ChainLinkGod

Chainlink proving once again how its unified platform approach (data + cross-chain) provides the necessary rails to connect TradFi institutions to public/private chains

This latest collaboration involved ANZ Bank, Fidelity International, and Chainlink under the Hong Kong Monetary Authority (HKMA)'s e-HKD Pilot Programme phase 2 (Hong Kong Dollar CBDC)

This initiative enabled the cross-chain Payment-vs-Payment (PvP) trade settlement of a bank-issued stablecoin (A$DC) on a permissioned chain (ANZ DASChain) against a CBDC (e-HKD) on a public blockchain (Ethereum Sepolia)

This lays the foundation for the expanded focus on a Delivery-vs-Payment (DvP) workflow involving the purchase of a tokenized money market fund using the e-HKD CBDC

Chainlink services involved in this initiative include:

Cross-Chain Interoperability Protocol (CCIP): Infra that enables cross-chain transfer of value (tokens) and data (settlement instructions) between chains, enabling various PvP/DvP settlement workflows involving public (Ethereum) and private (ANZ DASChain) chains

Compliance Services: A suite of compliance services for investor identity KYC/AML verification, turning ANZ's offchain identity registry into a reusable onchain identity credential (Cross-Chain Identity) to facilitate compliance requirements

Digital Transfer Agent: Onchain contract that automates NAV updates, subscription/redemption workflows, and coordinates cross-chain movements of a tokenized fund that investors acquire after the PvP leg completes

NAV Feeds: Infra that provides Net Asset Value data from the Fund Admin onchain to enable subscriptions/redemptions of a tokenized fund from the Digital Transfer Agency contract

• An AI/business intelligence firm
• A Utah medical cannabis clinic
• A defunct Japanese hotel operator
• A sportsbook/casino affiliate shop

What do they have in common?

Diluting shareholders / issuing debt to buy crypto, completely unrelated to their legacy business

Might be the PTSD talking, but I’m getting 2022 vibes here

To understand why competing oracles have been pushing so much fud recently, look no further than Chainlink’s growing dominance

434+ integrated protocols
$65B+ TVS (incl borrows)
68.5%+ market share

In contrast, when your oracle is statistically irrelevant and shrinking, you naturally get desperate

Just business

Just another day of Chainlink fud busting

Abstract
Apechain
Aptos
Arbitrum
Astar
Avalanche
B2
Base
Berachain
Bitlayer
Blast
BNB Chain
BOB
Botanix
Celo
Core
Corn
Cronos
Cronos zkEVM
Ethereum
Fraxtal
Gnosis
Gravity
HashKey Chain
Hedera
Hemi
Hyperliquid
Ink
Kroma
Lens
Linea
Lisk
Mantle
MegaETH
Merlin
Metal L2
Metis
Mind Network
Mint
Mode
Monad
Moonbeam
Moonriver
OP Mainnet
opBNB
Plume
Polygon
Polygon zkEVM
Ronin
Rootstock
Scroll
Sei Network
Shibarium
Solana
Soneium
Sonic
Starknet
Superseed
Taiko
Treasure
TRON
Unichain
Wemix
World Chain
X Layer
Zicuit
ZKsync
Zora

All powered by Chainlink

The competitive landscape for oracles is starting to look like a blue Pac-Man with how much marketshare @chainlink has been eating up lately

Chainlink's $66B+ Total Value Secured (incl borrows) in DeFi is more than 8x the second place oracle

TVS = market's trust in an oracle

Chainlink is a network of networks?

Always has been 🌏👨‍🚀🔫👨‍🚀

Mind the gap!

Appears that @PythNetwork's BTC/USD price feed went offline for over 40 minutes today

Price moved ~25bps during this time, end-users on perp DEXs affected

11:57:58 - 12:40:52, May 15, 2025 (chart shows gap, check the timestamps, skips 40 minutes)

An underrated attribute of Chainlink $LINK is that there is no toxic VC influence so common in our industry

Unlike some competitors, there is no conflicts of interests whereby VCs force their portfolio companies to integrate a portfolio protocol as part of the deal or under the threat of pulling funding

Companies choose Chainlink because it’s the best solution, not because they’re forced to by their VC overlords

The quality of the product speaks for itself, not dangling money over the heads of devs

J.P. Morgan 🤝 Chainlink 🤝 Ondo

Chief Innovation Officer at @swiftcommunity on the recent collaboration between Chainlink, Kinexys by J.P. Morgan, and Ondo on enabling cross-chain DvP settlement for tokenized assets

To Tom's points, at Consensus 2025, Sergey presented the Chainlink Compliance Services stack (incl. identity, KYC/AML, policy management, monitoring, and regulatory reporting) so institutions can create and engage with compliant tokenized assets

