The institutional report indicates that Chainlink has become a monopolist in the infrastructure for financial tokenization, with fundamentals having changed, yet its value is underestimated, presenting immense growth potential. This article is based on a piece written by PANews, organized, translated, and authored by Dongqu. (Previous context: JPMorgan 'first' completed a transaction on the public chain, collaborating with Ondo and Chainlink to settle tokenized assets, accelerating the fusion of DeFi) (Background supplement: Is Ethereum's staking income permanently declining? Aave integrates Chainlink SVR or rewrites the DeFi landscape) The market is still viewing LINK through old lenses, while the fundamentals have fundamentally transformed. If you have been paying attention to the crypto market lately, you must have noticed LINK's strong performance. Public data shows that LINK has risen nearly 30% in the past month; for an old coin with a lukewarm narrative, such performance is quite remarkable, and discussions about LINK on social media have been increasing. However, while most people are still debating whether LINK is just a 'oracle token', the world's largest financial institutions, such as JPMorgan, SWIFT, Mastercard, and DTCC, have quietly deployed Chainlink at the core of their blockchain strategies. Recently, the crypto investment firm M31 Capital released a 90-page in-depth research report, which provides a bold prediction: LINK still has a 20-30 times upside potential. The report believes that the wave of tokenization of global financial assets will bring about $30 trillion in opportunities, and Chainlink is not merely a participant but the sole monopolist in the field of blockchain middleware. Deep Tide TechFlow has interpreted and organized this report, filtering out the key viewpoints and data for better reading. Core investment logic: Value is relatively underestimated, 'buying narrative' is surfacing. The report overall believes that LINK represents one of the best risk/reward investment opportunities in the current crypto market, with several core points as follows: Major beneficiaries of the $30 trillion trend – The global financial system is transitioning to tokenization. Complete monopolistic position in on-chain middleware – No competitors can offer equivalent technological reliability and institutional trust. Misunderstood asset – Despite having unparalleled integration and dominating market share, its market capitalization is far below its strategic value. Realistic 20-30 times upside potential – In contrast, the objectively inferior benchmark asset XRP trades at 15 times the price of LINK. Specifically, the report elaborates on why LINK is currently underestimated from three aspects. RWA wave's invisible beneficiary Since 2024, the market for tokenized real-world assets (RWA) has grown 2.5 times. BlackRock's BUIDL tokenized money market fund has reached $2 billion in scale; traditional financial giants like JPMorgan, Goldman Sachs, and Charles Schwab are no longer in pilot mode but are deploying in practice. But how do tokenized U.S. Treasury bonds know the current interest rates? How do on-chain gold tokens verify physical reserves? How do cross-chain asset transfers ensure safety and compliance? They all need Chainlink. The prerequisite for everything is a trusted data and interoperability layer. Business monopoly, but value underestimated Chainlink is a true monopolist in its field: Over $24 trillion of on-chain transaction value has been realized through Chainlink, achieving $85 billion in total value secured (TVS), more than $18 billion in verified messages, over 50 blockchain integrations, and over 500 application integrations. No competitor can provide the combination of Chainlink's technological reliability, product breadth, compliance capability, and institutional trust. Once integrated, it becomes a key mission-critical infrastructure with high switching costs and self-reinforcing network effects. By comparison, XRP's market cap is 15 times that of LINK, yet has less than one-tenth of LINK's actual value. Narrative reversal For years, LINK has been burdened with the negative narrative of 'team dumping'. But the LINK reserve mechanism launched in August 2024 has brought change. Before: Chainlink Labs funded operations through token sales, causing ongoing selling pressure. Now: Hundreds of millions of dollars in corporate revenue are automatically converted to LINK purchases, creating continuous buying pressure. With more partnership expectations, more institutions are piloting production in the next 12-18 months, and verifiable on-chain revenue will soar. The market is still viewing LINK through old lenses, while the fundamentals have fundamentally transformed. This cognitive gap is precisely the source of a huge investment opportunity. Global financial giants' Chainlink deployment map The report also lists some key collaborative use cases, especially among traditional financial giants. SWIFT: In November 2024, using Chainlink CCIP to enable traditional SWIFT message-triggered on-chain token operations. Participating institutions include: ANZ, BNP Paribas, BNY Mellon, Citigroup, Clearstream, Euroclear, Lloyds Bank, etc.; successfully simulating the transfer of tokenized assets between public and private chains. JPMorgan Kinexys: In June 2025, JPMorgan's blockchain division Kinexys completed the first cross-chain delivery versus payment (DvP) settlement with Ondo Finance. Chainlink's role: CRE (Corporate-Grade Runtime Environment) coordinating workflows, CCIP protocol ensuring cross-chain message security. White House recognition, technical and policy endorsement: White House Crypto Summit, founder Sergey Nazarov invited to participate, engaging in direct dialogues with the President and cabinet officials. White House Digital Asset Report – Chainlink is formally recognized as a core infrastructure in the digital asset ecosystem. Chainlink released detailed proposals for over 10 federal agency blockchain use cases. Most critically, these are not isolated experiments, and each successful pilot represents a use case. Chainlink's shadow is present in these use cases, though it may not be front and center. Not just oracles, monopolistic position in middleware Many people still view Chainlink as merely a 'price oracle'. In reality, Chainlink has built a complete blockchain middleware ecosystem, becoming an indispensable bridge connecting blockchains and the real world. Its products cover five key areas: Data – Providing market data streams (such as price feeds), proof-of-reserve, verifiable randomness, and ultra-low latency data streams. These functionalities ensure blockchain applications can reliably access off-chain data, supporting various scenarios such as finance, gaming, and insurance. Compute – Offering off-chain computing capabilities (e.g., complex computations achieved through Functions) and event-driven automation functionalities. This enables blockchains to handle complex logic and computations without excessive on-chain consumption...

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