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How Chainlink RWAs helped LINK soar 164% in 2023

Press Releases Crypto News AMB-Crypto How Chainlink RWAs helped LINK soar 164% in 2023

After a 164% hike, LINK could once again be the biggest beneficiary of the RWA narrative.
Whales continue to show interest in the project.

Chainlink’s [LINK] performance in 2023 is one that AMBCrypto found difficult to overlook. For some, the bone of contention was the incredible surge in LINK’s value.

However, according to our analysis, the hype around the project is more than just the price action. That is also one of the reasons Chainlink is one of the projects participants are looking out for as the market heads into 2024.

When the year, Chainlink was not in a sorry state like most crypto projects, implying that the project did not sleep on development. This was evident in Sergey Nazarov’s statement on the 19th of January.

According to Nazarov, Chainlink’s plans for the year revolved around staking an adoption of its Oracle network. For context, Chainlink employs the Oracle network in connecting blockchains with off-chain data.

However, there was one area that the Chainlink co-founder touched on that has been the focus of a large part of the crypto market— and that is the tokenization of Real World Assets (RWAs).

This process involves the use of digital tokens to represent ownership and legal rights to a property on the blockchain.

Concerning the development, Nazarov noted that,

“Programmable assets can generate rewards, serve as collateral, integrate into play-to-earn games, support derivative products, and more. As the connection point between traditional systems and blockchain systems, Chainlink holds a key position in this tokenization mega-trend.”

Are Real-World Assets the new gold?

It is noteworthy to mention that Chainlink’s involvement in RWAs did not begin in 2023. However, the rise in adoption this year has been enormous. But the project did not do it alone.

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Author: Victor Olanrewaju

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