Ethereum-based decentralized oracle network Chainlink recently highlighted some of its developments on the web3 front, particularly its decentralized computing platform. However, the developments came amid a warning from a crypto expert about an impending correction in the price of Chainlink’s native token LINK.
Chainlink took to X (formerly Twitter) earlier today to share its recent Web3 developments:
This year's #SmartCon marks another wave of new products and tooling to transform the Web3 developer experience.
— Chainlink (@chainlink) October 3, 2023
Using #Chainlink's decentralized computing platform, developers can now build high-performance dApps with far greater flexibility and control.
Dive in 🧵👇
According to Chainlink, the data stream mainnet early access allowed blockchain developers to build centralized exchanges like Decentralized finance trading experiences on the DeFi infrastructure. Additionally, the functions beta on Chainlink mainnet unlocked new use cases and enabled support for configurable limits for developers.
Chainlink also highlighted its Automation 2.0 feature, which made offload compute 1/10th the cost while maintaining security. The new Chainlink Developers Hub allowed web3 developers to access documents, videos, courses, etc., to add to their skills. Lastly, Chainlink told its followers that it would be launching VRF 2.0 soon. This update would introduce a new migration feature and include a native gas token billing for self-sustainable dApps.
Ali, a crypto trader popular among crypto circles on X, recently highlighted on-chain data from Santiment. The data suggested an impending correction in Chainlink’s native token LINK. According to Santiment, the last two times that LINK’s market value to realized value (MVRV) surpassed 19%, the token witnessed a significant correction.
The latest on-chain data published by Santiment showed that on the 30 day chart, LINK MVRV hit 20%, suggesting an impending correction. Fortunately, Ali told his followers that the correction would potentially be followed by higher highs for LINK. Data from CoinMarketCap showed that LINK lost more than 4% of its value over the past 24 hours. At the time of writing, the token was trading at $7.54, with a daily trading volume of $358 million.
