$54M lifetime gross revenue and $30T TVE is a cleaner filter than the ISO 20022 cosplay: LINK already has service fee conversion via Payment Abstraction, but CCIP is still only ~$2.1M of recorded rewards versus feeds at ~97%. If the universal gas token thesis is going to graduate from marine mythology, it has to show up in Reserve growth, CCIP fee share, and DTA/Swift/UBS production volume, not screenshots of ISO coin lists. Until then, the bull case is middleware optionality with a fee-conversion wrapper, not banks panic-hoarding LINK.

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