Why is Chainlink (LINK) crypto gaining attention?

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Why is Chainlink (LINK) crypto gaining attention?

Why is Chainlink (LINK) crypto gaining attention?
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Highlights:

  • Chainlink Labs hired Dahlia Malkhi as its Chief Research Officer.
  • Chainlink is a blockchain abstraction layer focused on enabling universally connected smart contracts.
  • The token gained over 12% in the last 30 days.

The Chainlink (LINK) crypto is catching people’s attention after it announced progress in its Web3 projects. On March 29, Chainlink Labs said it hired Dahlia Malkhi as its chief research officer to lead the Web3 division. Malkhi had previously worked as CTO at Diem Association, a stablecoin project earlier backed by Meta Platforms Inc. (FB), formerly Facebook.

Chainlink Labs was co-founded by Sergey Nazarov and Steve Ellis in 2017. Chainlink provides data to smart contracts, and it has attracted many investors.

The employee strength rose from 70 a year ago to 300 by the end of 2021, reflecting strong growth. The workforce is expected to grow to around 400 in 2022.

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What is Chainlink (LINK) crypto?

Chainlink is a blockchain abstraction layer focused on enabling universally connected smart contracts. Through a decentralized oracle network, it provides secure interactions between blockchains with external data feeds, events, and payment methods. In addition, it gives critical off-chain information required by complex smart contracts.

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Its network is led by a large open-source community of data providers, node operators, and smart contract developers. It claims to guarantee decentralized participation of all node operators and users willing to contribute to the network.

The LINK token can be traded on exchanges like Binance, OKX, Upbit, etc.

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Why is it rising?

One of the reasons could be the recent executive hiring. Also, Chainlink Labs CEO Sergey Nazarov's participation at the Barclays Bank's Crypto & Blockchain Summit has drawn various investors' interests. At the event, he spoke about smart contracts and Chainlink powers banks.

In addition, Chainlink announced that its data feeds delivered over 2 billion data points on-chain.

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Chainlink (LINK) crypto price and performanceSource: *Data provided by CoinMarketCap.com

Bottom line:

The LINK token was priced at US$17.23 at 10:23 am ET on March 31, up 1.36%, while its one-day volume rose 5.86% to US$818.26 million. Having a market cap of 8.04 billion and a fully-diluted market cap of US$17.22 billion, its total and max supply is 1 billion. Its current circulating supply is over 467 million, according to Coinmarketcap.com.

The token gained 12.47% over the past 30 days, and in the same period, its highest and lowest prices were US$17.99 and US$12.51, respectively.

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