Chainlink and the $867 Trillion Opportunity to Bring Global Finance Onchain

Source: CryptoNewsNet Original Title: Chainlink and the $867 Trillion Opportunity to Bring Global Finance Onchain Original Link: Chainlink has become the backbone of the crypto industry and the main infrastructure provider connecting on-chain value to the real world. According to new data, the network has enabled the processing of $27.6 trillion in transaction value, and it’s now targeting an $867 trillion market.

Key Achievements:

• Chainlink has enabled over $27 trillion in total transaction value
• Over 19 billion messages verified across hundreds of blockchain networks
• Serving over 2,500 projects
• Processed more value than the GDP of all countries globally, except the U.S.

Beyond the transaction volume, the network has verified over 19 billion messages transmitted to hundreds of blockchain networks. With each message, users get a cryptographic truth reference that they use to underpin their smart contracts. This has become one of Chainlink’s most significant uses in the digital age where AI and other next-gen technologies have made it easier than ever to duplicate data. With Chainlink, users can now have immutable verification.

Chainlink continues to be the underlying infrastructure powering some of the industry’s most innovative projects. This has earned it new partnerships with some of the world’s largest corporations, from JPMorgan to Mastercard.

Chainlink Targets $867 Trillion Market

While its achievements so far have been impressive, the best lies ahead for the oracle network. Chainlink has an addressable $867 trillion market that will rely on its infrastructure as everything goes on-chain in the near future.

According to the World Economic Forum, the size of traditional markets poised for disruption by tokenization stands at $867 trillion. A separate study by BNY Mellon found that 97% of institutional investors that tokenize will change asset management, while Citi expects tokenization to grow at a rate of 8,000% by 2030.

All these point to a burgeoning market that will rely on Chainlink’s oracles to connect off-chain assets and data to on-chain value.

Currently, all the leading players in the tokenization of real-world assets rely on the network’s infrastructure to secure and verify their assets. These include Paxos, 21Shares, BitGo, Fireblocks and Ondo.

Beyond tokenization, the entire decentralized finance ecosystem relies on Chainlink’s technology as well. DeFi holds $130 billion today in locked value.

Innovation and Development

As the ecosystem balloons, Chainlink continues to innovate and improve. The network is working on DECO, its novel oracle technology that preserves privacy, and confidential compute. It’s also developing the Chainlink Runtime Environment and OCR 3.0, a next-generation standard for off-chain reporting.

At press time, LINK trades at $12.75, reflecting recent market volatility as the entire market experienced a $300 billion dip amid broader market concerns.