Chainlink supports Ethereum infrastructure development through upcoming Gitcoin Grant
- Chainlink is joining the Gitcoin Grants round 12 to support the development of infrastructure for the Ethereum network.
- Chainlink oracles have accelerated Avalanche's growth and pushed TVL 88 times higher since July 2021.
- Whales struggle to hold a make or break trend line in the Chainlink price chart.
- Grayscale Investments reduced their Chainlink holdings by 5.49%, implying a likely drop in institutional interest.
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Chainlink joins hands with Gitcoin Grants to power the development of infrastructure for the Ethereum network. The altcoin price is currently at a make or break point, according to analysts.
Chainlink powers DeFi's growth through oracles
Chainlink plans to power Ethereum network infrastructure through Gitcoin Grants that fund valuable projects. Chainlink's oracles have powered several DeFi projects, driving the protocols' total value locked (TVL). Avalanche protocol's TVL has increased over 88 times since July 2021 through the use of Chainlink's oracles.
Avalanche protocol was in the hyper-growth phase throughout 2021. Powered by Chainlink oracles, other DeFi applications, Aave protocol, Trader Joe (DEX), and Benqi Finance together noted a spike in TVL.
Powered by Chainlink oracles, DeFi TVL exploded in 2021
Chainlink continues to make strides in the DeFi ecosystem. The network announced the following partnerships earlier today- Kephi Gallery's NFT marketplace, Project Oasis on the Binance Smart Chain ecosystem, Solipay and Trava Finance.
The DeFi projects have access to real-time global market prices for loan issuance, liquidation, location data and fair and transparent sales of NFTs. Chainlink's utility continues to increase with the rise in the number of DeFi applications utilizing oracles.
Chainlink whales are struggling to push the altcoin's price higher. Cryptocurrency analysts at the YouTube channel "VisionPulse Trades" are of the opinion that Chainlink price is currently at a make-or-break point. It may drop to $22 before resuming climb to $45.
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.
