It has not been a good start of the week for
crypto, setting a bearish tone for the rest of the week as we head further into
September. While Bitcoin has recovered
marginally from the drop to slightly under $10,000 over the weekend as it
trades around $10,200 at the time of writing, most of the crypto market were in
the red. Ethereum, the second most capitalized cryptocurrency in the market,
has been on a steady downward
trend since the month began despite being the
heavyweight in driving crypto market growth this year. Much of Ethereum’s
strength has been attributed to the unprecedented gains from the DeFi space.
In the face of unparalleled rewards from DeFi
yield farming and investments, the crypto community has been waiting for the
other shoe to drop – and drop it did over the weekend, as one of the most
prominent rising stars in the DeFi space ‘Sushiswap’ found its main founder
Chef Nomi liquidating his share of SUSHI tokens from the platform. The incident
has once again highlighted that it is not all fun and games in the DeFi space
as issues such as security flaws, unaudited codes and programs behind DeFi
products and questionable token supply distribution are very much present in
the DeFi sector.
Chainlink (LINK), however, managed to gain
more than 10% over the same weekend, heading from a one-month low of $9.61 to a
high of $13.11. LINK is currently trading at $12.31. It is the most capitalized
DeFi token in the space with a market cap of more than four times its closest
competitor. It was only last month that LINK overtook both Cardano (ADA) and
Bitcoin Cash (BCH) to firmly seat itself in the 5th position.
LINK has built a strong foundation with
repeated notable partnerships with other projects. One of the most recent ones
include Polkadot, a protocol which enables multi-chain cross-transfers of both
data and tokens, as Polkadot integrated the use of Chainlink’s decentralized
crypto price feed into its system. Polkadot currently ranks 7th in the market.
Both investors and businesses alike in Asia are trying to catch up on the DeFi craze. In China in particular, Colin Wu, a crypto-focused Chinese reporter, tweeted on September 7 that the Chinese crypto community are shifting significantly onto decentralized exchanges, leaving traditional exchanges in the dust as users withdraw their assets, delete their accounts and head to where the buzz is – DeFi and yield farming.
You may also want to read: YFI and LEND Technical Analysis: Two New DeFi Constituents on the SCN30 Index
The post LINK Safe From Recent DeFi Drama – Gains More Than 10% in 24 Hours Despite Crypto Rout appeared first on SuperCryptoNews.