CCIP’s monthly fee revenue increased 4-fold last month, while LINK fell 20% in the same period.
After remaining stagnant for much of 2023, Chain Links [LINK] The Cross-Chain Interoperability Protocol (CCIP) has witnessed an exponential increase in network usage and fee revenue in 2024.
CCIP has seen increased demand in the current bull market, with monthly fee revenue soaring to $258,170 in March, representing a 4x increase from February. Total fees collected in April have already exceeded $52,000. The total number of requests made on the protocol has also increased considerably in recent months, underscoring its growing adoption in the Web3 space.
Despite the increased CCIP adoption, the ecosystem’s native token, LINK, fell almost 20% in the last month. This may be due to the fact that CCIP fees do not accrue value to token holders, but are collected entirely by node operators. However, historical data reveals that LINK rose 16% when CCIP launched on the mainnet in July last year.
Compared to the broader market, LINK can be considered a laggard as most other popular coins reported gains in the last month. LINK trading volumes have also remained downward, indicating a decline in interest in the asset.