Chainlink to Surpass Ethereum Development Spending as Huobi Is First Exchange to Run A Node
- Huobi Wallet to run Chainlink node in an attempt to improve the integrity and authenticity of their pricing data after allegations of volume inflation raised credibility concerns.
- Chainlink is set to surpass Ethereum in ecosystem development spending by approximately $25 Million, issuing over 1 Million LINKs monthly to node operators.
Leading Crypto exchange, Huobi, will become the first of its peers to run a Chainlink node. They are set to consolidate their data with Chainlink in abid to improve data authenticity and integrity with their pricing information.
One of the world’s top cryptocurrency exchanges @HuobiGlobal is making its exchange data available to smart contracts through the #Chainlink Network. Additionally, @HuobiWallet is currently running a live Chainlink Node.
— Chainlink – Official Channel (@chainlink) July 3, 2020
In the strategic partnership with Chainlink, the Huobi wallet seeks to utilize Chainlink’s external adapters to avail the exchange’s API to smart contracts, granting developers access to real-time price data from Huobi. Due to demand, Huobi will initially roll out BTC/ETH, BTC/USDT, ETH/USDT, and LINK/ETH pairs before further deliberation.
In the announcement, Huobi highlighted Chainlink’s dominance in the oracle sphere, providing smart contracts with direct access to real-time data, events occurring outside the chain, and legacy remittance models.
Their oracle solutions are being leveraged by the Ethereum Blockchain DeFi ecosystem and incorporated by an array of rival enterprise Blockchains, including Tezos, Polkadot, and BSN. Following their recent transparency woes, after allegations of volume inflation emerged, their credibility will be jeopardized if the data isn’t accurate.
Chainlink’s Extensive Expansion
Notably, Chainlink is set to surpass Ethereum in ecosystem development measures despite the latter’s dwindling market cap dwarfing Chainlinks. Chainlink is disbursing over 500,000 LINKS bi-monthly to node operators. This roughly translates to nearly $5 Million or $60 Million every year compared to the $30 Million that Ethereum is projected to spend to reward its node operators.
This expansive disbursement of funds has seemingly consolidated their position, having been onboarded by China’s BSN and Tezos. Michael Anderson, an executive at Framework Venture, predicts that the value of the LINK will skyrocket north of $25 shortly.
“Within a relatively short period, Link could soar above $25 and overtake Ethereum as number two cryptocurrency by market capitalization.”
Despite most of the LINK being taken up for speculation and expanding portfolios, it is increasingly becoming decentralized due to the active community supporting the initiative. A benchmark report that comprised of an array of over 40 Blockchain ecosystems has placed Chainlink’s far above rivals in terms of daily active addresses.
Meanwhile, the LINK is currently trading at $4.84, enjoys a market capitalization of $1,692,625,523. They recorded trading volumes of $407,239,044 in the past 24 hours, with 350,000,000 LINK in circulation as per this writing.