He also presented how the Chainlink Runtime Environment (CRE) enables the creation of complex workflows that orchestrate activity across blockchains and existing systems, unlocking advanced onchain use cases

.@SergeyNazarov on the collaboration between Chainlink, Kinexys by J.P. Morgan, and Ondo that enabled the cross-chain DvP settlement of a tokenized Treasuries Fund between a private bank chain (Kinexys) and a public L1 chain (Ondo Chain), using the Chainlink Runtime Environment

It’s pretty cool to say that @jpmorgan, the largest bank in the United States, is now a @Chainlink user

Tokenized assets are inevitable, and creating seamless methods for institutional investors to purchase these assets across chains is crucial

Just use Chainlink

Decentralization and credible neutrality is not a product, it is not an end goal, it is not even a vision, it’s a means to an end

For L1 chains, it is a way to achieve censorship-resistant access to verifiable state

Such state is useful for app devs and asset issuers who want a common platform to deploy on

Users do not give a shit about any of this, don’t pitch them properties of a system, pitch them the product!

The product is the apps and tokens, not some abstract grand vision of a decentralized utopia

Etheruem has apps and tokens in spades, it’s what it’s best at, but people still pitch the technobabble, why

Ethereum is fighting a war on three fronts and not really winning any of them currently

- ETH is not a better SoV commodity money than BTC (fight me)

- Ethereum L1 execution layer is not more scalable than Solana or alt L1s

- Ethereum blobspace is not more scalable than Celestia or alt DA

There is an argument to be made that Ethereum only needs to be semi-competitive on each of these to win based on network effects alone (sum greater than its parts), plausible

While one can also argue it’s a chase three rabbits, catch none situation, a lack of definitive focus to be exceptional at any one thing

As an $ETH holder, I obviously want Ethereum to win, but at a certain point you have to recognize the landscape is shifting, the success of a platform doesn’t mean you automatically win as a SoV asset

My thesis in general is that the entire L1 coin category is massively overvalued as:

- BTC continues to domains as the primary SoV commodity money reverse asset

- Apps capture more their own revenue via ASS + OEV recapture + app chains

- Gas tokens are abstracted away and stablecoins become the dominant MoE

- Most chains generate a modest but not particularly exceptional revenue, and it’s a power law distribution

- Chain-abstraction infra layers blur the lines between chains and users follow the apps which follow the liquidity

Out of every non-BTC L1 coin, ETH has the best bet to overcome these headwinds, but it’s in no way guaranteed

Couldn’t tell you where ETH goes in the short / medium term, probably does well as sentiment reverses, but it does have long term challenges to overcome

Ethereum folks will say L1 revenue is irrelevant and you shouldn’t value an L1 coin on the basis of revenue

And then turn around talk about the ETH staking yield, burn rate, low issuance, and its attractiveness as a PoS asset

Reality we’re seeing is:
1) competition on chain scalability is driving a race-to-zero for tx fees
2) apps are moving to capture their own MEV with ASS + OEV recapture + app chains
3) L2s have a 90%+ profit margin vs L1 settlement + DA costs
4) DA blobs is becoming increasingly commoditized and settlement doesn’t drive fees
5) gas tokens are being abstracted away in favor of stablecoins as a MoE

Optimize for REV-maxing or don’t, the indecision is painful

Why own the second best crypto asset, when you can just own the best crypto asset?

Funny thing is that Bitcoiners and Ethereans both agree with this statement, they just disagree about what the best asset is

.@aave is voting to expand their use of Chainlink SVR to more markets, increasing coverage from ~5% to ~28% of Aave’s TVL on Ethereum

Vote has 100% approval thus far, love to see it

As a related note, SVR’s economics are pretty interesting as they’re counter-cyclical

When markets dump and there’s liquidations, SVR starts printing revenue for Aave + Chainlink

The trade-off is that it’s very feast-or-famine, most days little see little, but a few volatile days create a pay greatly

Users on lending protocols are systemically long, so that’s why downward price action prints more revenue than upwards price

Pretty cool how ETH’s tech got +35% better this past week

There are four primary use cases of blockchain apps today

Payments
Swaps
Lending
Leverage

There are ~100 chains with $10M+ TVL, and since chains usually have 1 of each app, that’s ~400 apps covering the same 4 use cases

And yet, every week, we see a new collection of L1 / L2 chains go live, who inevitably offer the same 4 basic apps

Combine this with the fact that 1) chain scalability is driving a race-to-zero for transaction fees, 2) apps are moving to capture their own MEV, and 3) gas tokens are being abstracted away…

Maybe, just possibly, the speculative premium that the market is placing on hundreds of these L1 / L2 tokens is not rational

Just saying