Chainlink prioritizes Real World Asset Tokenization in 2024, LINK price eyes comeback to $16
- Chainlink’s Q4 update unveils the project’s plan to support virtual tokenization of Real World Assets on the blockchain.
- Chainlink started with an emphasis on meeting the growing demands of DeFi, the protocol is now focused on developing on-chain economies.
- LINK price climbed nearly 2% in the past 24 hours, the altcoin is likely to make a comeback to $16.62 in December.
In its fourth-quarter 2023 update, Chainlink outlined its three priorities for the upcoming year. Chainlink’s plans are the launch of its Cross-Chain Interoperability Protocol (CCIP), the introduction of a new data solution, and the launch of functions for developers on the blockchain.
Chainlink has shifted its focus from boosting cross-chain transaction speed to meeting the demands of projects that plan on virtual tokenization of Real World Assets (RWAs), making them liquid and more accessible for users.
Also read: Chainlink data feeds go live on Polygon zkEVM, MATIC price eyes likely recovery
Chainlink to lend momentum to Real World Asset Tokenization
- Chainlink launched its CCIP technology to secure cross-chain transactions and activity on the blockchain. This was welcomed by banks and financial institutions that engaged Chainlink’s CCIP.
- The blockchain project presented a low-latency data solution, Data Streams, to unlock on-chain derivatives to power dApps. For developers, LINK launched Functions.
- Chainlink’s plan for 2024 is to shift its priority from CCIP technology used by banks and financial institutions to Real World Asset Tokenization.
- RWAs are fungible or non-fungible tokens representing traditional blockchain financial assets.
- LINK plans to aid the RWA revolution, wherein several projects are working on tokenizing assets in the real world and require Chainlink’s technology to power the transition.
- Chainlink’s technology supports DeFi’s value proposition, it boosts security and reliability through its infrastructure.
LINK price eyes recovery
Crypto analyst behind the X handle @Mangyek0 predicts a 9% to 13% bounce in Chainlink price. The analyst is bullish on LINK, predicting an increase past the $15.5 level, as seen in the chart below.
LINK/USDT 4-hour chart
At the time of writing, LINK price is $14.36 on Binance.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
