The Chainlink network experienced substantial growth last month when its total value secured (TVS) climbed to over $82 billion, a figure representing the vast majority of DeFi. In tandem, the list of DeFi protocols integrating Chainlink oracles continues to grow. Last week, the Chainlink ecosystem reached 1,000 projects building across DeFi as well as decentralized insurance, gaming, and NFTs.
Today, Chainlink Labs announced that former Google CEO Eric Schmidt will become a strategic advisor to guide Chainlink’s scaling strategy. Schmidt will join an already esteemed roster, including former Coinbase CTO Balaji Srinivasan and Cornell computer science professor Ari Juels.
From 2001 to 2011, Schmidt guided Google’s growth from startup to tech giant. During his tenure as CEO, Google completed a $23 billion IPO and developed essential Web2 products like Gmail, Google Maps and Chrome. As blockchain spearheads the shift to decentralized Web3, Chainlink’s oracle networks are creating an industry standard for composable open-source technology.
Chainlink oracles connect blockchains to real-world data needed to execute smart contracts that power decentralized industries. In an official statement, Schmidt said, “Chainlink is a secret ingredient to unlocking the potential of smart contract platforms and revolutionizing business and society. I am excited to be helping the Chainlink Labs team build a world powered by truth.”
Chainlink’s oracle network comprises independent node operators like Deutsche Telekom’s T-Systems, Swisscom, and the Associated Press, which recently made its economic, business, sports and elections data available on-chain. New Chainlink Data Feeds create new use cases for hybrid smart contracts that execute based on cryptographically verified truth – replacing the need for paper-based agreements that rely on trust in brand solvency.
Chainlink Co-founder Sergey Nazarov said Schmidt’s expertise comes at a “crucial inflection point” for the growth and adoption of blockchain networks and Chainlink oracles. Chainlink’s recently released Cross-Chain Interoperability Protocol (CCIP) is designed to accelerate blockchain adoption by legacy systems and institutions through a universal open standard for cross-chain messaging and token movement in a multichain world.
At this year’s Messari Mainnet Summit, Nazarov described a roadmap for CCIP’s mainstream adoption, beginning with DeFi and CeFi, followed by fintechs, insurtechs, and enterprises. He said Schmidt will play a vital role in guiding this trajectory. “Eric’s experience and insights around building global software platforms for next-generation innovation will be invaluable as we help developers and institutions usher in a new age of economic fairness and transparency.”