Where Else Can Chainlink Expand To?
Earlier today Chainlink (LINK) announced yet another partnership to their impressive list of integrations. This time with Nexo, one of the largest crypto lenders. The collaboration was announced both on Twitter and Chainlinks's blog.
.@NexoFinance, a leading loan provider with over $600MM in AUM, will use #Chainlinkâs Price Reference Data to help calculate interest payments & perform collateralization checks. This provides on-chain transparency & reliability for key lending functions. https://t.co/9AZrlMFTKZâ Chainlink - Official Channel (@chainlink) July 8, 2020
Chainlink & Nexo
The purpose of the Chainlink - Nexo collaboration is to further decentralize Nexo's infrastructure with the use of Chainlink's decentralized oracles. This would greatly increase Nexo's network security and allow the issuance of larger loan volumes, increased custody of user funds, and by extension enable Nexo to have a busier OTC desk.
"We're excited to bring Chainlinkâs secure and reliable oracle solutions to Nexo's popular lending platform to enable users to independently verify on-chain the interest and collateralization rates they should receive," said Chainlink Co-founder Sergey Nazarov. "This allows Nexo to provide additional trust and transparency to their large user base."
DeFi & Chainlink
Some of the less typical integrations were with CurioInvest a collectable car tokenization platform, and Wild Cards, a NFT card game.
Regardless, as the best-known blockchain oracle many different tokens seem to be actively looking for a way to integrate Chainlink.
LINK & the Markets
LINK has crossed the $6 mark for the first time in its history earlier today and is currently trading at $6.26 or 0.00066980 BTC. Its price has increased by 11% in the past hour and while a minor correction could occur, the trend seems positive.
It seems to be a matter of time until Chainlink integrates with every reputable DeFi project, which in turn will make use of it token. This guarantees its foothold in the cryptocurrency ecosystem for possibly years to come.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado