Chainlink is a somewhat complex coin to discuss within the community.
It's not that its technology is lacking. Cross-chain, price feeds, data streams—it's done a lot of work, and the list of partners is quite lengthy. But if you take a closer look at that list—Visa, Swift, each name is bigger than the last. So what? Has the mainnet launched? Where's the trading volume? Where's the revenue?
**Dozens of partnerships, but only a few have materialized. This isn't new in the crypto space, but with LINK, people feel a bit hesitant to call it out.**
Moreover, the oracle track isn't what it used to be in 2021.
Pyth now holds a 70% share in the Solana ecosystem, API3 acts as a first-party oracle, and their project team manages price feeds without needing to rely on you. LINK is still the same LINK, but the surrounding roads have been built all around; it doesn't have to go through your toll booth anymore.
**It's not that you're not trying; it's just that it can't keep up.**
There's also an accounting point that I've calculated, and you've probably calculated it too.
Bloomberg terminals earn $10 billion a year, with a market cap of $50 billion, giving it a 5x P/S ratio. That current revenue of LINK multiplied by 5—how much does that yield? You have an idea.
**It's not that LINK is bad; it's that the market can't support the 2021 valuation anymore.**
For the past two years, every time there's a spike, it's been pushed back down. Is it really that the bears are strong?
No. It's that the vehicle is too heavy.
Early nodes, foundations, market makers—acquired assets at single-digit costs, held for five years. It's not that they're unwilling to sell; they’re waiting for a position with liquidity to catch.
**You think that sideways movement is gathering strength, but in fact, it's waiting for buyers to gather.**
I'm not saying LINK will go to zero.
But you have to admit: a track that is no longer exclusive, revenue that can't support the market cap, and assets that have been stagnant for five years—at this position, is it a golden pit, or just halfway up the hill?
The line has been drawn for two years.
#LINK #ShortChainlink #OracleTrackCompetition
#ManyPartnershipsFewRealizations #P/SCalculated