Chainlink's CCIP Revenue Skyrockets 180% Amid Broadening Adoption
Summary:
Chainlink's Cross Chain Interoperability Protocol (CCIP) registered a sharp 180% increase in revenue over the past two months, attributed to the wider adoption of the multichain bridging platform. The protocol has undergone new integrations, boosting its adoption and increasing total cumulative revenue to $377,724 since its inception in July 2023. Chainlink also garners revenue from other sources such as network node operations and enterprise products, reaching a total earnings of $373 million.
In the past two months, Chainlink's Cross Chain Interoperability Protocol (CCIP) has seen a stunning 180% increase in revenue. The rise is attributed to the wider acceptance of the multichain bridging platform. In comparison to its revenue of about $61,000 for the entirety of January, the first half of March alone has generated over $171,000. Thus far, since its launch in July 2023, CCIP has amassed a total revenue of $377,724, as reported by Dune Analytics.
Chainlink staking technology providers and the creators of the Dune dashboard, LinkPool, acknowledged the robust growth of CCIP which aligns with their anticipations. The CCIP network fees are mainly sourced from Ethereum layer-2 protocol Arbitrum, which accounts for 28% of the total, with Base contributing 24%.
Crypto trader "Satoshi Flipper" praised the CCIP's ongoing exceptional adoption to his 189,000 followers on X. "Chainlink's CCIP fees are skyrocketing, exceeding $100k just yesterday," commented Kyle Chassé, a crypto YouTuber and seasoned Bitcoin entrepreneur. "ChainLinkGod," a Chainlink Ambassador, elaborated that Chainlink CCIP fees cover the transaction gas costs on the destination network and the premium paid to CCIP service providers.
Significant recent integrations for CCIP aimed to boost adoption include the Metis layer-2 network, auditing platform Code4rena, stablecoin issuer Circle, South Korean gaming giant Wemade, and a 2022 partnership with SWIFT for a token transfer proof-of-concept initiative.
CCIP is designed to let smart contracts securely pull data from any external API or system, thus creating a seamless, trustworthy data connection between blockchains and off-chain systems via a decentralized oracle network.
Besides CCIP, Chainlink also earns by network node operating, a small percentage from LINK staking, sharing network revenue, and enterprise products. It has so far achieved cumulative revenue of $373 million, with oracle feeds as the primary contributor.
On March 11, LINK prices reached a two-year peak at $21.71. This value was revisited on March 14, followed by a sharp drop to below $20.
Published At
3/15/2024 7:21:32 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.