The protocol has secured several partnerships this year as interoperability and tokenization have become two major trends. Many networks have made it a priority to improve how they communicate and create secure bridges with other blockchains.
In addition, large corporations including asset management firms like BlackRock see huge potential in tokenizing real-world assets (RWA).
Chainlink is at the intersection between traditional financial and blockchain technology as its solutions provide on-chain access to off-chain data via price oracles while the Cross-Chain Interoperability Protocol (CCIP) enables the communication of different blockchains.
As per the project’s website, many top-notch blockchain projects like Arbitrum, Base, BNB Chain, Polygon, and Ethereum rely on the CCIP to connect with other ecosystems.
To measure Chainlink’s growth, the market tracks a metric called total value secured (TVS), which analyzes the total amount locked within smart contracts that interact with one of the project’s solutions.
In the past 12 months, the TVS metric has increased by 140% from $35.2 billion to $84.7 billion at the time of writing.
