Yesterday, the famous Chainlink oracle appeared at the SmartCon crypto conference in Hong Kong to announce some very interesting news.
Sergey Nazarov, founder of the project, presented the launch of a new platform that improves the efficiency of decentralized applications by offering numerous advantages to developers.
At the same time, the standard for cross-chain token exchanges CCIP v1.5 was also inaugurated, eliminating any connection barriers in the Web3 world.
Let’s see all the details below.
Chainlink at SmartCon in Hong Kong: big crypto news arrives
At the SmartCon conference in Hong Kong, a side event of the Fintech Week, the founder of Chainlink Sergey Nazarov shared some particularly interesting crypto news.
Chainlink booth at SmartCon in Hong Kong. Credit: The Cryptonomist
With great enthusiasm, the Russian programmer introduced the Chainlink Runtime Environment (CRE) platform, a true game-changer for the entire industry.
This is an innovation that significantly reduces the time for developing decentralized applications, going from weeks to just a few hours.
From now on, industry professionals will be able to design dAapp on multiple blockchains through a single data processing environment.
CRE is capable of bringing traditional Finance (TradFi) into the web3 world, unlocking enormous opportunities that are still unexplored.
Nazarov compares the Chainlink Runtime Environment to the legacy programming language Cobol, which introduced finance on the internet during the 90s.
The expert stated verbatim that:
“Chainlink Runtime Environment is the processing environment where it is possible to execute code to interconnect all blockchains, interconnect all Oracle networks, interconnect all APIs, messages, and existing payment systems into a single application”.
The news in the Chainlink house marks the crucial transition from the world of predefined services to a more flexible work framework, made of modularity and software compatibility.
Thanks to the CRE, it is possible to simplify the act of code development, making the creation of an application more straightforward and immediate.
Providing a unified all-in-one environment for all blockchains, Chainlink lays the foundation for the development of the next successful banking products in the crypto sector.
Nazarov stated that Chainlink will launch CRE gradually, similar to how Ethereum did, by first developing its core services.
The new crypto platform is currently in early access, with a full launch planned for 2025.
Launched Chainlink’s CCIP v1.5 to simplify cross-chain exchanges
While the news of the CRE at Chainlink’s SmartCon seems to be a game-changer for the crypto sector, Nazarov focuses attention on the CCIP protocol.
The project has just launched the v1.5 upgrade, which introduces several advantages for cross-chain transfer transactions.
The update, currently active on all blockchain testnets, focuses on the massive increase in the number of tokens integrated with CCIP.
In the new version, the Cross-Chain Token (CCT) standard is indeed present, which allows developers to integrate any crypto with the protocol in a few minutes.
I CCT are native cross-chain tokens that offer enhanced programmability and zero-slippage transfers, all supported by the CCIP security framework.
It is important to emphasize that this innovation removes the need to use pre-verified token pool contracts to convert any ERC20 token into a CCT.
At the same time, developers can create their own customized contracts tailored for specific use cases, offering great independence.
The new version of Chainlink’s CCIP also improves the security in the cross-chain transfer process, ensuring the preservation of value in exchanges.
The protocol has already been integrated with a wide range of solutions and dapps from the web3 world, as well as with the new synthetic assets of the DeFi frontier.
It is also worth highlighting how in CCP v1.5 the Token Developer Attestation function was introduced, which introduces a new verification model.
Programmers can attest to the events of token burn or lock on the origin blockchains before generation via CCIP on the destination blockchain.
The function, currently in private beta, could solve numerous problems in cross-chain cybersecurity.
Once available on the blockchain mainnets, token developers will also benefit from the CCIP Token Manager, a web interface for managing crypto.
The crypto LINK tries to exit the bear market: price analysis
Thanks to the push from positive news coming from SmartCon Chainlink, the crypto LINK attempted to break out of the bear market with an upward move.
The currency marks 3 days of positive green candles, with an overall increase in quotations of 12.5% bringing prices to 12.1 dollars.
LINK is still down about 50% from the March top, and 76% from the all-time highs of 2021, but perhaps something is finally starting to move.
On a weekly time frame, the crypto seems to have held well the support of 10 dollars in the past trading sessions, providing an additional motive for a future bull.
The current compression could easily lead to a price pump above the EMA 50, with a subsequent bullish continuation.
Volumes and RSI do not seem to suggest useful information to understand the price action of the crypto asset.
On the contrary, funding rate and open interest of derivatives indicate an increase in speculations on the currency of Chainlink.
In the span of a few weeks, the sum of open positions on LINK has almost doubled, while the funding rate has shifted from the negative region to the positive one.
It is taken for granted to think that from now on, if there are no surprises, we can expect an upward phase until the return to the bull market.
Indicatively, as soon as the dominance of Bitcoin starts to decrease, we might see the return of the hype on LINK and on the entire altcoin sector.
