Here’s how zkEVM, Chainlink reacted to the new integration
Journalist
Posted:
- Polygon posted a weblog highlighting particulars on this newest integration.
- LINK was down by 14%, and promoting strain on it was excessive.
Polygon [MATIC] zkEVM just lately made an vital integration with Chainlink [LINK] that may increase the blockchain’s choices and capabilities.
The truth is, Sanadeep Nailwal, co-founder of Polygon, took to X and posted a tweet highlighting these advantages. Nonetheless, regardless of this integration, zkEVM’s key community stats did not go up.
Particulars on Polygon and Chainlink integration
As per Sandeep Nailwal, the mixture of LINK’s resolution and the Polygon zkEVM’s ZK rollup might be a recreation changer for DeFi.
.@chainlink has been with @0xPolygon ecosystem side-by-side ever since Matic Community grew to become Polygon in Feb. 2021. And what a journey it has been for each communities! On Polygon PoS, Chainlink is now utilized by the biggest protocols like Aave and Good points and secures 85-90% of the… https://t.co/61lg61UdsK
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) December 15, 2023
Polygon additionally posted a blog stating the advantages for builders. The mixing permits DeFi builders to simply faucet exterior worth knowledge to construct and launch extremely efficient liquidity protocols, superior decentralized exchanges, and extra.
Marc Borion, CEO of Polygon Labs, mentioned,
“This performance is about to unlock the deployment of a number of vital DeFi protocols on Polygon zkEVM early subsequent 12 months.”
It was attention-grabbing to see that whereas builders labored on this integration, zkEVM’s DeFi ecosystem additionally began to develop.
As per AMBCrypto’s evaluation of Artemis’ data, Polygon zkEVM’s TVL has been on the rise for a number of weeks now.
Nonetheless, whereas the DeFi area grew, its community exercise dropped. This was evident from the truth that its day by day energetic addresses and transactions began to say no.
Supply: Artemis
Chainlink shouldn’t be benefiting
Whereas zkEVM grew in DeFi, Chainlink didn’t observe the identical development on its worth entrance. In accordance with CoinMarketCap, LINK was down by practically 15% within the final seven days.
On the time of writing, LINK was buying and selling at $14.50 with a market capitalization of over $8.2 billion.
The token’s buying and selling quantity additionally dropped within the final 24 hours, which means that traders weren’t actively buying and selling LINK.
To higher perceive the situation, AMBCrypto took a have a look at Santiment’s knowledge. We discovered that LINK’s provide on exchanges registered a large surge within the current previous.
This was accompanied by a drop in its provide exterior of exchanges, suggesting that it witnessed a large sell-off. Moreover, its MVRV ratio additionally remained low, which is a typical bearish sign.
Supply: Santiment
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Nonetheless, the excellent news was that Chainlink’s open curiosity dropped barely together with its worth.
A decline within the metric usually hints at a development reversal, suggesting there have been probabilities of LINK registering greens on its worth chart.
Supply: Coinglass
