Polygon

Chainlink

Gains

<ul> 
 <li style="font-weight: 400;">Polygon posted a blog highlighting details on this latest integration.</li> 
 <li style="font-weight: 400;">LINK was down by 14%, and selling pressure on it was high.</li> 
</ul> 
<a href="https://ambcrypto.com/search/polygon" target="_blank" rel="noopener" data-wpel-link="internal">Polygon [MATIC]</a> zkEVM recently made an important integration with <a href="https://ambcrypto.com/search/chainlink" target="_blank" rel="noopener" data-wpel-link="internal">Chainlink [LINK]</a> that can boost the blockchain’s offerings and capabilities. 
 In fact, Sanadeep Nailwal, co-founder of Polygon, took to X and posted a tweet highlighting those benefits. However, despite this integration, zkEVM’s key network stats failed to go up. 
<h4>Details on Polygon and Chainlink integration</h4> 
As per Sandeep Nailwal, the combination of LINK’s solution and the Polygon zkEVM’s ZK rollup will be a game changer for DeFi. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 .<a href="https://twitter.com/chainlink?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">@chainlink</a> has been with <a href="https://twitter.com/0xPolygon?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">@0xPolygon</a> ecosystem side-by-side ever since Matic Network became Polygon in Feb. 2021. And what a journey it has been for both communities! On Polygon PoS, Chainlink is now used by the largest protocols like Aave and Gains and secures 85-90% of the… <a href="https://t.co/61lg61UdsK" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">https://t.co/61lg61UdsK</a> 
 — Sandeep Nailwal | sandeep. polygon <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f49c.png" alt="💜" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@sandeepnailwal) <a href="https://twitter.com/sandeepnailwal/status/1735537858415350219?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">December 15, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Polygon also posted a&nbsp;<a href="https://polygon.technology/blog/chainlink-data-feeds-now-live-on-polygon-zkevm-unlocking-the-future-of-defi" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">blog</a> pointing out the benefits for developers. The integration allows DeFi developers to easily tap external price data to build and launch highly effective liquidity protocols, advanced decentralized exchanges, and more. 
Marc Borion, CEO of Polygon Labs, said, 
<blockquote>
 “This functionality is set to unlock the deployment of several significant DeFi protocols on Polygon zkEVM early next year.”
</blockquote> 
It was interesting to see that while developers worked on this integration, zkEVM’s DeFi ecosystem also started to grow. 
As per AMBCrypto’s analysis of Artemis’ <a href="https://app.artemis.xyz/chains" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">data</a>, Polygon <a href="https://ambcrypto.com/polygon-zkevm-crosses-this-milestone-how-did-matic-react/" target="_blank" rel="noopener" data-wpel-link="internal">zkEVM</a>’s TVL has been on the rise for multiple weeks now. 
However, while the DeFi space grew, its network activity dropped. This was evident from the fact that its daily active addresses and transactions started to decline. 
<div id="attachment_359056" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Artemis-MATIC.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-359056" decoding="async" class="wp-image-359056 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Artemis-MATIC.png" alt="" width="1543" height="612" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Artemis-MATIC.png 1543w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Artemis-MATIC-300x119.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Artemis-MATIC-1024x406.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Artemis-MATIC-768x305.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Artemis-MATIC-1536x609.png 1536w" sizes="(max-width: 1543px) 100vw, 1543px"></a>
 Source: Artemis
</div> 
<h4>Chainlink is not benefiting</h4> 
While zkEVM grew in DeFi, Chainlink did not follow the same trend on its price front. According to <a href="https://coinmarketcap.com/currencies/chainlink/" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">CoinMarketCap</a>, LINK was down by nearly 15% in the last seven days. 
At the time of writing, LINK was trading at $14.50 with a market capitalization of over $8.2 billion. 
The token’s trading volume also dropped in the last 24 hours, meaning that investors weren’t actively trading <a href="https://ambcrypto.com/chainlink-surges-by-4-in-24-hours-time-for-a-new-price-prediction/" target="_blank" rel="noopener" data-wpel-link="internal">LINK</a>. 
To better understand the scenario, AMBCrypto took a look at Santiment’s data. We found that LINK’s supply on exchanges registered a massive surge in the recent past. 
This was accompanied by a drop in its supply outside of exchanges, suggesting that it witnessed a massive sell-off. Additionally, its MVRV ratio also remained low, which is a typical bearish signal. 
<div id="attachment_359057" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ChainLink-on-Ethereum-LINK-11.50.41-16-Dec-2023.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-359057" decoding="async" class="wp-image-359057 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ChainLink-on-Ethereum-LINK-11.50.41-16-Dec-2023.png" alt="" width="3840" height="1300" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ChainLink-on-Ethereum-LINK-11.50.41-16-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ChainLink-on-Ethereum-LINK-11.50.41-16-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ChainLink-on-Ethereum-LINK-11.50.41-16-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ChainLink-on-Ethereum-LINK-11.50.41-16-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ChainLink-on-Ethereum-LINK-11.50.41-16-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ChainLink-on-Ethereum-LINK-11.50.41-16-Dec-2023-2048x693.png 2048w" sizes="(max-width: 3840px) 100vw, 3840px"></a>
 Source: Santiment
</div> 
Is your portfolio green? Checkout the <a href="https://ambcrypto.com/calculator/chainlink-profit-calculator" target="_blank" rel="noopener" data-wpel-link="internal">LINK Profit Calculator</a>&nbsp;&nbsp; 
Nonetheless, the good news was that Chainlink’s open interest dropped slightly along with its price. 
A decline in the metric generally hints at a trend reversal, suggesting there were chances of <a href="https://ambcrypto.com/chainlink-can-the-latest-upgrade-help-fulfill-link-price-predictions/" target="_blank" rel="noopener" data-wpel-link="internal">LINK</a> registering greens on its price chart. 
<div id="attachment_359058" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-LINK.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-359058" decoding="async" class="wp-image-359058 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-LINK.png" alt="" width="1707" height="397" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-LINK.png 1707w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-LINK-300x70.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-LINK-1024x238.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-LINK-768x179.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-LINK-1536x357.png 1536w" sizes="(max-width: 1707px) 100vw, 1707px"></a>
 Source: Coinglass
</div>

Here’s how zkEVM, Chainlink reacted to the new integration

AMBCrypto

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