Chainlink is set to spike on its dynamic NFT release, says KOL Tyler Swope

Renowned analyst Tyler Swope is putting Chainlink (LINK) in the spotlight as the oracle project prepares to dive into the irreplaceable token space (NFT).

In a new video, Swope talked about the little-known connection between Chainlink and this emerging digital arts industry.

The analyst emphasized that the number one oracle project in the crypto space has been, and is, participating in the booming NFT and gaming market. Swope notes that the team outlined different strategies for generating dynamic NFTs by June 2020.

The Chainlink blog post defines dynamic NFTs:

“… Permanent smart contracts use oracles to communicate and react to external data and systems. Oracles allows NFT to use external data / systems as a mechanism for casting / burning NFT, peer-to-peer transactions and checking status.”

The oracle project is not only studying how to get into the NFT space, but Swope notes that Chainlink’s Verifiable Randmoness Generator (VRF) is already working and adding value to the field.

“If you haven’t already, Chainlink has their VRF. Chainlink’s oracle nodes generate a random number that is then included in the smart contracts. VRF has been active on mainnet since October of last year and provides dynamic capabilities to NFT through randomness.”

NFT projects like the Ether Cats have implemented Chainlink VRF on their platform to create dynamic NFTs.

Additionally, Swope notes that Chainlink can add dynamism to the NFT by attaching real-world events or results to a digital asset.

“It doesn’t just stop there… Real-world events can be incorporated into the NFT. What about casting an NFT card based on a hat trick, or a linked player’s real-life stats? In it, Chainlink can create an actual data source to determine the value of the tag”.

Chainlink is also positioned to use dynamic NFTs in the area of ​​identity verification, Swope stressed that the team mentioned this in their blog about the NFT.

Chainlink allows smart contracts to query identity-based blockchains to verify personal information as well as append data to a person’s identity based on results from another business process.

UNI is up 50% in one week, becoming the first DeFi DApp token to enter the top 10 cryptocurrencies

Top decentralized exchange Uniswap native token has risen almost 50% this week, helping UNI rise to eighth place on the rankings with a market cap of $ 17.7 billion ahead of anticipation of a V3 upgrade of the exchange.

Messari currently ranks UNI as the second largest Ethereum-based asset by market cap after Tether, and beats Chainlink by a 1.5x market cap.

UNI entered the top 10 on March 5, and became the first DeFi DApp token to be differentiated. In 24 hours, UNI’s capitalization increased from $ 8.8 billion on March 4 to $ 14.7 billion, according to CoinMarketCap’s Snapshot history.

UNI’s price is currently consolidating near its all-time high, with its current price tag of $ 33.9.

4-hour UNI / USDT chart | Source: TradingView

Initially, UNI was airdropped to the proportional liquidity providers. Approximately 400 tokens are sent to wallets interacting with the DEX as of September 2020. As of this moment, 400 UNIs are worth $ 13,560.

UNI’s entry into the top 10 cryptocurrencies is supported by record trading volumes on exchanges, with February recording four consecutive weekly records for Uniswap – reaching a monthly peak with volume 31 , 9 billion dollars.

However, Uniswap’s record for weekly volume appears to be over, with seven-day volume now at $ 6.4 billion – a 25 percent drop from last week’s $ 8.6 billion. Despite volume regression, Uniswap still represents half of all transactions on Ethereum-backed DEXs.

The rise of UNI also comes amid growing speculation that Uniswap’s V3 upgrade may soon take place, with Yearn Finance developer Andre Cronje speculating on March 4 that Recent spikes in social media activity from Uniswap’s lead developer, Hayden Adams, might suggest the release of a new version.

“When the founders / core developers start posting more positively on Twitter, it usually means they’ve completed a major milestone and are awaiting release, this is a halfway “But they don’t want to start something new yet.” I’ve noticed @ haydenzadams increasing posting frequency ”

Cronje’s post comes after Adams created a Twitter poll asking his followers where they would look to read announcements related to “Uniswap v3”. In response to Cronje’s tweet, Adams posted: “Please delete,” even more suspicions that Uniswap will have an important announcement.