Chainlink 2021 Year in Review: Seven Pillars Driving Growth
Hybrid Smart ContractHybrid Smart Contractvarious capabilities. Here, we would like to thank all developers, researchers, contributors, data providers, node operators, and community members. Thank you to everyone who has witnessed such an extraordinary year with us.
This article lists seven key pillars to accelerate the application of the Chainlink network, such as a new high in the total amount guaranteed (TVS),Chainlink Data Feedsfirst level title
1. Chainlink’s total guaranteed value (TVS) exceeds $75 billion
At the beginning of 2021, the Chainlink network secured $7 billion in value for the blockchain ecosystem. After 12 months, the value guaranteed by Chainlink oracles exceeds$75 billion, achieved substantial growth. This also makes Chainlink the decentralized consensus with the second highest guaranteed amount in the DeFi ecosystem. The growth of TVS is not only due to the improved security and reliability of the Chainlink oracle network, but also because the types of data that can be obtained by on-chain applications are extremely rich, thus protecting users' funds.
DeFi applicationsDeFi applicationsThe most in-demand datasets include financial market prices of cryptoassets, stablecoins, foreign exchange pairs, commodities, and indices, namelyPrice Feeds。
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2. The number of Chainlink ecological projects breaks through the 1,000 mark
The number of hybrid smart contracts connected to Chainlink oracles has reached an unprecedented level. At present, the number of projects in the Chainlink ecosystem has exceeded 1,000, and more than half of them will be integrated in 2021. Chainlink has transferred over 1 billion data points to date for these integrated applications. Each data point is acquired, verified, and sent to the chain through an independent Chainlink oracle node with Sybil-resistant capabilities.
Chainlink has achieved explosive growth in terms of project integration and data volume. Currently, it has covered many mainstream DeFi vertical application scenarios and guaranteed high value. According to DeFi Llama data, applications connected to Chainlink oracles currently span various DeFi use cases and occupy a leading position in TVL. Chainlink also guarantees value for various innovative DeFi applications, such as algorithmic stablecoins, DEXs, prediction markets, payment networks, insurance platforms, and asset management protocols.
Non-homogeneous tokenNon-homogeneous token(NFT) and chain games provide verifiable random numbers to ensure unpredictability and fairness. A total of several million NFTs are generated or issued through Chainlink, effectively promoting the development of the NFT economy on the chain. in addition,Arbolfirst level title
Chainlink 2.0 White Paper
asChainlink 2.0 White Paperoff-chain computationoff-chain computation, and ultimately enhance and expand the functions of smart contract applications. In order to realize this vision, Chainlink released a number of services in 2021 to provide secure, trust-minimized off-chain computing services for various blockchains.
Chainlink VRFFirst released on Ethereum in late 2020, it provides a secure source of on-chain random numbers for smart contracts. Both NFT and chain games usually need to input random numbers to ensure an unpredictable and fair game experience. In 2021, Chainlink VRF will be connected to blockchains such as Binance Smart Chain (BSC) and Polygon, promoting the development of a multi-chain ecosystem. Chainlink VRF usage has skyrocketed, and over 2.5 million on-chain nonce requests have been successfully received and fulfilled. This also makes Chainlink VRF the most representative on-chain RNG solution.
To further support off-chain computing, in 2021 we released theChainlink Keepers, to provide developers with decentralized transaction automation solutions. Developers can delegate DevOps tasks to Chainlink Keepers to simplify the process and complete tasks efficiently and reliably. Chainlink Keepers was originally released on Ethereum, and later expanded to Polygon and BSC, which can automatically trigger a series of key smart contract functions, such as liquidation of loans with insufficient mortgage ratio, rebase flexible supply of tokens, and aggregated income.
In 2021, Chainlink Price Feeds will also be upgraded tooff-chain reportingfirst level title
4. Chainlink is integrated into various blockchains and L2, promoting the development of multi-chain ecology
Chainlink Community Incentive ProgramChainlink Community Incentive ProgramSmart Contract Use CasesSmart Contract Use CasesAll need access to oracles, so deploying Chainlink to a new blockchain environment will provide developers on the chain with the key infrastructure needed to develop applications.
One such example is the release of Chainlink Price Feeds on Avalanche. With a secure market data source on the Avalanche blockchain, development teams such as Aave, Benqi, Everest, Maximus Farm, Teddy Cash, Trader Joe, Vee Finance, and xDollar can deploy applications on it, and implement lending markets, options, yield A series of applications such as farming and stable currency. Chainlink oracles accelerated the development of Avalanche, whose lockup volume doubled by 88 times within five months of integration.
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In order to support the smart contract developer ecosystem, Chainlink has held a number of community events for the entire Chainlink ecosystem, providing developers with opportunities to create next-generation smart contract applications with creators, artists, and industry-leading mentors.Chainlink 2021 Spring HackathonLasting from March to April, it attracted more than 4,000 registrations, more than 140 project submissions, and participants from more than 170 countries. A total of $130,000 in Chainlink community incentives and sponsors rewarding top hybrid smart contract development teams. The awards cover various verticals of smart contracts, including DeFi, NFT/gaming, social impact, and government technology.
