Chainlink [$LINK] is in the spotlight!
A recent White House appearance for the platform’s co-founder and infrastructure updates are keeping the mood up.
But has any of it helped $LINK?
Chainlink’s Sergey Nazarov speaks at The White House
At the technology leaders event on August 20, co-founder Sergey Nazarov said recent U.S. regulatory moves are helping stablecoins reach a much wider audience.
He referred to the GENIUS Act and the growing use of U.S. government debt in stablecoin reserves as factors that could put dollar-backed digital assets into more hands.
There’s a very real and tangible outcome that’s benefiting the adoption of U.S.-issued assets and the U.S. dollar.
Nazarov also expects tokenized stocks to follow a similar path.
Chainlink already provides for many of these applications, so it has a close view of how quickly adoption is developing.
Nethermind chooses Chainlink
In other developments, Ethereum infrastructure firm Nethermind announced that it is joining Chainlink as a node operator. The company will help secure Chainlink’s CCIP and Data Feeds.
CEO Daniel Celeda described the move as a long-term decision, based on where Nethermind sees on-chain finance heading.
Interestingly, many firms are reconsidering their cross-chain infrastructure; this is after the April exploit involving a LayerZero-powered bridge used by Kelp DAO.
As of yet, a timeline for completing the migration has not been announced.
$LINK holds its gains
In light of the recent market surge and its own developments, native token $LINK has spiked. On the hourly chart, the token went to above $10.60. Afterwards, it settled into a range near those levels.
While the pace remains positive, it has slowed now. The RSI was at around 64, so buyers still have control without the market being excessively stretched. OBV also improved and has since stayed relatively steady.
As it stands, the token is consolidating after its recent jump.
Final Summary
- Sergey Nazarov’s White House appearance and Nethermind’s Chainlink move have given Chainlink a lot of buzz.
- $LINK climbed above $10.60 before consolidating.
