Chainlink Says $75B Worth of Smart Contracts Secured by Its Network

As an oracle, Chainlink provides the piping that allows data to touch the blockchain.


Source: Shutterstock


key takeaways

  • Market data enables DeFi and other financial use cases of the blockchain to thrive. But to get this data on-chain, you need to use an oracle like Chainlink
  • Some of the world’s largest telecom companies are involved in Chainlink’s oracle network

Seventy-five billion dollars worth of smart contracts are secured by Chainlink’s oracle pipes, the company said Thursday, marking a significant milestone for the crypto industry’s largest oracle.

Oracles like Chainlink are the way that decentralized applications on the blockchain, such as decentralized finance (DeFi) protocols, obtain data to execute contracts. As many trades are based on things such as the US dollar’s value, Chainlink is the intermediary that allows for this key piece of data to exist on the blockchain. And given that DeFi, as a sector, has over $200 billion in value locked in, there needs to be significant robustness to the network providing it with data.  

“Market data in DeFi is just the first area where Chainlink is beginning to secure and trigger massive amounts of smart contract value,” said Sergey Nazarov, co-founder of Chainlink, in a statement. 

“As more and more organizations launch Chainlink nodes, we’re seeing all sorts of datasets enter blockchains through Chainlink,” he said. “Chainlink oracles are rapidly moving beyond data delivery and into the world of off-chain computation, meaning the network can provide randomness, automation, privacy, and scalability for smart contracts, expanding what those hybrid smart contracts are able to achieve.”

As a testament to just how important these oracles are to the DeFi industry, Swisscom, one of Switzerland’s largest telecommunications companies, announced in August it is joining Chainlink’s network as an oracle harnessing its vast, robust network to facilitate Chainlink’s data streams much like it does for the TradFi industry in Europe. Deutsche Telekom’s T-Systems also participates in a similar fashion. In October, the Associated Press announced that it would provide elections and sports data to Chainlink’s nodes. 

Chainlink is the sixteenth largest digital asset by market cap, according to CoinGecko data, and is currently trading at $30.57, down 3% during the last 24 hours. 

This story was updated for accuracy on November 4, 2021, at 1:17 pm ET.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Templates.png


ZKPs enable efficient offchain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.


The crypto asset manager lowered its planned fee from 0.25% to 0.15%, undercutting its competitors


Plus, a look at planned ETH ETF fees and how they differ from their BTC counterparts


North Korea suspected in breach of Indian exchange’s multisig wallet


Plus, Sanctum’s CLOUD token has officially launched — but not without problems


It’s not yet clear whether Donald Trump is pumping bitcoin. But an unofficial memecoin is still seeing benefit.