Chainlink (LINK) Launches Data Feeds and Proof of Reserve on Hedera (HBAR) Mainnet

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As a seasoned researcher with years of experience in the blockchain and cryptocurrency space, I find the integration of Chainlink Standard on Hedera network quite intriguing. Having closely followed both projects, it’s clear that this partnership is a strategic move to strengthen their respective positions in the rapidly evolving DeFi landscape.

The high-ranking Hedera blockchain, supported by esteemed international corporations, has officially integrated with the Chainlink standard to bolster its mission of democratizing web3. As per the announcement, the operational Chainlink Data Feeds and Chainlink Proof of Reserve are now available on the Hedera network.

Consequently, developers working in Decentralized Finance (DeFi) on the Hedera network have access to top-tier data, ensuring their protocols deliver dependable services. Moreover, the Hedera network is rapidly expanding as a significant blockchain platform for real-world asset (RWA) tokenization and DeFi utilization.

Back in October, I found myself taking my first stride towards a fruitful collaboration when the HBAR Foundation became part of the Chainlink Scale program. This was an exciting milestone in our journey together.

Elaine Song, HBAR Foundation’s VP of Strategy, expressed enthusiasm about strengthening our connection with Chainlink’s standard. We plan to incorporate Chainlink Data Feeds and Proof of Reserve on Hedera. By offering the Chainlink standard to our developer community, we aim to facilitate broader access to reliable, tamper-proof data backed by decentralized infrastructure. This is essential for developing secure DeFi applications and scalable tokenized assets,” said Elaine Song.

Impact of Chainlink Standard on Hedera Ecosystem

In the past few months, the worth of assets tied up in the Hedera system has surpassed $178 million (Total Value Locked), and its stablecoin market capitalization stands at over $26 million. The Hedera network has garnered significant interest from institutional investors, a trend largely driven by an increasing number of members on its governing council.

The decision to integrate with Chainlink was primarily driven by its established reputation over the years as a trusted provider of oracle data for scaling Decentralized Finance (DeFi) projects. Furthermore, the security of Chainlink Data Feeds is ensured by various independent oracle node operators.

In simpler terms, the Hedera DeFi network stands to gain substantially with Chainlink’s Proof of Reserve feature, a service that ensures accurate, real-time validation of tokenized asset information.

Market Picture

Integrating Chainlink Standards within the Hedera network could leave a lasting mark on their associated tokens. Furthermore, as the utilization of smart contracts expands beyond its current infancy, it’s anticipated that billions of individuals will adopt blockchain technology over the forthcoming years.

As per the current market statistics, Chainlink’s token LINK is currently trading around $30, marking a rise of more than 3%. This digital asset, classified as a large-cap altcoin, boasts a fully diluted market value approximately $29 billion and an average daily traded volume of roughly $3.2 billion. The surge in its price suggests the commencement of a broader bullish trend driven by solid foundational strengths.

Hedera’s HBAR token currently stands at around $0.29 with a 2.1% volatility over the past 24 hours. This large-cap altcoin, boasting a market capitalization of roughly $10.93 billion and daily trading volume of about $1 billion, is nearing its all-time high as market speculation mounts for an imminent parabolic phase. In just the last 30 days, HBAR has skyrocketed by 237%. At the time this text was written, it was trading at approximately $0.28.

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2024-12-16 23:34