Chainlink has announced a significant expansion of its Data Streams platform, incorporating Cardano’s ADA alongside six other prominent cryptocurrencies. This move is set to enhance real-time data accessibility for users and further bolster the adoption of Cardano in the digital asset space.
Chainlink Data Streams – A Game-Changer for Real-Time Data
Launched in 2023, Chainlink Data Streams have quickly become a critical tool for accessing low-latency, high-frequency data. This cutting-edge technology offers users real-time asset prices and facilitates seamless, automated transactions on-chain. The recent integration of Cardano’s ADA, along with assets like Illuvium (ILV), Injective (INJ), Jito (JTO), Lido (LDO), ONDO, and SUI, underscores Chainlink’s commitment to providing comprehensive data coverage. With this update, Chainlink Data Streams now offer real-time data on 52 different assets, including major players like Bitcoin, XRP, and Shiba Inu.
Chainlink’s Recent Triumphs and Expansions
The adoption of Chainlink Data Streams has been noteworthy, with several high-profile integrations. Notably, Synthetix’s Spartan Council recently voted unanimously to incorporate Chainlink Data Streams into Synthetix version 3 on the Arbitrum network. Additionally, Beefy Finance has adopted Chainlink’s Price Feed system, highlighting the versatile utility of Chainlink’s innovations. This integration will enhance Beefy Finance’s concentrated liquidity management across multiple chains, demonstrating the broad applicability and growing importance of Chainlink’s offerings.
The addition of ADA to Chainlink’s platform is a significant milestone for Cardano. ADA remains a major asset in the cryptocurrency market, boasting a market capitalization of $12.5 billion. Recent data from IntoTheBlock reveals a surge in large transactions involving ADA. Over the past 24 hours, 16.33 billion ADA was moved, approaching the 7-day high of 16.98 billion ADA. This uptick in whale activity signals a bullish sentiment around ADA, reflecting increasing confidence in the asset’s future prospects.
Upcoming Chang Upgrade and ADA’s Market Performance
The positive momentum surrounding ADA is further supported by the upcoming Chang hard fork, scheduled for September 1. This upgrade will enhance Cardano’s functionality and introduce a new governance system, potentially strengthening the network’s position in the market. Despite this, ADA’s price has been relatively stable, trading at $0.3479. Over the past 24 hours, ADA has declined by less than 1%, and its value has dropped nearly 12% over the past week.
Chainlink’s integration of Cardano’s ADA into its Data Streams platform marks a significant advancement in real-time data accessibility for cryptocurrencies. As Chainlink continues to expand its offerings and Cardano prepares for its Chang upgrade, both entities are poised to make substantial impacts on the crypto market. The increased whale activity and forthcoming network enhancements suggest a promising outlook for ADA, even as the asset navigates current market fluctuations.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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