Chainlink has become one of the most deeply embedded pieces of infrastructure in crypto. It controls the majority of the oracle market by TVS and connects over 75 blockchains through CCIP. Many major TradFi tokenization pilots from UBS to Swift is running through it. Lido migrated its entire cross-chain infrastructure to CCIP. The question has been whether that translates into revenue. Smart Value Recapture and the Chainlink Reserve are the first real mechanisms that tie network usage to value capture. Both are live and showing early traction, but they still need to continue scaling beyond where they are today. Chainlink's value depends on institutional tokenization happening at scale. For those who believe that's coming, it's hard to find infrastructure that's better positioned.(Delphi Digital)