Chainlink Hits 3-Year High Amid Record Futures Open Interest

Chainlink (LINK) has risen to its highest level since January 2022, hitting $29.45 on Thursday as demand for the asset from sophisticated investors continues to rise.

The decentralized oracle network posted a 20% gain in the past seven days and a 119% increase in the past month, making it one of the best-performing cryptos in recent weeks, according to CoinGecko data.

The rally comes as LINK’s open interest (OI) hit an all-time high of $770.27 million, data from Glassnode shows. This figure reduced the OI of competitors such as Toncoin (TON) by $259 million and TRON (TRX) by $356 million.

Whale activity has been a key driver of LINK’s share price momentum. Trump-backed World Liberty Financial bought 41,335 LINK tokens worth $1 million at an average price of $24.19, on-chain facts shows.

Chainlink’s growing ecosystem and latest partnerships have been another important factor. Launch of the Cross-Chain Interoperability Protocol (CCIP) on the Ronin Network, the feature made easier token transfers between Ethereum, Ronin and Coinbase incubated Base blockchain.

Emirates NBD, one of the largest banks in the UAE, partnered with Chainlink to improve the tokenization of digital assets. The same goes for Coinbase’s Project Diamond integrated Chainlink will provide infrastructure for tokenized asset management.

Additionally, Chainlink’s partnership with SWIFT introduced an institutional payment solution, while WLFI adopted the Chainlink standard for secure on-chain data and cross-chain connectivity.

“Chainlink, closely associated with Ethereum, is a leader in blockchain interoperability,” said Arthur Azizov, CEO of B2BINPAY. Declutter. “Notably, it tops the Top 10 ERC-20 crypto projects in terms of developer activity over the past 30 days.”

Chainlink, in partnership with 21Shares, is also launching an EU-regulated service for trading and settlement of tokenized securities, Azizov added.

Edited by Sebastian Sinclair