Summary:
- Most of the well-known DeFi tokens continued to lose value in the cryptocurrency markets
- ChainLink (LINK) and REN are two DeFi tokens that will post earnings in October
The DeFi industry is currently experiencing what looks like a cooldown after an impressive run in the third quarter of 2020. The cooldown has been accompanied by a significant drop in the value of major DeFi tokens such as Yearn Finance (YFI), Compound Finance (COMP), Curve Finance (CRV), just to name a few.
ChainLink (LINK) and REN, 2 DeFi tokens with earnings in October
The performance of the top 10 DeFi tokens in October was analyzed by the CryptoRank Platform team who then concluded that only ChainLink (LINK) and Ren (REN) recorded significant gains last month. According to CryptoRank, LINK and REN grew by 13.7% and 12.2% respectively. However, other major DeFi tokens have continued with their losing streak in the cryptocurrency markets, as highlighted in the underlying tweet from the CryptoRank platform.
Top-10 #DeFi Token Performance in October 2020
According to CryptoRank, all of the top 10 DeFi tokens by market cap except $ LINK (+ 13.7%) e $ REN (+ 12.2%) showed a negative return in October.
👉 https://t.co/SaYaphcuT7
👉 https://t.co/uakqV8Rpa5 pic.twitter.com/tRn6HPRXsw– CryptoRank Platfrom (@CryptoRank_io) November 2, 2020
Other crypto projects continue to integrate ChainLink
Also in October, 29 cryptocurrency projects integrated ChainLink technology bringing the total to 315 since the project was launched in 2017. Of this amount, 98 DeFi projects are currently using ChainLink to power their protocols. This data was collected and aggregated by @ TheLinkMarine1 via the following tweet.
#Chainlink ecosystem growth never slows with 29 new additions in October 🔥
Total $ LINK 315 integrations – including:
74 #blockchains
98 #DeFi
23 #data providers
44 knots and more!View it all here: https://t.co/ZUaUvFgUSd
It’s yours #smartcontract #PoweredByChainlink
It should! pic.twitter.com/IdCX65zNYa
– TheLinkMarine 🦆 (@ TheLinkMarine1) November 1, 2020
ChainLink price is testing $ 10 support
In terms of market value, ChainLink was also hit hard by yesterday’s crypto correction which saw LINK drop from $ 11.60 to $ 9.94 – Binance rate. At the time of writing, ChainLink is trading above the crucial psychological price area of $ 10 as the US election begins today amid much anxiety in traditional stock markets.
Yesterday’s volatility in cryptocurrency markets has been linked to the presidential election and a new wave of COVID19 infections in Europe that led to lockdowns in France, Portugal and the UK. This means the DeFi token correction will continue this week with ChainLink’s ability to retest the $ 10 price area.
[ad_2]Source link
