Chainlink's incumbency is the other half of the argument. The note puts its total value secured above $110 billion, covering roughly 70% of oracle-dependent value in DeFi globally and more than 80% on Ethereum. Aave V3 alone accounts for 44% of that secured value.
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Risks flagged in the note include institutional tokenization scaling more slowly than expected, pilots failing to become recurring production workflows, specialist providers taking share, and technical failures denting confidence.
