Chainlink, a blockchain oracle provider, has announced its first expansion into Bitcoin’s decentralized finance (DeFi) ecosystem. It has collaborated with Botanix Labs to integrate Chainlink’s Cross-Chain Interoperability Protocol (CCIP) into the Spiderchain network.

This collaboration marks a significant step in extending DeFi functionality to Bitcoin. It does this by harnessing Chainlink’s proven infrastructure and Botanix’s Bitcoin Layer-2 (L2) solution.

Chainlink Enhances Bitcoin with Spiderchain and CCIP

As part of the partnership, Botanix Labs has joined Chainlink’s Scale Program. The program promotes sustainable growth of decentralized protocols by providing essential resources for long-term success. Chainlink Scale will allow Botanix to access its premium Oracle services, including data feeds, at reduced operational costs during the early phases of the Spiderchain network.

Meanwhile, Spiderchain’s integration of Chainlink’s technology offers numerous advantages for the Bitcoin ecosystem. The network runs on five-second block times, a dramatic improvement over Bitcoin’s 10-minute average. This enables faster transactions while at the same time reducing settlement times.

Read More: What Is Chainlink (LINK)?

With transaction fees of only a few cents, it becomes feasible to explore use cases like micropayments. This would have otherwise been impractical on Bitcoin’s main chain due to higher fees and slower processing times.

Notably, Bitcoin was not originally designed to support smart contracts. However, Spiderchain’s Ethereum Virtual Machine (EVM) compatibility makes this possible.

This advancement opens Bitcoin to more complex financial instruments and dApps, which offer deeper liquidity and greater capital efficiency.

“Bitcoin layer-2s are redefining how the world views Bitcoin. This partnership will enrich the Bitcoin ecosystem and the greater blockchain industry,” said Johann Eid, Chief Business Officer at Chainlink Labs.

Of note, Botanix Labs joins the list of firms adopting Chainlink’s CCIP. The protocol solves blockchain interoperability while maintaining data integrity and confidentiality.

Its functionality also extends to private chain-to-public chain transactions, offering a layer of privacy that meets both operational needs and regulatory demands. Key adopters include Mountain Protocol and Ronin Validators, among others.

Read More: How To Buy Chainlink (LINK) and Everything You Need To Know

Despite the advancement of CCIP, Chainklink’s powering token, LINK, continues to register poor price performance. BeInCrypto data shows that the LINK token is down by almost 3%. It is trading for $11.31 as of this writing.

Bitcoin (BTC) could finally realize its potential as a global currency by 2030, according to a recent post by Ki Young Ju, CEO of CryptoQuant. Ki’s analysis highlights the rapid evolution of the Bitcoin ecosystem, particularly in mining and institutional involvement.

Satoshi Nakamoto, the mysterious creator of Bitcoin, once envisioned it as a decentralized, peer-to-peer (P2P) electronic cash system.

CryptoQuant Founder Envisions Bitcoin As A Future Currency

In the post on X (formerly Twitter), Ki hinted at a future where Bitcoin may be widely used as a low-volatility currency, not just a speculative investment asset. The vision is based on how Bitcoin mining has drastically changed since its inception in 2009.

Back then, individual miners could easily mine 50 BTC with a single personal computer. Today, the playing field is entirely different.

Bitcoin’s mining difficulty, which measures the complexity of mining new blocks, has surged by a staggering 378% in just the past three years. This reflects the increased competition within the industry, with the growth making it nearly impossible for individual miners to participate profitably.

Instead, large-scale mining companies backed by institutional investors now dominate the industry. This shift toward institutional control has had far-reaching consequences for Bitcoin’s future. As institutional investors take the reins, entry barriers to mining rise, and Bitcoin’s ecosystem grows more stable.

Read More: How To Buy Bitcoin (BTC) and Everything You Need To Know

Against this backdrop, Ki Young Ju suggests that stabilization could reduce Bitcoin’s infamous price volatility. Instead, it could make it less appealing to day traders but more attractive as a practical currency.

The CryptoQuant executive points to one key event – Bitcoin halving. This event occurs approximately every four years when the reward for mining Bitcoin transactions is cut in half. After the 2024 Bitcoin halving, the next one is expected to take place around April 2028.

Historically, significant price increases came after halving events. However, Ki Young Ju predicts that the 2028 halving could mark a new phase in Bitcoin’s evolution. As Bitcoin’s volatility decreases over time, the conversation around its use as a “currency” may begin in earnest by this time.

Institutional Adoption of Bitcoin To Soar By Next Halving

Ki Young Ju believes that by 2028, institutional adoption will reach a critical mass, paving the way for Bitcoin to become more widely accepted for everyday transactions. The increasing presence of major fintech companies could also play a role in Bitcoin’s transformation into a currency. For instance, Stripe’s recent foray into the stablecoin infrastructure space could draw more e-commerce and global markets.

