According to the recent Weiss ratings, ChainLink is set to be the biggest DeFi beneficiary. It is evident that decentralized Finance (DeFi) is geared towards bringing the digital assets to the mainstream. The Oracles based ChainLink ecosystem currently powers the highest number of price feeds.
The price feeds are ideal in the governance when it comes to borrowing and lending in DeFi ecosystems. A tweet from the team at Weiss shows that ChainLink is playing a major role in the growth of DeFi. The team goes on to say:
There is no ‘#crypto revolution’ without ‘decentralized finance.’ And it’s looking more and more like there’s no #DeFi without #LINK. #Chainlink.
ChainLink in the Middle of DeFi Revolution
ChainLink has already made inroads in major crypto exchanges. Bitrue and Binance are using the platforms’ oracle to ensure their price feeds and related services are accurate. According to the CoinMarketCap portal, ChainLink is among the top DeFi projects.
Additionally, crypto exchanges such as Binance and Bitrue have integrated ChainLink’s oracle network to provide accurate price feeds for their numerous financial products. Furthermore, ChainLink is currently ranked as the top DeFi project on CoinMarketCap.
Other DeFi Network that ChainLink is powering includes Loopring, Kyber Networks, Bancor, Aave and Synthetix Network.
ChainLink (LINK) Value heading North
A glance at the market charts indicates that ChainLink (LINK) value is gaining traction. LINK is ranked 6 by market capitalization with a MCap of $5,028,318,450. At press time, the coin was changing hands at $14.37 after shedding 12.84 percent to the green buck.
The LINK price has been on the downfall which is a clear warning that investors to use the stop loss function during their trades on the coin especially on the derivative ecosystems. This is a short term correction with a possibility of a short term spike.