Matt Hougan of Bitwise argues that Chainlink (LINK) is one of the most misunderstood yet critical pieces of crypto infrastructure and may be significantly undervalued. He says investors often reduce Chainlink to a simple data oracle, overlooking its broader role as a core software platform that connects blockchains to real-world data and to each other.

Hougan highlights Chainlink’s dominant position across key growth areas such as stablecoins, DeFi, tokenization, and institutional crypto infrastructure, where it provides price feeds, cross-chain functionality, proof-of-reserves, and compliance-related services. With adoption by major global institutions and rising demand as more financial assets move on-chain, he believes Chainlink’s long-term importance is not yet fully reflected in its market valuation.