As regulatory clarity emerges, stablecoins could see mass adoption. This could familiarize more people with blockchain wallets and other cryptocurrency-related technologies in turn.

Furthermore, volatility has long been a major barrier to Bitcoin’s use as a currency. Businesses and consumers are reluctant to use Bitcoin for transactions if its value fluctuates wildly from day to day. However, Ki Young Ju argues that this volatility is slowly decreasing as the ecosystem matures.

“As volatility decreases, Bitcoin’s role as a currency becomes increasingly inevitable,” Ju added.

This reduction may occur through advancements in protocol, Layer 2 (L2) networks, or the adoption of Wrapped Bitcoin (WBTC). Nevertheless, Ki Young Ju says for Bitcoin L2s to be competitive, they would need institutional support. As these improvements take hold, Bitcoin’s potential to serve as a stable currency grows.

This aligns with the vision of financial experts like billionaire investor Paul Tudor Jones, who sees Bitcoin as a hedge against inflation and economic uncertainty. Jones believes that Bitcoin’s finite supply, particularly in a world burdened by increasing debt and inflation, makes it an attractive store of value.

Similarly, MicroStrategy founder Michael Saylor believes Bitcoin’s unique properties make it a superior store of value over the long haul. This explains the business intelligence firm’s progressive BTC buying spree. The firm has been stacking Bitcoin since 2020 and is still holding.

This growing institutional trust could further stabilize Bitcoin’s price, enhancing its appeal as a currency by the end of the decade.

“We’re buying Bitcoin to hold it 100 years. That $66,000 to $16,000 crash shook out the tourists. When it was $16,000, we were all ready to ride it to zero,” Saylor said recently.

For Ki Young Ju, this transformation represents a return to Bitcoin’s original purpose. While many view Bitcoin as “digital gold,” Satoshi Nakamoto’s true aim was for it to function as a P2P electronic cash system.

Read more: Satoshi Nakamoto – Who is the Founder of Bitcoin?

As the ecosystem matures and volatility continues to decrease, the perception that Bitcoin cannot be a currency no longer exists. CryptoQuant’s founder believes the world could see Bitcoin used as a practical, low-volatility currency by 2030, effectively realizing Satoshi’s long-held dream.

The Dogecoin price is currently trading at $0.14, but not for long. According to a crypto analyst, technical analysis indicates Dogecoin is gearing up for a move towards $0.68. This interesting outlook for the king of meme coin comes amidst increased activity in its ecosystem, which suggests a large price move could be on the horizon. 

According to technical analysis by crypto analyst Dave The Wave using technical indicators, including the Fibonacci retracement, Dogecoin is currently looking bullish and is on the way to challenging its all-time high.

Dogecoin Price Action Prints Bullish

Dave the Wave, a well-known crypto analyst famous for accurately predicting the Bitcoin crash during the 2021 bull market, took to social media platform X to share his insights on the current Dogecoin price action. As such, Dave the Wave’s analysis has garnered attention from his followers, many of whom trust his market insight given his track record. 

His analysis is based on Dogecoin’s movement with the 1-day candlestick timeframe. In his analysis, Dave the Wave pointed out that DOGE appears to be on the verge of a breakout from an ascending triangle pattern. This comes after the meme coin successfully broke above a descending triangle formation earlier in the month. 

Since that breakout, Dogecoin has maintained an upward trajectory and has experienced a steady rally. Now, the meme coin is retesting a resistance level that aligns with the top of a newly formed ascending triangle.

Based on this price action, Dave the Wave expressed a bullish outlook for Dogecoin. To support his projection, he used the Fibonacci retracement tool to identify a potential price target. He highlighted the 0% Fibonacci retracement level, which is based on the retracement from DOGE’s all-time high in 2021, to note a final target of around $0.687. Reaching this target would represent a price surge of about 725% from the breakout point of the descending triangle pattern.

Can DOGE Create A New All-Time High?

Although technical analysis paints a rosy picture, the journey to a new Dogecoin all-time high is not going to be without challenges. One of the key challenges is the presence of significant resistance zones. Dave the Wave highlighted a critical resistance around the 2024 high of $0.22, along with another resistance level at $0.32, both of which could slow down Dogecoin’s upward momentum.

At the time of writing, Dogecoin is perambulating around $0.14, having lost about 3% of its market value in the past 24 hours. DOGE has faced multiple rejections in its attempts to break above $0.148 over the past 48 hours. This price level now appears to be the next immediate resistance that Dogecoin must overcome before it can target higher levels.

Featured image created with Dall.E, chart from Tradingview.com