Chainlink Ecosystem Milestones: 6.5B USD TVL Secured, CCIP Adoption Grows with Expanded Integrations Across Multiple Chains

Chainlink’s CCIP is now supported on 14 chains, cementing its role as a key standard for cross-chain applications. Chainlink’s Data Feeds now secure $6.5 billion in DeFi protocols, while Data Streams have been integrated into 20% of derivatives protocols. The Chainlink ecosystem saw significant milestones over the last month, with widespread adoption across the DeFi, [...]

Nov 4, 2024 - 21:26
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Chainlink Ecosystem Milestones: 6.5B USD TVL Secured, CCIP Adoption Grows with Expanded Integrations Across Multiple Chains
Kevin Nguyen Chainlink LINK
  • Chainlink’s CCIP is now supported on 14 chains, cementing its role as a key standard for cross-chain applications.
  • Chainlink’s Data Feeds now secure $6.5 billion in DeFi protocols, while Data Streams have been integrated into 20% of derivatives protocols.

The Chainlink ecosystem saw significant milestones over the last month, with widespread adoption across the DeFi, cross-chain, and tokenized real-world asset (RWA) sectors. According to Johann Eid, Chainlink’s Chief Business Officer, “The Chainlink ecosystem had a busy month for Smartcon, 40+ projects announced Chainlink integrations across multiple chains & verticals like RWAs, LST/LRT, BTCFi, & more.”

Chainlink’s Major Partnerships and Achievements

Chainlink’s Cross-Chain Interoperability Protocol (CCIP) continued to expand as an industry standard for cross-chain applications, now adopted by four additional chains, bringing the total to 14, with the latest integration being of Ronin Network, reported CNF. This integration supports feature-rich, interoperable solutions for developers building across blockchain ecosystems.

Eid also noted the protocol’s utility in expanding multi-chain access, with “90% of BTCFi… powered by Chainlink” as of last month. This shows a clear preference for Chainlink’s technology in bridging DeFi protocols on Bitcoin alongside Solana.

Total value locked (TVL) in DeFi protocols secured by Chainlink Data Feeds reached $6.5 billion Additionally, Apex Global Group, a fund administrator with over $3 trillion in assets under management, recently adopted Chainlink’s tokenized asset infrastructure. This included CCIP, Data Feeds, and Proof of Reserve services of the blockchain firm. This collaboration highlights Chainlink’s capability to support the transparency and security needed for tokenizing traditional financial assets.

In another milestone, leading liquid staking protocol Lido DAO integrated Chainlink’s CCIP to facilitate ETH staking from Layer-2 networks. Eid emphasized this adoption as a significant step, stating that “Only Chainlink’s suite of services can deliver this solution.” He expects it to boost adoption in the liquid staking and reward token (LST/LRT) space.

Chainlink’s Data Streams also saw increased traction in decentralized finance (DeFi). Over the past two weeks, more than 20% of all derivatives protocols integrated Chainlink Data Streams, enabling access to high-frequency, sub-second market data.

Latest Solana Network Integration

Solana developers now have mainnet access to Data Streams. It provides infrastructure capable of supporting large volumes of transaction data at speeds essential for high-throughput markets, per the CNF report. Moreover, Eid underscored its impact, “Only Data Streams can deliver Solana devs access to high-frequency, sub-second market data.”

The integration of Chainlink technology extended to tokenized real-world assets as it addresses critical demands in identity verification and compliance. In partnership with Clear and Space and Time, Chainlink now supports a system enabling 22 million U.S. residents to meet KYC criteria for accessing tokenized RWAs.

Chainlink’s BTCFi support also grew significantly with projects like Botanix Labs and Bitlayer incorporating CCIP and Data Feeds to enhance cross-chain capabilities on Bitcoin. These partnerships reflect the ecosystem’s focus on bringing DeFi functionality to Bitcoin where Chainlink infrastructure is seen as foundational.

Eid shared, “Just like Chainlink enabled DeFi to grow billions of dollars in market capitalization, Chainlink will do the same for the emerging BTCFi trend.” Furthermore, Hedera’s integration of Chainlink Data Feeds on its testnet reflects Chainlink’s commitment to expanding on-chain capabilities for enterprise-grade applications.

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