• 14 July, 2024
News

Protocol Labs and Chainlink Join Forces to Accelerate Startup Innovation in Web3

Protocol Labs and Chainlink Labs have recently forged a strategic alliance to bolster the growth and support of tech startups. This collaboration aims to provide Chainlink BUILD members with access to a range of developer tools, services, and support, including decentralized storage credits and engineering assistance.

Ruben Amenyogbo, a partner at Protocol Labs Builders Fund, emphasized the importance of equipping founders with “expert guidance and access to best-in-class infrastructure,” noting that these resources are vital for success in the dynamic tech industry. The alliance is expected to enhance the capabilities of startups in key sectors like DeFi, global trade, and gaming.

Protocol Labs, known for its extensive innovation network encompassing over 600 tech startups, funds, and service providers, brings a wealth of resources to the Chainlink BUILD program. This includes engineering support for various platforms like IPFS, Filecoin, and libp2p, as well as opportunities for workshops, mentorship, and decentralized storage solutions. Additionally, selected participants will receive talent support and invitations to the PL Founders Community.

The Protocol Labs Builders Funnel, a key component of this partnership, offers comprehensive support to the Chainlink BUILD startup community. In 2023, the funnel facilitated significant growth in the Filecoin ecosystem, aiding over 63,000 hackers in 120+ hacks, distributing $1.6M+ in prizes, and supporting 316 teams through accelerator programs. These efforts have led to more than $420M in venture capital for accelerator teams and capital injections into over 100 startups.

Meanwhile, despite a recent dip in price, Chainlink’s market indicators present a mixed outlook. The asset’s Relative Strength Index (RSI) suggests it might be nearing oversold territory, while the Know Sure Thing (KST) indicates strong bearish momentum. However, the Moving Average Convergence Divergence (MACD) shows a slightly bullish trend, creating a nuanced picture for investors.

Earlier this month, Chainlink revealed progress in its partnership with Vodafone, a prominent player in decentralized computing platforms. Vodafone DAB has been playing a pivotal role as a Chainlink Network node operator, which is central to the deployment of smart contracts for businesses and developers around the world. This collaboration is poised to significantly improve the exchange of data and services in the global trade ecosystem, capitalizing on Vodafone’s vast network of customers, IoT devices, and organizational connections.

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