{"id":294535,"date":"2023-03-02T19:00:43","date_gmt":"2023-03-02T13:30:43","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=294535"},"modified":"2023-03-02T14:17:31","modified_gmt":"2023-03-02T08:47:31","slug":"chainlink-functions-in-motion-but-link-keeps-struggling-with-circulation","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/chainlink-functions-in-motion-but-link-keeps-struggling-with-circulation\/","title":{"rendered":"Chainlink functions in motion, but LINK keeps struggling with circulation"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Chainlink introduced a new developer platform with access via the Ethereum and Polygon Testnets.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">The token circulation has hovered around the same region for some time.<\/span><\/i><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Chainlink [LINK]<\/span><span style=\"font-weight: 400;\">, the decentralized oracle network announced the launch of a new platform called the \u201cChainlink Functions.\u201d According to the project, this <\/span><a href=\"https:\/\/blog.chain.link\/introducing-chainlink-functions\/\"><span style=\"font-weight: 400;\">new side of its chain <\/span><\/a><span style=\"font-weight: 400;\">would enable developers to connect smart contracts with existing APIs via its network.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/chainlink-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Chainlink\u2019s [LINK] Price Predcition<\/span><\/a><span style=\"font-weight: 400;\"> 2023-2024<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">For a while, Chainlink has repeatedly mentioned that it aimed to onboard more developers into the crypto ecosystem. And, this could be a step in that direction. Notably, the project highlighted that the platform is not available on any mainnet yet.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Instead, developers might be able to access the Chainlink Fucntion on the recently passed <\/span><a href=\"http:\/\/ambcrypto.com\/ethereum-sepolia-testnet-successful-but-vitalik-admits\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ethereum [ETH] Sepolia<\/span><\/a><span style=\"font-weight: 400;\"> Testnet and <\/span><span style=\"font-weight: 400;\">Polygon [MATIC]<\/span><span style=\"font-weight: 400;\"> Mumbai. The blog post also pointed out,<\/span><\/p>\n<blockquote><p>\u201cA developer can build a decentralized off-chain voting system for a DAO by using Chainlink Functions to fetch off-chain votes and relay the vote result on-chain to trigger a smart contract-based action.\u201d<\/p><\/blockquote>\n<h3><b>Slow in circulation and on-chain volume<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Despite the development, Glassnode data showed that the <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics?a=LINK&amp;category=Market%20Indicators&amp;m=indicators.Velocity\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">LINK velocity<\/span><\/a><span style=\"font-weight: 400;\"> was at a very low spot. The velocity measures the rate at which tokens circulate in relation to the on-chain transaction volume and market cap.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With the condition at press time, it inferred that LINK tokens had not been in high circulation lately.\u00a0<\/span><\/p>\n<figure id=\"attachment_294537\" aria-describedby=\"caption-attachment-294537\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_chainlink-velocity.png\"><img decoding=\"async\" class=\"size-full wp-image-294537\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_chainlink-velocity.png\" alt=\"Chainlink velocity\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_chainlink-velocity.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_chainlink-velocity-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_chainlink-velocity-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_chainlink-velocity-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_chainlink-velocity-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-294537\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">As per other market happening, Santiment showed that LINK has not experienced any notable inflow wave over the past few months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> The metric gauges how many tokens are being deposited into exchanges, mostly signaling an intention to sell. So, the decline to 37000 implied that investors may not have made enough gains to sell.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the flip side, the exchange outflow was higher at 113,000. However, it was still extremely low compared to the records at some point. Taking <\/span><a href=\"https:\/\/app.santiment.net\/charts\/PMNGbU1K__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">both metrics<\/span><\/a><span style=\"font-weight: 400;\"> into consideration, it seemed that more LINK holders preferred to keep their assets rather than dump them.<\/span><\/p>\n<figure id=\"attachment_294540\" aria-describedby=\"caption-attachment-294540\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-07.56.36-02-Mar-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-294540\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-07.56.36-02-Mar-2023.png\" alt=\"LINK exchange inflow and outflow \" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-07.56.36-02-Mar-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-07.56.36-02-Mar-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-07.56.36-02-Mar-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-07.56.36-02-Mar-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-07.56.36-02-Mar-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-07.56.36-02-Mar-2023-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-294540\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How many are <\/span><span style=\"font-weight: 400;\">1,10,100 LINKs worth today<\/span><span style=\"font-weight: 400;\">?<\/span><\/p>\n<hr \/>\n<h3><b>LINK addresses keep holding back<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Furthermore, on-chain data <\/span><a href=\"https:\/\/app.santiment.net\/charts\/PMNGbU1K__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">revealed<\/span><\/a><span style=\"font-weight: 400;\"> that active addresses on the Chainlink network had been somewhat stagnant.\u00a0<\/span><span style=\"font-weight: 400;\">The metric shows the level of investor interaction with a project. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, the seven-day active addresses were 13000. Hence, the standstill means that the sentiment towards LINK was not particularly exciting.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition, circulation within the said period has not been on the upside. Since the dump on 26 February, LINK has found it difficult to improve in the number of unique tokens used. This drop aligned with the velocity status mentioned earlier.<\/span><\/p>\n<figure id=\"attachment_294541\" aria-describedby=\"caption-attachment-294541\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-08.09.48-02-Mar-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-294541\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-08.09.48-02-Mar-2023.png\" alt=\"Chainlink active addresses and circulation\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-08.09.48-02-Mar-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-08.09.48-02-Mar-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-08.09.48-02-Mar-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-08.09.48-02-Mar-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-08.09.48-02-Mar-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-08.09.48-02-Mar-2023-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-294541\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Nonetheless, Chainlink mentioned in its release that the crypto community should expect more developer-concerned announcements as it tries to bridge the gap between the web3 ecosystem and the traditional sector.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chainlink introduced a new developer platform with access via the Ethereum and Polygon Testnets. The token circulation has hovered around the same region for some time.\u00a0 Chainlink [LINK], the decentralized oracle network announced the launch of a new platform called the \u201cChainlink Functions.\u201d According to the project, this new side of its chain would enable<a href=\"https:\/\/ambcrypto.com\/chainlink-functions-in-motion-but-link-keeps-struggling-with-circulation\/\">Continue reading <span class=\"sr-only\">&#8220;Chainlink functions in motion, but LINK keeps struggling with circulation&#8221;<\/span><\/a><\/p>\n","protected":false},"author":72,"featured_media":294550,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,950,66,3,4,20],"tags":[410],"class_list":["post-294535","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-defi","category-new-news","category-news","category-social","category-trading-view","tag-link"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Chainlink functions in motion, but LINK keeps struggling with circulation - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Chainlink [LINK], the decentralized oracle network announced the launch of a new platform called the \u201cChainlink Functions.\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/chainlink-functions-in-motion-but-link-keeps-struggling-with-circulation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chainlink functions in motion, but LINK keeps struggling with circulation - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Chainlink introduced a new developer platform with access via the Ethereum and Polygon Testnets. 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