In summary
- LINK hit its highest level since January 2022 at $29.45, driven by rising institutional demand.
- LINK futures open interest hit a record $770.27 million, surpassing key competitors.
- Strategic partnerships with SWIFT, Emirates NBD and Coinbase have strengthened its ecosystem and adoption.
Chainlink (LINK) has risen to its highest level since January 2022, hitting $29.45 on Thursday, as demand for the asset from sophisticated investors continues to rise.
The decentralized oracle network posted a 20% gain over the past seven days and a 119% increase over the past month, making it one of the best-performing cryptocurrencies in recent weeks, according to data from CoinGecko.
The rally comes as LINK futures open interest (OI) hit an all-time high of $770.27 million, according to Glassnode data. This figure eclipsed the OI of competitors such as Toncoin (TON) with $259 million and TRON (TRX) with $356 million.
Whale activity has been a key driver of LINK price momentum. Trump-backed World Liberty Financial purchased 41,335 LINK tokens valued at $1 million at an average price of $24.19, according to on-chain data.
Chainlink’s expanding ecosystem and latest partnerships have been another significant factor. The launch of its Cross-Chain Interoperability Protocol (CCIP) on the Ronin network facilitates token transfers between Ethereum, Ronin and the Base Blockchain incubated by Coinbase.
Emirates NBD, one of the largest banks in the UAE, has partnered with Chainlink to improve the tokenization of digital assets. Similarly, Coinbase’s Project Diamond integrated Chainlink to provide infrastructure for managing tokenized assets.
Additionally, Chainlink’s collaboration with SWIFT introduced an institutional payment solution, while WLFI adopted Chainlink’s standard for secure on-chain data and cross-chain connectivity.
“Chainlink, closely linked to Ethereum, is a leader in blockchain interoperability,” Arthur Azizov, CEO of B2BINPAY, told Decrypt. “Notably, it leads the top 10 ERC-20 crypto projects in developer activity over the past 30 days.”
Chainlink, in partnership with 21Shares, is also launching an EU-regulated service for the trading and settlement of tokenized securities, Azizov added.
Edited by Sebastian Sinclair
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