The optimism that the Chainlink team has for the year 2024 does not precisely reflect the sentiments of its native token and community. While the token has been slipping for some time now, the community has sought answers to questions about how much CCIP is really earning from its services. What strengthens the belief in Chainlink is the ties it established in 2023.
These mostly hail from the segment of the institutional sector to boost Onchain Finance. There are five different developments on which Chainlink has based its confidence for further expansion in the current year.
Chainlink’s collaboration with Swift has brought multiple blockchains onto a single platform. The standard messaging network for over 11,000 banks has entered into an association with Chainlink. The objective is to demonstrate that several blockchains can be brought together for convenience without compromising scalability and security.
The Association of Swift further extends to other infrastructure and banks, including, but not limited to, BNB Paribas, Clearstream, Euroclear, Citi, and BNY Mellon.
Next, ANZ Banking Group Limited has taken the initiative to develop two stablecoins. These are A$DC and NZ$DC. Both stablecoins are pegged to the respective fiat currencies of the countries. Meaning they offer less volatility and higher stability to those looking to venture into digital currencies.
ANZ Bank has leveraged the capabilities of CCIP to demonstrate the possibility of executing cross-currency and cross-chain purchases of tokenized assets. The Australian bank with $1 trillion in AUM has issued both stablecoins, not shying away from their digital experience. Instead, give it a perfect, reliable shot for innovative advancement.
DTCC and Chainlink collaborated and achieved positive outcomes. Their Executive Director has recognized this. According to Stephen Prosperi, the collaboration with Chainlink has actually opened the doors to study use cases, supporting them in establishing new financial industry processes.
Vodafone has also experimented with a partnership with Chainlink. It is about better integrating data and smart contracts via Chainlink CCIP across its global commerce platform, which EoT, or the Economy of Things, has enabled. Vodafone Business, in particular, has been responsible for the development. It carries the image of a company with over 350 million customers and over 7 million companies as clients.
The decentralized computing platform of Chainlink has gained an edge too. This has happened through the partnership with ARTA TechFin.
ARTA TechFin is using the decentralized computing platform to boost its fund tokens with next-generation features and transparency.
All that said, the community and LINK token don’t reflect optimism. LINK is down by 2% in the last 24 hours, dancing around $13.74. The community is wondering if clients or partners are even paying for CCIP services or if the bill is being named to SN. One of the members has also pointed out that the value of the token is down by 80% from its ATH, closer to starting to exchange hands in single digits.