3 infrastructure provider.