Chainlink (LINK) reached an all-time high of $5.60, appreciating by 15% on the day. This comes amidst news that China’s Blockchain Services Network, or BSN, was launched last weekend.
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The price of LINK in the last 12 months
BSN recently integrated Chainlink’s pricing oracles into its ecosystem. The founding members of the BSN consortium were local technology leviathans such as China Mobile Communication Corporation and China Union Pay. Their stated goal is to advance blockchain technology in China.
135 nodes are launched in China
A source familiar with the BSN launch told Cointelegraph that all 135 nodes in Zhejiang district were activated:
„Many of the BSN public city nodes are already live, but this is very different from the news about the public block networks that are integrated into these nodes, which I don’t think will be activated until the end of the month at the earliest.
The source does not know if the Chainlink oracles are currently live. In any case, this release should have provided massive local media exposure for the Oracle company.
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Michael Anderson, co-founder of Framework Ventures, who made a bullish prediction about LINK in April, also believes that the integration of Chainlink with BSN played was a factor in the rise:
„The short-term price increase of Chainlink can probably be attributed to the scaled-up use of the project in the DeFi space. The size of the DeFi market as a whole has grown at a dizzying rate over the past month, and a significant portion of the industry is now leveraging Chainlink to connect intelligent contracts in the chain to off-chain data sources such as commodity and cryptographic price data. I would also say that the Chinese government’s decision to integrate Chainlink oracles into its domestic blockchain service also plays a role in the latest cycle of exaggeration. term, we expect the value of Chainlink to continue to be appreciated, especially when staking is introduced.
Growth budget of USD 55 million
Chainlink is expected to spend USD 55 million on ecosystem growth this year. The aggressive spending has allowed the company to achieve integration with key industry players such as Tezos (XTZ) and Huobi. A couple of months ago, Chainlink also introduced verifiable chain randomness into the Ethereum (ETH) ecosystem.
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At this point, we can only describe several factors that could have potentially affected the latest LINK price increase, but we have no way of verifying these assumptions.