Chainlink could accelerate the adoption of next-generation blockchain in finance, insurance, supply chains, gaming and gambling. That’s according to a Bank of America (BofA) research report.
According to BofA, Chainlink is one of the main drivers of total blocked funds (TVL) growth in the DeFi sector. Bank analysts noted that thanks to Chainlink, TVL in DeFi is nearly $203 billion, a 313% increase over last year.
“DeFi’s adoption and growth last year was driven by the ability of hybrid smart contracts, or self-executing and tamper-proof digital agreements, through oracle nodes to provide reliable and secure access to real-world data such as market prices, time of day, weather and GPS coordinates,” the report said.
As of Feb. 15, Chainlink oracles had secured more than $60 billion in smart contract deposits, according to the bank. In 2020, that figure was $7 billion.
According to Bank of America, more than 1,100 projects use the Chainlink network. Users of the network include the Associated Press, AccuWeather, Sportmonks and 800 other companies that have launched nodes to monetize their data.