Chainlink Sees 1,900 New Addresses as Plasma Joins to Boost Stablecoins

  • Chainlink’s network added 1,963 new addresses in September, signaling increased adoption.
  • Plasma integrated Chainlink’s services, attracting $5.5B in stablecoin supply in one week.
  • Aave on Plasma now holds over $6.2B in deposits, benefiting from Chainlink’s data solutions.

Chainlink has been showing consistent growth, with an increase of 1,963 new addresses in its network throughout September. Ali Martinez’s data from Glassnode show this surge aligns with a gradual rise in LINK’s price, which reached $22.59 on the same day. 

The graph shows steady new address activity over the month, with noticeable spikes in the first week and at the end of September. 

Source: TradingView

However, an increase in new addresses indicates that more individuals and projects are actively engaging with Chainlink. As its decentralized oracle network gains traction, it could pave the way for broader adoption across various sectors. 

At press time, LINK is priced at $22.24, showing a slight dip of 1.28% in the last 24 hours. Despite the minor dip, the general upward trend reflects the overall positive sentiment around Chainlink’s long-term prospects.

Plasma Joins Chainlink Scale to Enhance Ecosystem

Meanwhile, Plasma, a high-performance layer-1 blockchain built for stablecoins, has joined the Chainlink Scale program. The collaboration aims to boost Plasma’s stablecoin ecosystem, providing secure and efficient solutions for developers. 

Plasma has already achieved over $5.5 billion in stablecoin supply within just one week of its launch, with Chainlink acting as the official oracle provider.

Plasma integrates Chainlink’s Cross-Chain Interoperability Protocol (CCIP), Data Streams, and Data Feeds from day one. These services provide reliable, real-time data that enhances the security and functionality of the platform. 

By leveraging Chainlink’s robust oracle network, Plasma is positioned to foster the next generation of stablecoin applications. Aave, now live on Plasma, has seen impressive results, attracting over $6.2 billion in deposits. 

This collaboration is expected to drive further innovation in stablecoin applications, with both platforms working to support new use cases and advancements in decentralized finance (DeFi).

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.

Hot this week

Bybit Rumored to Pursue Acquisition of South Korea’s Korbit Exchange

Bybit may acquire Korbit, South Korea’s fourth-largest crypto exchange,...

Cardano’s Liquidity Flex: Big-Cap Calm with Rising Volume

Cardano holds near $0.58 as volume rises, liquidity stays strong, and a capped 45B supply keeps focus on network growth.

XRP Price Prediction: Is a $6 Rally on the Horizon?

XRP could dip to $1.90 before rallying to a...

XRP rebounds to $2.53 as traders eye next resistance near $2.70

XRP rose from $2.22 to $2.53, showing over 12%...

Bitcoin’s Price Action: Key Levels to Watch as BTC Consolidates at $106.2K

Bitcoin rebounds from $100K, consolidating at $106.2K with eyes...

Topics

Bybit Rumored to Pursue Acquisition of South Korea’s Korbit Exchange

Bybit may acquire Korbit, South Korea’s fourth-largest crypto exchange,...

Cardano’s Liquidity Flex: Big-Cap Calm with Rising Volume

Cardano holds near $0.58 as volume rises, liquidity stays strong, and a capped 45B supply keeps focus on network growth.

XRP Price Prediction: Is a $6 Rally on the Horizon?

XRP could dip to $1.90 before rallying to a...

XRP rebounds to $2.53 as traders eye next resistance near $2.70

XRP rose from $2.22 to $2.53, showing over 12%...

Bitcoin’s Price Action: Key Levels to Watch as BTC Consolidates at $106.2K

Bitcoin rebounds from $100K, consolidating at $106.2K with eyes...

Uniswap’s UNI Breaks Above $7 as Volume Surges 74%

Uniswap’s UNI surges above $7 after a double-digit daily gain, backed by a 74% volume spike, deep liquidity, and its central governance role in DeFi.

PENGU Price Breaks Out Toward $0.020 with Strong Support at $0.0144

PENGU price is up 10.94% and trading near $0.01608...

Bitcoin Holds Above $106K: Will the CME Gap at $104K Pull Price Back?

Bitcoin trades near $106K after a strong rally, with rising volume, deep liquidity, and a key CME gap at $104K guiding the next move.
spot_img

Related Articles

Popular Categories

spot_imgspot_img