In August 2021, more than 15,000 participants from more than 140 countries around the world came to participateSmart Contract Summit #1. Whether it's fast-tracking developers or launching cutting-edge research on fair transaction sequencing, SmartCon #1 gave everyone a glimpse into the huge wave of innovation in the blockchain industry. The conference attracted more than 200 top industry founders, researchers and developers to discuss key innovation and cooperation points in the smart contract ecosystem.
Chainlink 2021 Fall HackathonLasted from October to December, building on the successful experience of the previous spring hackathon, it attracted more than 7,500 people to sign up, more than 280 project submissions, and invited a series of industry-leading judges and mentors to help out. A total of $600,000 in Chainlink community incentives and sponsors will incentivize developers to create innovative hybrid smart contract applications. Sponsors include top projects and companies such as Aurora, Avalanche, ConsenSys, Ernst & Young, Filecoin, Google Cloud, Harmony, Moralis, Polygon, Solana, Sushi, and UNESCO.
In addition to hackathons,SmartContract GitHubfirst level title
6. Major companies around the world begin to use Chainlink as the entrance to the blockchain economy
The Chainlink ecosystem includes various participants, such as developers, contributors, users, data providers, node operators, infrastructure providers, and community members. In 2021, many top companies will join the Chainlink ecosystem and support or release Chainlink oracle nodes to further promote the development of the hybrid smart contract economy in the multi-chain ecosystem. The following are some examples of enterprise integration and cooperation:
world's largest news organizationAssociated PressAnnounced the official release of Chainlink oracle nodes, and released credible economic, sports and general election data sets to major mainstream blockchains. The Associated Press cryptographically signs the data it publishes, allowing developers to independently verify that the data came directly from the Associated Press and create completely innovative smart contract use cases.
The world's leading weather and media companyAccuWeatherReleased Chainlink nodes to transmit their high-quality paid weather data to smart contract applications on various chains. By integrating Chainlink, AccuWeather will be able to sell paid weather data to emerging markets and support the development of next-generation weather smart contract applications.
AWSAnnounced a partnership with Chainlink to release the AWS Chainlink Quickstart. This is a one-click workflow for enterprises, data providers, and DevOps teams to easily deploy Chainlink oracles on AWS and sell real-world data to various blockchain networks. This tool lowers the barrier to entry for safely launching Chainlink oracles, allowing more data to be sent on-chain.
Google Cloud PlatformShows how to use a just-deployed Chainlink oracle to send National Oceanic and Atmospheric Administration (NOAA) weather data on Google Cloud to an on-chain smart contract application. This could create smart contract insurance for crops, with automatic settlement using high-quality weather data.
Switzerland's top telecommunications service providerSwisscomfirst level title
7. Cross-chain interoperability will unlock huge value for global DeFi and traditional finance
As the smart contract economy continues to grow, the Chainlink network will continue to expand and provide developers with a secure infrastructure to drive the development of decentralized applications. The development and application of smart contracts are moving towards multi-chain and gradually covering each independent blockchain, so it is imminent to develop cross-chain solutions.
Cross-chain Interoperability ProtocolCross-chain Interoperability Protocol(CCIP). This is a global open source standard for secure cross-chain communication. CCIP provides smart contract developers with a common infrastructure with computing power, capable of transmitting data and smart contract instructions across public and private chains. Leading CeFi platform Celsius has announced that it will use CCIP to aggregate yield across multiple blockchains. Celsius has $26 billion in assets under management and 1 million users.
Services in the Chainlink ecosystem are constantly enriched, including Price Feeds, Verifiable Random Functions, Keepers, and CCIP. Our ultimate goal is to create a world that operates on facts, which will overturn the current paper promise of "just trust us" and completely solve the pain points of traditional centralized contracts. In its 2021 report, the World Economic Forum estimated that blockchain technology will bring a value of US$866 trillion to the traditional market, which means huge economic opportunities.
To achieve this goal, a number of industry leaders have joined Chainlink as advisors, including Eric Schmidt, former CEO and executive chairman of Google, Jeff Weiner, former CEO and current executive chairman of LinkedIn, Lynda Smith, former CMO of Twilio, former CTO of Coinbase, and Andreessen Horowitz General Partner Balaji Srinivasan.
All in all, the Chainlink ecosystem has achieved explosive growth in the past year. Chainlink's TVS exceeds 75 billion US dollars, the number of projects in the ecosystem breaks through the 1,000 mark, new services are released, and enterprise applications are also advancing rapidly. We look forward to continuing to provide developers with the required off-chain infrastructure in the new year to better promote the innovation and development of decentralized applications.
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