DeFi Heroes: Chainlink Secures Over $75 Billion

The total value secured places the oracle solutions provider as the number one on-chain data provider in the decentralized finance industry.

By
Utulu Hope
on
November 5, 2021
Category:
Blockchain News

Chainlink Total Value Secured Crosses $75 Billion 

Chainlink’s Total Value Secured (TVS) has surpassed the $75 billion mark, representing a significant milestone for the decentralized oracle solutions provider. In addition, the protocol powers numerous projects in the Decentralized Finance (DeFi) ecosystem with its oracle solutions, making it one of the best in the industry. 

Chainlink oracles provide a secure connection for smart contracts to its verifiable real-world market and financial data. Due to this service, over 900 protocols across Binance Smart Chain, Ethereum, Polygon, among others, have utilized Chainlink oracles to connect their blockchain applications with the best verifiable functions. 

In an official press statement on Thursday, November 4th, Co-founder of Chainlink Sergey Nazarov spoke about the milestone achieved by the industry-leading oracle solutions provider. He made mention of the protocol becoming one the most value securing DeFi products worldwide, adding that the protocol’s progress with helping projects develop blockchain applications is no fluke. 

“Crossing $75Bn in total value secured makes the Chainlink network one of the most value securing forms of decentralized consensus on the planet,” Sergey Nazarov asserted. “Chainlink networks are securing the most valuable smart contracts across multiple chains. Without trusted price data to trigger smart contracts, it is impossible to build DeFi applications, and we do not think it is a coincidence that the rate at which Chainlink has been able to bring new market data onto blockchains has been the rate at which developers have been able to build exciting new DeFi apps.” 
Source

A Leading Oracle Solutions Provider in DeFi 

With its secure Price Feeds, the Chainlink oracle network provides accurate, tamper-proof market data to on-chain DeFi applications. The decentralized consensus is also made up of another core service known as Chainlink Verifiable Random Function (VRF), which automates essential smart contract functions for top Non-fungible token (NFT) GameFi protocols, including Axie Infinity. 

Chainlink VRF functions include triggering liquidations, randomness automation, and Cross-Chain Interoperability Protocol (CCIP), enabling cross-chain messaging and token movement. Chainlink oracles have also evolved to provide weather and climate data for powering parametric crop insurance. 

“Additionally, Chainlink oracles are rapidly moving beyond data delivery, and into the world of off-chain computation, meaning the network can provide randomness, automation, privacy, and scalability for smart contracts, expanding what those hybrid smart contracts are able to achieve,” Sergey Navarov discussed Chainlink’s growth. 

By helping blockchain and smart contracts connect with real-world data and systems through its oracle networks, Chainlink has solved a crucial problem in the DeFi industry. Today, numerous DeFi applications across all networks now rely on its solutions to ensure that their smart contracts are equipped with the necessary functions. 


About Chainlink

Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink’s Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.

Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit:

chain.link | Solutions | Docs | Twitter | Discord | Reddit | YouTube | Telegram | GitHub 

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Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer. He hodls mostly in Ethereum, BNB, and, Avax.

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