Wednesday, October 4, 2023


**first. What is Oracle:** – Imagine each Blockchain is a blow, and each of these islands does not have access to the data source outside the island (ancient) and Oracle is the intermediary to provide data for Blockchains. And Chainlink is the largest Oracle project accounting for more than 51% (according to Defillama). **2. Cross-chain bridge** – Back to the story that each Blockchain is similar to an independent island and these Blockchains, if they want to interact with each other, they must catch a bridge and that is Cross – Chain Bridge. And this bridge is used to transfer interactive assets between chains. – If you are a person who regularly updates the news, you will know that cross chain bridges are constantly being hacked and this is a good bait for hackers. Instead of attacking an island, it is always simpler to attack a bridge (If you want to build a bridge, you must force the project to write in 2 or more programming languages, so it is understandable that mistakes happen. ). **3. What is CCIP?** – CCIP is a Chainlink solution announced on July 17th. CCIP is an alternative to Cross-Chain Bridges that help to make asset interaction between chains fast, secure and cheaper. – Application: at cross-chain bridge, if we want to convert USDT in BSC chain to QI token in AVAX chain, we have to transfer USDT from Chain BSC to Chain AVAX and then Swap to QI. – With CCIP, we only need a single transaction to convert from USDT on BSC chain to QI on Avax chain (saving time and cost). – In addition, we can also borrow and lend on many different chains. For example, using USDT on the ERC chain to borrow ETH on the OP chain. – All transactions are paid = Link. **Summary:** – Oracle is an intermediary solution that provides data for BlockChain => Blockchains and crypto markets that want to develop towards Mass Adoption need Oracle, which Link holds 51% of the market share. – CCIP is an alternative to Cross-Chain Bridge (which is easy to hack and high cost, long waiting time) to make asset interaction between chains better and smoother (cheaper, fast, more secure) ). Use Link as fee gas (increase use case for Link) **6. Onchain data:** – Link is currently the most net withdrawn token in the past 1 month on centralized exchanges with -123.7M $Link withdrawn to the wallet ~ 23% of current supply **7. Technical analysis:** – In the month frame $LINK had a very nice Hammer candle in June (possibly the whales knew the news in advance and started to gather Link). Hopefully Link will have a stronger recovery in the near future **NOTE:** This is a new post, so if you have any questions, please comment below.

Source: Collector



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