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Chainlink just published its latest report a few minutes ago, and such reports could potentially affect the price with a delay. LINK Coin, seen as one of the best altcoins to be purchased by Michael Poppe, hasn’t been having good days in the bear markets. However, the details in the latest report contain important information about its long-term performance.
Chainlink Economics 2.0
Just over a year ago, the Chainlink Staking roadmap was published, marking the beginning of Chainlink Economics 2.0. Chainlink Economics 2.0 represents a new period of sustainable growth, cryptoeconomic security, and deeper value capture in the Chainlink Network. It comprises several initiatives that increase the security and utility of oracle services while simultaneously reducing operational costs, increasing the amount of user fees supporting them, and enabling a broader scope of service providers, like stakers, to join the network.
Chainlink Economics 2.0 has expanded since its initial release with the BUILD and SCALE programs introduced in Sergey’s opening speech at SmartCon 2022 and Staking v0.1 launched in December. Currently, there are 38 projects in the BUILD program and seven blockchain ecosystems in SCALE.
Chainlink BUILD
Chainlink BUILD is a Chainlink Labs initiative aiming to accelerate the growth of early-stage and established projects in the Chainlink ecosystem by providing more access to Chainlink services and technical support. This economic incentive alignment among communities helps encourage mutual, long-term success across ecosystems.
Since its launch in September 2022, a total of 38 projects have joined the BUILD program, including 23 just in 2023. These projects, representing a broad range of Web3 use cases, were able to accelerate their growth by gaining early access to new Chainlink services in alpha and beta versions, robust monitoring and maintenance, and custom Data Feeds, cryptoeconomic security from Chainlink Staking, technical support from service providers in the Chainlink ecosystem, and more. In return, BUILD participants are providing a percentage of their local token supplies, typically 3-7%, for use by Chainlink service providers, including stakers, over time.
Chainlink SCALE
Chainlink SCALE (Sustainable Chainlink Access for Layer 1 and 2 Activation) is a Chainlink Labs initiative committed to covering the operational costs of oracle networks to accelerate the growth of blockchain projects’ ecosystems and support the long-term sustainability of Chainlink oracle services.
Since its announcement last September, seven layer-1 and layer-2 blockchain ecosystems have joined or committed to joining the SCALE program. Avalanche, Metis, Moonbeam, and Moonriver were announced as joining SCALE at SmartCon 2022, followed by Starknet, Base, and Celo committing to join in 2023. In Celo’s case, the community approved the proposal to join Chainlink SCALE through on-chain voting. The vote, approved by a 99.9 ratio, demonstrates the high demand for Chainlink oracle services as a means to accelerate the growth of blockchain ecosystems.
LINK Coin Future
The details in the report are promising because the services launched at the end of last year are seeing significant demand. Although Chainlink currently is the sole player in the field of blockchain-based Oracle services, its dominance continues. Most of the price feeds in many of the smart contracts we use today come from here. The steps that such a structure takes to reward the LINK Coin holding community will also positively affect its long-term future.
A sustainable oracle economy is crucial for the long-term growth and security of the Chainlink Network and the development of Web3 ecosystems that need all the data, computation, and interoperability services. Chainlink Economics 2.0 is designed to make Chainlink services sustainable and increasingly innovative, and the current data indicates that this growth can continue.
