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Sergey Nazarov Shares Vision For Chainlink’s Growth In 2023

In a blog post highlighting the Chainlink Network’s 2022 milestones and 2023 ambitions, Chainlink co-founder Sergey Nazarov shared a pertinent quote from the ancient Stoic philosopher Seneca:

“A gem cannot be polished without friction, nor a man perfected without trials.”

“The unique technical and economic challenges the blockchain industry has presented over the past year have only served to harden Chainlink into the most secure, reliable, and connected infrastructure for DeFi and many other verticals underpinned by trust-minimized applications,” Nazarov wrote.

He said the Chainlink Network has not only “withstood these various challenges and continued to operate as expected,” but reinforced the need for its trust-minimized infrastructure, such as Proof of Reserve, as the new minimum standard for security and transparency in DeFi as well as traditional finance. 

“I strongly believe that the demand for cryptographic truth and cryptographic guarantees in general is greater than ever,” said Nazarov. 

In 2022, the Chainlink Network surpassed $6.9 trillion in transaction value enabled (TVE) and 5.8 billion data points delivered on-chain. There are now more than 1,600 projects in the Chainlink ecosystem using more than 1,000 bespoke Chainlink oracle networks to build new use cases in industries like DeFi, NFTs, gaming, and insurance. The year ended on a high note with the launch of Staking v0.1

Nazarov emphasized the evolutionary advantage of adaptability as the Chainlink Network flexes to serve user demands in 2023 and beyond.

Initial plans for the new year include expanding the Chainlink Network’s monetization model, enhancing its network payment model, broadening the scope of Chainlink’s off-chain computation services, developing new low-latency oracle solutions for the DeFi derivatives market, and advancing Chainlink’s utility as a fundamental abstraction layer for the blockchain economy via Cross-Chain Interoperability Protocol (CCIP).

Nazarov outlined a 2023 phased launch for CCIP with a continuous focus on security and rigorous quality assurance testing. 

“These procedures help ensure the production version of CCIP meets the unique and complex demands of the cross-chain economy, which in 2022 saw more than $100B in funds transferred across bridges and over $2.5B in bridge hacks,” he wrote.

Finally, Nazarov thanked the Chainlink community for its support and appreciation of the painstaking effort to build infrastructure that enables a world powered by cryptographic truth

“I’m deeply grateful to everyone in our community who understands what we are seeking to achieve by enabling a new era of cryptographic truth. Thank you for productively working with us to create this significant change in how the world will work.”

Read the full blog post here.

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