This Altcoin is Beating Bitcoin With its 2020 Gains & Development Activity
It was mid-August that LINK set its all-time high at about $20. After over a 62% drop in the subsequent month's price, the digital asset started pacing up a bit.
Just a couple of weeks back, we were around $15.7 only to get down to $13 today. The latest LINK price decline coincides with the percentage of LINK supply held by the top 10 largest whale addresses. The whale supply first started declining in November and continues into December.
Simultaneously, the network growth in terms of new addresses created has picked up, as per data provider Santiment.
Still, among the top digital assets, LINK is the biggest gainer with about 630% gains YTD compared to Bitcoin’s 167%, Ethereum’s 355%, and XRP’s 217% year-to-date performance.
However, in the past 30-days, LINK recorded 12% greens only while falling 8% in the past week.
Like the price, LINK is ahead of Bitcoin in terms of daily activity rate, although ETH development activity makes it the dominant project.
The popular decentralized oracle network works as middleware — a bridge between smart contracts and the outside world while providing a security framework for protecting against any single point of failure.
Chainlink recently revealed that its platform enabled 77 different smart contract use cases. Chainlink offers Pre-Built Decentralized Price Feeds, Verifiable Random Function (VRF), Modular External Adapters, and several additional oracle services.
The project offers developer tools to deploy various oracle networks and solutions to implement highly-technical smart contracts,
“particularly those that execute based on market data like FX rates, interest rates, asset prices, indices, and more.”
Chainlink’s solutions are also used to support real-world assets, tokenized portfolio management, credit default swaps, bonds, synthetics, and futures.