While the cryptocurrency markets were flat, Chainlink (LINK) and Tezos (XTZ) became high-demand altcoins this week with the significant developments in their ecosystems.
Chainlink has been bullish for the past two weeks
Chainlink's native token, LINK, has seen a 40 percent increase in value over the past two weeks as demand continues to rise with the launch of a staking service on its network and the development of a massive Avalanche connection.
The increase in value in LINK was triggered by the introduction of staking support with the LINK token on the Chainlink network. Following the positive reception of this news, Avalanche increased its integration with Chainlink this week, another factor supporting the rise.
It is desired to create a new economy model with Chainlink 2.0
Chainlink introduced its staking service via LINK as the first step in its mission to step into a new economic era. With this service, the team aims to increase the security of Oracle networks and increase the demand for the network.
In the LINK staking system, which is intended to be attractive to long-term investors, the rewards are planned to be financed by emission fees and user service fees. Chainlink, which is integrated into multiple Blockchain networks, will thus see an increase in transaction fees, and this factor is thought to increase the demand for LINK by making staking attractive.
The integration of Keepers and Variable Random Functions (VRF) on the Chainlink network into the Avalanche network this week was another development that boosted LINK performance. These features are aimed at improved uptime and enhanced smart contract security. While Chainlink price feeds were integrated into the Avalanche network about a year ago, now the relationship between the two Blockchain networks is getting stronger.
These positive developments also attracted the attention of big investors. According to Whalestats data, LINK has become one of the most traded altcoins among Ethereum whales this week. LINK, which saw an increase in value by more than 10 percent yesterday due to the latest development, rose to $ 9.64, then corrected and declined to $ 8.80 today.
Tether expands operations to Tezos network
Tether, the world's largest issuing of fixed crypto assets, has chosen Tezos as its 12th blockchain network. After that, USDT will also be printed on the Tezos Blockchain network.
Tether CTO Paolo Ardoino expressed his satisfaction with the launch of USDT on the Tezos network, which offers access to the most liquid, stable and reliable stablecoin with a growing and vibrant community. Ardoino also said that he believes this integration will contribute to Tezos' long-term growth goals.
On the other hand, the integration of USDT into the Tezos network stands out as a development that will increase the usage rate in the field of DeFi.
During the USDT integration process, Tezos' native crypto asset XTZ has also seen a significant increase in demand. XTZ has gained close to 30 percent since June 4, while the markets were generally flat. XTZ, which fell to $ 1.84 in the first week of June, rose to $ 2.37 in the first hours of the day today.
In intraday trading, XTZ/USD seems to have entered a corrective trend, while it has declined by nearly 10% from its peak levels to $2.15.