TL; DR
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Instead of looking too much at the results, we are more interested in the results Why behind a price increase like this.
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The why in the case of LINK? The adoption of its ‘Cross-Chain Interoperability Protocol’ (CCIP).
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The combination of valuable feature development, increased adoption, and this mini-bull market has resulted in LINK seeing quite an increase in value, with some days like Saturday.
Full story
Chainlink (LINK) just rose 6%.
That’s great, but while we like to see green, crypto projects are constantly rising and falling in value.
Instead of looking too much at the results, we are more interested in the results Why behind a price increase like this.
The why in the case of LINK? The adoption of its ‘Cross-Chain Interoperability Protocol’ (CCIP).
Confused? Lettuce explain:
Chainlink is known as an “oracle” blockchain.
That’s a nerdy way of saying: it collects data from trusted third parties, puts it on the blockchain, and charges people for access to that verified information.
(Which is super useful if you want to automate something like ‘buy X when Y happens’ or ‘sell Y when X happens’).
LINK worked well… and in July the team found out CCIPs launched which simplify the process of sending cross-chain transactions.
(For example, do you want to buy an Ethereum NFT but only have SOL? You need to make a cross-chain transaction).
The result of the past few months can be summarized with the following emoji:
The combination of valuable feature development, increased adoption, and this mini-bull market has resulted in LINK seeing quite an increase in value, with some days like Saturday.
Okay, now you know!
P.S We delved deeper into LINK in the fourth edition of our Over The Shoulder program. If you want to check it out, plus analysis of 24 other crypto projects, you can get that 20% discount here.
