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Sergey Nazarov Celebrates Launch Of Chainlink Economics 2.0 During SmartCon 2022 Keynote

Welcome to SmartCon 2022!

The world’s premier web3 conference hosted by the blockchain industry’s leading oracle network kicked off this morning to a sold-out crowd in New York City. Chainlink co-founder Sergey Nazarov was the first speaker to take the main stage. His comprehensive keynote detailed recent and forthcoming advancements in the Chainlink Network, including Chainlink BUILD, Cross-Chain Interoperability Protocol (CCIP), Fair Sequencing Services (FSS), and privacy-preserving oracle protocol, DECO.

“All of these services fundamentally create an infrastructure and an environment for the world’s value to transition into the blockchain format,” Nazarov said. Essentially, he explained, this means that, assuming the cost and usability of web3 reaches parity with web2, “all of the world’s value will be made more reliable.”

“I know I’m just a guy in a plaid shirt in a room talking about stuff,” Nazarov acknowledged to applause, before emphasizing the hundreds of trillions of dollars in capital markets projected to be reformatted within web3. Using comparable growth projections, he estimated tens to hundreds of billions of dollars would inevitably flow into paying for web3 infrastructure including decentralized oracle networks, of which Chainlink has become the industry standard. 

“Chainlink is at over 60 percent of all oracle network computation for decentralized apps,” Nazarov said. “Our goal with Chainlink is to make the security standard that everybody uses to do these oracle network computations. I’m very happy and proud and thankful to be able to say that we’ve already achieved that to the tune of what defines a standard at over sixty percent.”

Nazarov introduced Chainlink’s new metric, Transaction Value Enabled (TVE), which measures the transaction value enabled by Chainlink’s infrastructure during a given time period. He reported that during the month of August 2022, Chainlink’s TVE was $512 billion, with Chainlink’s cumulative TVE set to surpass $7 trillion by the end of the year. 

This level of transactional value necessitates an economic framework that allows the Chainlink Network to continue to securely scale. Nazarov designated SmartCon 2022 as the launch of Chainlink Economics 2.0, designed to facilitate Chainlink’s cross-chain expansion through capturing revenue, reducing the cost of oracle reports, and staking within the Chainlink Network. 

“We are also very happy to say that staking is on track to launch this December, and that folks will be able to check their early access eligibility as of this coming Monday,” he said, before extending his gratitude to the people behind the protocol.  

“I want to thank everybody who has spent countless hours working on this conference. I want to thank everybody in our community who’s supported us for many years and for all the developers that we’ve been working with to make Chainlink a success. I’m obviously immensely grateful to our users who collaborate with us and tell us what we should build and how we should build it, so we can enable them to build the future of our industry.”

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