Cardano Joins Chainlink Data Streams With Six Other Assets

September 02, 2024 06:12 PM AEST | By Team Kalkine Media

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Cardano Joins Chainlink Data Streams With Six Other Assets — Image source: shutterstock

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The cryptocurrency sector continues to see new developments as Chainlink expands its Data Streams platform, now incorporating Cardano’s ADA along with six other digital assets. This integration allows users to access both on-chain and off-chain data related to ADA through Chainlink's Data Streams project, enhancing data accessibility for the Cardano network.

Chainlink Adds Support for Multiple Cryptocurrencies

In addition to Cardano (ADA), Chainlink’s latest update also includes support for Illuvium (ILV), Injective (INJ), Jito (JTO), Lido (LDO), ONDO, and SUI. With these additions, Chainlink Data Streams now provides real-time data on a total of 52 different assets, including prominent cryptocurrencies like Bitcoin, XRP, and Shiba Inu. Launched in 2023, the Data Streams platform offers low-latency and high-frequency data, delivering real-time asset prices without delays and enabling automated transaction settlement on-chain.

Adoption and Integration of Chainlink Data Streams

Since its launch, Chainlink (LINK) Data Streams has seen significant adoption across the cryptocurrency industry. One notable example is its integration into Synthetix version 3 on the Arbitrum network, following a unanimous vote by the Synthetix Spartan Council. This move highlights the platform’s growing influence and utility within the DeFi sector. Additionally, Beefy Finance, a multichain yield optimizer, adopted Chainlink’s Price Feed system, citing its benefits for protecting its concentrated liquidity manager across multiple blockchain networks.

Cardano’s ADA Continues to See Adoption

The inclusion of Cardano’s ADA on the Chainlink Data Streams platform reinforces the ongoing adoption of the asset. Cardano remains one of the leading cryptocurrencies, with ADA commanding a market capitalization of approximately $12.5 billion. Recent data from IntoTheBlock indicates increased large transaction volumes involving ADA, with 16.33 billion ADA moved within the past 24 hours. This activity nears the seven-day high of 16.98 billion ADA, reflecting a surge in whale transactions, which often signals increased interest in the asset.

Upcoming Developments for Cardano

Cardano is also set to undergo a significant upgrade with the upcoming Chang hard fork scheduled for September 1. This upgrade is expected to enhance the blockchain’s functionality and introduce a new governance system, further supporting Cardano’s growth within the cryptocurrency space. Despite these positive developments, ADA’s price has shown a relatively subdued performance, currently trading at $0.3479. The asset has experienced a decline of less than 1% over the past 24 hours and nearly 12% over the past week.

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