According to on-chain analytics company Santiment, the social engagement volume of Chainlink has hit an all-time high.
Chainlink tweeted earlier in the week about the benefits of their proof-of-reserve system. Shortly after the tweet was sent out, Santiment saw a significant increase in the social volume for Chainlink on Twitter.
Santiment says LINK could rally
The blockchain analytics company observed that the increasing attention from the general public might benefit pricing. The social volume of Chainlink (LINK) exploded to new record highs.
“Social traffic has seen a noticeable increase around the asset on Twitter within a short time after Chainlink published this article outlining the benefits of its Proof of Reserve system.”
Now trading at around $7, at the time of publishing, LINK’s price had risen by 0.16% in the previous 24 hours, bringing it to $7.04, according to CoinMarketCap.
Chainlink is battling it out despite bear market
FTX’s doom caused users throughout the business to increasingly demand evidence of reserves. Stablecoins wrapped tokens and blockchain bridges have all used Chainlink’s proof-of-reserve to boost transparency on the reserves that underlie new on-chain assets.
Chainlink reached several important milestones in 2022, which contributed to the web3 economy’s continued growth in a safe manner. More developers and projects than ever before were supported by Chainlink Oracle Services, which led to a total transaction value of more than $6.9 trillion in 2022.
The altcoins data feeds now support a more significant number of L2s in addition to new blockchains. Among these new blockchains is Solana, which is not an EVM chain.
In addition, the CF Bitcoin Interest Rate Curve launch and the NFT Floor Price Feeds have allowed DeFi and NFT manufacturers to enter new markets.
The first allotment from the community pool for Chainlink Staking version 0.1 has been made available. Chainlink has entered a new age of crypto-economic security with the successful release of version 0.1, and web3 is about to undergo a positive feedback cycle of innovation due to this.