Why Chainlink could be the next big winner in crypto’s rally

Cryptocurrency enthusiasts are no strangers to the spotlight that bitcoin and ethereum often steal. However, in a recent discussion, Scott Melker, host of The Wolf of All Streets Podcast, and Austin Arnold, host of Altcoin Daily, took on the often overlooked but very promising token Chainlink. This engaging conversation sheds light on why Chainlink deserves more attention in the ever-evolving crypto landscape.

Scott Melker opened the conversation by emphasizing the importance of bitcoin and ethereum in the current market. “Bitcoin is getting an ETF and ethereum is getting an ETF soon, but there are other tokens that are poised to do exceptionally well. If you had to pick one, which one would you pick?” he asked.

Arnold shared his thoughts on why Chainlink stands out. He noted that Chainlink isn’t just a shiny new token, it’s been around for a while and has been gaining traction steadily. With over 680,000 holders worldwide, and over 71% of them holding for over a year, Chainlink has a strong and dedicated user base that is immune to market volatility.

The importance of Chainlink is underlined by its adoption and testing by major financial systems. Domestically, the world’s largest secure payment system, the Depository Trust and Clearing Corporation (DTCC), is testing Chainlink. Globally, the international financial telecommunications system, Swift, is also exploring its use. These approvals highlight Chainlink’s potential to revolutionize financial systems.

Melker and Arnold also covered the technical aspects of Chainlink, explaining the concept of oracles. Oracles play a key role in bringing off-chain information to the blockchain, ensuring the integrity and reliability of data used in decentralized applications (DApps). Arnold emphasized that decentralized oracles like Chainlink can prevent misinformation and increase the reliability of information compared to centralized sources.

The discussion then shifted to future applications for Chainlink. Arnold highlighted the growing trend of tokenizing real-world assets (RWAs) and how Chainlink could play a significant role in this transformation. With major financial institutions like BlackRock and Fidelity investing in RWAs, the potential market value of these tokenized assets is projected to reach tens of trillions of dollars. Chainlink’s ability to provide verifiable data could be instrumental in this growing sector.