Chainlink (LINK) can make a turnaround thanks to its appeal to smart contract and NFT developers. – The ₿log

Chainlink (LINK-USD) is a secondary cryptocurrency, ranked #23 by Coinmarketcap with a market cap of $6.7 billion. But so far this year, LINK has had a rough year. After closing at $20.67 on December 31, LINK-USD is now at $14.32, as of April 19, 2022. This means that its year-to-date (YTD) performance is down nearly by 30% (i.e. -30.7%).

Its performance is also highly correlated with that of Ethereum (ETH-USD), the second-largest cryptocurrency with a market capitalization of $374 billion as of April 19. One of the reasons for this correlation is that the developers want to turn Chainlink into a big smart contract blockchain network, just like Ethereum. Ethereum is the largest smart contract platform nowadays. It has the largest number of decentralized financial applications (DeFi) and other DApps (decentralized applications). DeFi smart contracts allow people to trade staking or yield farming with cryptocurrencies.

Chainlink seduces developers

chain link has become a blockchain platform of choice for some new applications Challenge. For example, a new app called Reputation DAO (which stands for Decentralized Autonomous Organization) helps people who normally have to provide a large amount of collateral for a DeFi loan. In general, the cryptocurrency lender requires a guarantee of 150% of loan amount. Reputation, which uses the Chainlink platform, has a data service using Chainlink that reduces risk for DeFi lenders willing to offer loans with less collateral.

The reason is that Chainlink is known as an “oracle” network. It allows smart contracts to be securely connected to off-chain data and services. It provides tamper-proof inputs, outputs and calculations to support advanced smart contracts. Therefore, Chainlink is the ideal platform for smart contracts who need to connect data to the outside world.

Additionally, Chainlink is gaining a reputation as a viable platform for developing non-fungible tokens (NFTs). Chainlike Labs recently posted on Twitter (NASDAQ:TWTR) that it can provide a competitive and dynamic advantage for NFT developers who want developing NFT markets.

Therefore, Chainlink is gaining an edge in the field smart contracts which gives him an advantage. As a result, she could soon make a turnaround in her performance.

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Chainlink (LINK) can make a turnaround thanks to its appeal to smart contract and NFT developers. – The ₿log

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