Chainlink’s decentralized oracle network could accelerate the adoption of blockchain in finance, insurance, supply chain and gaming and gambling projects, according to the latest analytical report published by the Bank of America (BofA).
According to the bank’s experts, Chainlink is one of the main drivers of the growth of the total volume of funds blocked (TVL) in the DeFi sector. Per the report:
“The adoption and growth of DeFi last year was driven by the ability of hybrid smart contracts, or self-executing and tamper-proof digital agreements, to provide reliable and secure access to real-world data such as market prices, time of day, weather through oracle nodes. and GPS coordinates.”
According to DeFi Llama, in spite of the decline experienced by the cryptocurrency market, the TVL of the DeFi sector amounts to $207.97 billion, 18% less than the all-time high reached in December 2021.