Chainlink’s native token, LINK, surged 13.6% in 24 hours on Monday as it led the way for a broader crypto recovery following last week’s leverage-induced decline. The CoinDesk 20 Index (CD20), a measure of the broader crypto market, added 4.2% over the same period.
On-chain analyst LookOnChain reported that 30 new wallets have withdrawn a total of 6,256,893 LINK ($116.7 million) since October 11, indicating accumulation from high net worth entities.
In its third quarter review released on Friday, Chainlink Labs detailed several major deals and technology milestones, generating new optimism among investors. The network announced a pilot with the US Department of Commerce to bring government data on-chain, as well as collaboration with interbank messaging system SWIFT, US financial system clearing company Depository Trust and Clearing Corp (DTCC) and European counterpart, Euroclear.
The report also outlined Chainlink’s broader platform vision, evolving from a decentralized oracle provider into a full-stack infrastructure layer for tokenized and real-world assets.
DeFillama data shows that Chainlink still dominates rival networks in terms of oracle capacity, accounting for 62% of the $62 billion market in total value secured (TVS). The closest competitor is Chronicle with $10 billion TVS.