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Last week was full of good news for Chainlink (LINK) supporters.
Chainlink has attained 500 integrations, 500,000 non-zero balance wallets, and a new white paper. As a result, if the project development continues this rapidly, it achieves a network effect. Moreover, this could lead to an exponential increase in its utility.
Chainlink network effect
With the addition of decentralized finance monetary system Gaugecash, Chainlink has surpassed 500 integrations. This is according to Chainlink development community, The LinkMarine 2.0. Investors and participants of the Chainlink ecosystem are affectionately known as Link Marines.
Companies that have integrated with this blockchain project belong to a variety of industries. According to the community these include, “84 blockchains, 213 DeFi projects, 64 node operators, 43 data providers, 33 infrastructure [providers], 24 gaming projects, 22 NFT projects.”
Some expect that such a dynamic growth may lead to a so-called network effect described by Metcalfe’s Law.
Essentially, Metcalfe’s Law says that as the number of its users grows linearly, a network’s value grows geometrically as a result. If the adoption of Chainlink continues to develop rapidly, the utility of the entire project could grow very quickly.
Half a million LINK addresses
The second milestone that Chainlink recently reached is the number of active addresses with a non-zero balance. The project community recently reported that the network has 500,000 active wallets. Data provided by Glassnode also confirms this, along with on-chain analysis from Etherscan.
Interestingly, the curve is a good approximation of the development of LINK’s price, which also resembles an exponential curve.
White paper 2.0
Finally, developers released a new version of the white paper for the project on April 15. The document is entitled ‘Chainlink 2.0 and the Future of Decentralized Oracle Networks’.
The new white paper presents a vision for the further evolution of Chainlink. The main idea is the so-called DONs or Decentralized Oracle Networks. They enable the full range of oracles to function and provide an interface layer for smart contracts and off-chain resources.
Additional reporting by Jakub Dziadkowiec.