The days when there were few cryptocurrencies to choose from are long history. At the latest since the ICO hype in 2017 and 2018, the number of projects has exploded. But many are still based on pure speculation and hopes of investors. However, the rating agency Weiss Crypto announced in a new blog post that this is not the case for all crypto projects.
Chainlink connects Smart Contracts with the real world
According to Weiss Crypto Ratings, the situation is completely different at Chainlink. This is because, unlike the majority of the thousands of cryptocurrencies, Chainlink has valuable partnerships and applications. Almost no other cryptocurrencies are said to be as well positioned as Chainlink. And the growth could continue: the crypto project will benefit more and more from the increasing popularity and use of smart contracts.
Weiss Crypto Ratings even goes so far as to describe smart contracts as „the future“ of cryptocurrencies. And this is exactly what Chainlink will benefit from with the LINK token. This is because Smart Contracts only act directly on the blockchain and do not interact with data from the „real world“. Chainlink is the interface between data from external sources and Smart Contracts, therefore they can work together.
Weiss Crypto Ratings predicts a more than promising future for the crypto project through an increasing adaptation of smart contracts. According to the blog post, LINK is expected to show a 600% growth, which would catapult it to $20.
Chainlink is the fuel that Smart Contracts run on. And as the number of intelligent contracts grows exponentially, the demand for Chainlink will explode.
Smart contracts and price feeds for DeFi applications
Weiss Crypto Ratings regularly publishes ratings with various factors for the most popular cryptocurrencies. One of the factors taken into account in the assessment is the existing adoption of the cryptocurrencies.
According to the blog post, major cryptocurrencies such as Ethereum, Tezos, Fantom, Ziliqa and many more will use Chainlink’s technology. This is because they also offer Smart Contracts, which have to link data from external sources to Smart Contracts with the help of Chainlink. Even large companies such as Google and Oracle have already shown their interest in what is currently the 14th largest cryptocurrencies in the world.
Not to be neglected are also DeFi applications, which are also enjoying increasing popularity. These use Chainlink’s price feeds to provide trusted prices to traders.