ChainLink provides the largest price reference data.  The decentralized oracle networks for price reference data is available for USD and ETH pairs.  It is used and sponsored by AAVE and several others. These oracle networks can be improvised by adding more capabilities to improve the security of smart contracts.

ChainLink tweeted:  ”@AaveAave is expanding their offerings and using an additional Chainlink Price Reference Contract for BUSD/ETH. It’s currently live on the Ethereum Mainnet supplying high-quality data to the Aave protocol!”

Sydney Ifergan, the Crypto Expert, tweeted:  “ChainLink Price Reference Data contributes in a great deal for the growth of DeFi. A robust DeFi Ecosystem cannot be complemented better than with a high-quality Oracle.”

Recently Kava integrated Chainlink as their official Network to bring DeFi to Cosmos.   This is a long-term partnership.  The cosmos ecosystem is now empowered with Kava’s scalability and ChainLink’s Oracle, thus making high-quality data truly reliable in their decentralized financial products.

Kava has built their first cross-blockchain and multi-asset collateralized debt position (CDP) product. Using this, users will be able to collateralize several crypto assets in exchange for a loan in the form of Kava’s stable coin USDX.`

Experienced researchers of cryptocurrency have to state that LINK has a lot of users and deep liquid markets.  Thus facilitating the great potential for CDP collateral. KAVA labs have performed extensive due diligence checks on ChainLink, and it is after that they have chosen them as their oracle provider.

ChainLink (LINK) Building Position

Bidaochain is a decentralized stablecoin that has been built on @Binance_DEX.  This was mainly created to use multiple Chainlink Price Reference Contracts to help create and liquidate CDPs considering the aggregated market prices. Thus, the types of assets which can be used to collateralize Bidao CDPs has increased.

Since 2020, there has been a decline in the numbers of long-term holders of LINK.  However, the numbers of mid-term investors is increasing in number.

With the Federal Reserve talking about the infinite amount of cash to provide for a smooth market functioning, the cryptocurrency industry is likely to benefit, and ChainLink seems to have begun again since the announcement. It is expected for investors to flood into the market. Some have commented, stating that the long term investors are jumping ship.

A popular crypto analyst stated:  “Chainlink: Support (1) Brutally broken. Support (2) Brutally broken and rejected upon retest. Support (3) On its way. If we get a good reaction, we will build a position there.”