Chainlink Powers Tokenization Megatrend with Essential Infrastructure for RWAs – Can it Propel LINK Price to $20?
- Chainlink pushes for tokenization and RWAs with services like the Cross-Chain Interoperability Protocol (CCIP), Data Feeds, and Proof of Reserves.
- Analysts like Michael van de Poppe express optimism about Chainlink’s future performance suggesting a 150-300% rally ahead.
Decentralized Oracle network provider Chainlink has recently seen a 7% increase in the price of its native token, LINK, as it advances its tokenization journey.
At the core of this transformation is Chainlink’s platform, which provides critical infrastructure and an ecosystem essential for a thriving tokenized asset economy. Chainlink offers services such as Cross-Chain Interoperability Protocol (CCIP), Data Feeds, and Proof of Reserves to ensure the integrity and reliability of tokenized assets, per the Crypto News Flash report.
Chainlink is emerging as an essential infrastructure for the tokenized asset economy, providing data, interoperability, and security to real-world assets (RWAs) at scale. Chainlink’s contributions to the tokenization megatrend are manifold.
Firstly, Chainlink’s Proof of Reserve is used to verify ARKB BTC ETF reserves with 21Shares, increasing the transparency of the ARK 21Shares Bitcoin ETF. This integration underscores Chainlink’s role in ensuring the integrity of tokenized assets.
Moreover, Chainlink aids in calculating collateral value on Angle Protocol when users borrow agEUR using RWAs. By integrating 25 Chainlink price feeds, Angle Protocol can accurately determine the value of real-world asset collateral in its borrowing module, thereby enhancing the protocol’s reliability and efficiency.
Additionally, Chainlink plays a crucial role in increasing the transparency of Backed Finance’s tokenized treasuries, ETFs, and other RWAs. This transparency is vital for building trust and confidence among investors in the burgeoning tokenized asset market.
Chainlink is essential infrastructure for the tokenized asset economy, providing data, interoperability, and security to RWAs at scale.
12 examples of how Chainlink is powering the tokenization megatrend
… pic.twitter.com/ZzTFjJ2iZW
— Chainlink (@chainlink) May 27, 2024
… The Chainlink Price Rally
Earlier today, the Chainlink (LINK) price rallied all the way to $20 eyeing for a potential breakout. As of press time, the Chainlink price is trading 6% up at $18.19 with a market cap of $10.6 billion.
Crypto analyst Michael van de Poppe has shared his optimistic outlook on Chainlink’s recent market activity. He stated, “Chainlink woke up from the crucial area of support. Likely, there’s going to be continuation and the low is in. From this point, I wouldn’t be surprised with a 150-300% price increase.”
Van de Poppe also suggested that Chainlink’s performance could be a bellwether for the broader altcoin market, noting, “Apparently, Chainlink is an indicator for the altcoins. If Chainlink does well, then I expect the altcoins to continue moving.” He emphasized the importance of the $16 support level, predicting that as long as this level holds, Chainlink could continue its upward trajectory towards its yearly highs.
Strong momentum for #Chainlink.
Apparently, Chainlink is an indicator for the altcoins. If Chainlink does well, then I expect the altcoins to continue moving.
As long as $16 holds, we’ll see a continuation on Chainlink towards the yearly highs. pic.twitter.com/nOl1r3gicW
— Michaël van de Poppe (@CryptoMichNL) May 28, 2024
