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Chainlink Leads Development Activity in March, But Why Aren’t Prices Following Suit?

Chainlink Coin (LINK) tops developer activity says Santiment data, as Chainlink crypto oracle is now growing faster than Ethereum & Optimism.

In the midst of hysteria after a strong crypto market recovery, Chainlink coin (LINK) has undertaken explosive network growth, as Chainlink crypto oracle outperforms top cryptocurrencies in ecosystem expansion.

According to data from Santiment, the leading crypto oracle, Chainlink, has emerged as the most actively developed project in March 2024. 

Based on counting unique Github activity and averaging it over the past month, the rankings place Chainlink crypto firmly at the top, surpassing major blockchains including Cardano, Optimism, Ethereum, and Polkadot. 

Chainlink is an oracle network connecting public blockchains with real-world data. It has emerged as key infrastructure for swathes of the crypto industry in recent years – outperforming competition such as BAND and PYTH.

(LINKUSDT)

The aggressive Chainlink development activity has fuelled impressive Chainlink price growth in recent months, with LINK currently trading at $17.75 (and a +147% gain over the past year).

Chainlink Tops Development Activity, Trumps Ethereum and Polkadot

Santiment, a leading blockchain analytics firm, emphasizes that its data captures significant development efforts, not just overall Github noise.

Accordingly, Chainlink’s position in this ranking suggests a genuine surge in development activity in the Oracle platform.

(Source)

This is a feat, especially for Chainlink – which isn’t a public ledger like Cardano, Ethereum, or Polkadot.

Nonetheless, the protocol plays a key role in connecting trusted data from the real world for projects across the industry, with ever-expanding capabilities and partnerships cementing Chainlink crypto oracle as a mainstay of Web3 infrastructure.

Notably, the impressive scale of development activity comes even as Ethereum and Optimism developers have been actively developing around the recent Dencun hard fork. Polkadot and Cardano are also working on Polkadot 2.0 and Voltaire, respectively.

These phases are expected to improve the performance of these platforms and fuel increased development, yet, even with these bullish shifts in fundamentals – Chainlink has still pipped the top spot.

But this also comes following major build efforts, in the crypto winter Chainlink has released new services, adapting to the evolving nature of crypto.

For example, in 2023, the project launched the Chainlink Cross-Chain Interoperability Protocol (CCIP) – through the CCIP, smart contracts on different blockchains can securely communicate and exchange data cross-chain.

Though it is still a work in progress, CCIP is finding adoption with major firms recognizing its potential, especially in enhancing blockchain interoperability – a major theme in the years ahead.

Some of these protocols include Circle, the issuer of the USDC stablecoin, and Wemade, one of the largest game developers in South Korea – and in testament to these major partnerships Dune data shows Chainlink has generated over $454,000 in fees from CCIP.

Chainlink tops developer activity according to Santiment data. The oracle is being built faster than Ethereum, Optimism, and Polkadot

(Dune Analytics)

Why Are Chainlink Prices Falling on Short-Time Frame?

While the substantial uptick in ecosystem growth remains bullish, the spike in development activity hasn’t lifted Chainlink price significantly during this period. 

According to price charts, Chainlink coin has been down -6% in the past week of trading, extending losses to -21% from March’s peak.

Chainlink tops developer activity according to Santiment data. The oracle is being built faster than Ethereum, Optimism, and Polkadot

(LINKUSDT)

Even so, since November 2023, LINK prices have more than tripled, highlighting continuous development and optimism among investors.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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