LINK has risen by approximately 51% in the past 7 days, performing better than most crypto assets. The driving factors include not only the expected improvement in US regulation but also the recent progress disclosed by Chainlink: the total value of network security continues to recover, and bank payment cooperation as well as stablecoin reserve verification projects have also attracted new market attention.

Total protection value rises to nearly $57 billion

The total protection value of Chainlink ( TVS ) has been on the rise since June, increasing from approximately $43 billion to nearly $57 billion by the end of August, an increase of about $14 billion in two months, representing a growth rate of about 33%.

TVS reflects the number of assets that rely on Chainlink's oracle, cross-chain communication, and asset verification services. It is not equivalent to protocol revenue, nor is it the assets directly held by Chainlink. However, an increase in this indicator usually indicates that its infrastructure is being adopted by more DeFi and on-chain applications.

Bottomline Collaborates to Target Bank Payment Scenarios

Chainlink recently also announced a partnership with payment technology company Bottomline. The latter provides SWIFT transfer-related infrastructure for over 600 banks worldwide. Both parties plan to connect their existing off-chain payment systems to multiple blockchain networks.

If this cooperation progresses smoothly, banks and financial institutions that have already integrated with Bottomline will be able to engage in digital asset settlement scenarios in the future without having to replace their existing payment systems. Chainlink's cross-chain interoperability protocol CCIP is considered to serve as a communication layer that connects traditional financial systems with public and private chains.

Wyoming project brings new use cases

In addition to bank payments, the Wyoming Stablecoin Commission has chosen Chainlink to provide reserve verification services for the state's Frontier Stable Token.

According to the disclosure, the reserve certification system of Chainlink will serve as an on-chain asset verification tool for this stablecoin, releasing verifiable information to the public to show whether the tokens in circulation are supported by corresponding reserve assets. For stablecoins, such a verification mechanism is directly related to market trust.

LINK Breaks Through Key Price Level

In terms of price, LINK broke above the 200-day exponential moving average in late August, and then also surpassed the $12 resistance level. The original text mentions that the Relative Strength Index RSI is around 64, indicating that momentum is still relatively strong, but it has not yet entered what is commonly referred to as an overbought zone.

The report suggests that if LINK can hold above $12, the market's expectations for further gains may continue. If it falls back below this level again, it will mean that the sustainability of this breakout still needs to be observed.