- The month-to-month charge income for CCIP jumped 4x final month.
- LINK slumped by 20% within the final month.
After staying stagnant for a lot of 2023, Chainlink’s [LINK] Cross-Chain Interoperability Protocol (CCIP) has witnessed an exponential rise in community utilization and charge income in 2024.
CCIP sees elevated demand in bull market
The month-to-month charge income skyrocketed to $258,170 in March, marking a 4x soar from February, AMBCrypto famous utilizing a Dune Analytics dashboard. The entire charges collected in April already topped $52,000 as of this writing, which was greater than the month-to-month income in January.
The entire variety of requests made on the protocol additionally lifted sharply in current months, underlining its rising adoption within the Web3 area.
For the curious, CCIP is a world commonplace used for sending and receiving information and tokens throughout blockchains. Consider it as a bridge connecting totally different networks seamlessly.
The expansion trajectory remained linear in 2023, seemingly as a result of bearish market circumstances. However with exercise selecting up within the ongoing bull market, Chainlink’s flagship providing was discovering many takers.
Why has LINK gone the opposite method?
Larger adoption of CCIP, nevertheless, did not influence the ecosystem’s native token, LINK. The cryptocurrency with a market valuation exceeding $10 billion slumped almost 20% within the final month, in response to CoinMarketCap.
Effectively, the logical rationalization for this could possibly be that charges on CCIP don’t accrue worth to the token holders, slightly they’re totally collected by node operators.
That being mentioned, LINK did rise 16% when CCIP was launched on mainnet in July final yr, AMBCrypto’s examination of historic information revealed.
Nonetheless, throughout This autumn 2023, when exercise on CCIP contracted considerably, Chainlink nearly doubled in worth. This represented a level of detrimental correlation.
Supply: CoinMarketCap
Practical or not, right here’s LINK’s market cap in BTC’s phrases
Compared with the broader market, LINK might be safely known as a laggard, as most different widespread cash reported good points within the final month.
LINK’s buying and selling volumes have additionally remained on the decrease facet, indicating dipping curiosity for the asset.