Chainlink has come out as a top decentralised oracle network (DON) with its products hitting 1704 integrations across different chains.
However, Chainlink’s native LINK token does not reflect the success achieved within the Chainlink ecosystem.
Data from the Chainlink ecosystem indicates that 399 successful integrations of Chainlink’s products have been completed in 2022 alone.
The completed integrations include 88 VRF integrations, 76 data feed integrations, 22 keeper integrations, 11 node integrations, and 3 proof of reserve integrations. Five other APIs were also integrated.
According to Chainlink’s most recent “Adoption Update,” 19 integrations of five of its services across seven chains were documented between August 8 and 14.
The token’s price has dropped by 56% since the start of the year, recorded at £7.11 at the time of writing.
According to data, it is currently ranked number 24 and has steadily lost market capitalisation dominance since the year began.
LINK’s market capitalisation at the beginning of the year made up 0.41% of the total market capitalisation of all circulating cryptocurrencies. The token had a 0.357% dominance as of press time.
LINK’s trading activity decreased as its price declined during the bear market in the first half of the year.
Trading activity on the network has decreased by more than 85% so far this year since the trading volume hit the daily high of £3.3 billion on January 5.
Surprisingly, the number of addresses on the network increased even while the price decreased.
Data shows that 689,383 addresses presently have LINK tokens in various amounts. While the number of addresses increased, the number of active addresses progressively decreased.
Since the year began, there has been a 138% reduction in the number of active addresses on the network, which currently stands at 2,220.
Furthermore, compared to the amount that has been received this year, more LINK has left exchanges. Further downside is therefore expected as exchange inflows continue to decline.
Whales that have between 10,000 and 10,000,000 LINK have continued to increase their holdings amid the price drop.
It is also important to note that the number of whales holding LINK tokens valued at over £8.25 million has consistently decreased since the start of 2022. The count of these whales was 91 at the time of writing, down by 30% over the past seven months.