Decoding the reasons behind Chainlink’s [LINK] recovery from crash

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A token that has recent­ly been mak­ing up for lost ground in the cryp­to mar­ket is Chain­link [LINK]. New devel­op­ments on the net­work are already show­ing pos­i­tive rein­force­ments on the native LINK’s prices. How­ev­er, the ques­tion is- What are these changes that have tak­en place on the net­work and where does the per­for­mance of the token go from here?

Back with a bang!

Chainlink’s native token LINK went on a 40% surge since 24 June after bear­ing the weight of the cryp­to crash recent­ly. At press time, iT was trad­ing at $7.26 after the draw­down. The hike is sub­ject­ed to sev­er­al announce­ments released by the net­work via their social media platforms.

Like oth­er blockchains, Chain­link too, seems to have post­poned their devel­op­ments because of the ongo­ing bear mar­ket. This has made devel­op­ers much more active on the chain as com­pared to their activ­i­ty lev­els in the last few weeks.

In the last 24 hours, Out­er Ring, a sci-fi MMO, released its col­lab­o­ra­tion with Chain­link. Out­er Ring has inte­grat­ed with the Chain­link VRF to dis­trib­ute more than 350,000 NFTs from the  Loot­box­es sale. The due date for the sale is set for 29 June. Out­er Ring will also deploy Chain­link Price Feed for secur­ing the plat­form from poten­tial hacks.

 

In an announce­ment, DefiEdge, a decen­tral­ized asset man­age­ment pro­to­col for Uniswap v3 liq­uid­i­ty pro­vi­sion­ers, announced its own inte­gra­tion with Chain­link Price Feeds. This inte­gra­tion will help pro­vide an addi­tion­al lay­er of secu­ri­ty for Uniswap liq­uid­i­ty providers. The DefiEdge team added,

“We aim to take a secu­ri­ty-first approach to the entire pro­to­col design, and Chain­link ora­cle infra­struc­ture is secure, sim­ple to inte­grate, and expan­sive in scope- mak­ing it an all-inclu­sive solu­tion for our team.”

But where does LINK stand in the big picture?

LINK has wit­nessed a revival in prices after the lat­est announce­ments espe­cial­ly in the last 24 hours. At the time of writ­ing, it was up by 2.5%.

Fur­ther­more, met­rics are also sug­gest­ing a push in the upward direc­tion. The MVRV ratio is hov­er­ing at its high­est point dur­ing the week. It is cur­rent­ly strand­ed at 0.2% after escap­ing the week­ly bot­tom of ‑16.2% at the height of the crash.

Source: San­ti­ment

The social dom­i­nance of LINK has also increased mul­ti-fold in the last few days. This met­ric is also at its week­ly high at an index val­ue of 7.4. The devel­op­ments on the net­work are being cred­it­ed to be the dri­ving fac­tors behind the rise of the social dom­i­nance of Chainlink.

Source: San­ti­ment



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