Chainlink Founder Believes DeFi is Still in Its Early Stages

By Abhimanyu Krishnan | News | 9 Jul 2020

Chainlink (LINK) founder Sergey Nazarov believes that the DeFi space has much more to grow, according to a Twitter post published on July 9.

The DeFi space had already been experiencing sizable growth since the start of 2019, but the launch of several assets and services in the month of June 2020 has accelerated the niche's growth even further. According to Defipulse, the market cap has more than double in less than 30 days - it was just over $1 billion on June 16 and is currently $2.15 billion at the time of publishing.

The market's growth has been bolstered by the arrival of yield farming programs like those offered by Compound Finance (COMP) and Balancer (BAL), with Kyber Network (KNC) joining in most recently with its KyberDAO launch. Wrapped Bitcoin (wBTC) has also contributed towards the migration of DeFi services. Wrapped Bitcoin is essentially a bridge between Ethereum (ETH) and Bitcoin (BTC), an ERC-20 token backed 1:1 by Bitcoin. Bitcoin holders have been moving their assets to Ethereum and reaping the benefits of passive income.

Chainlink is one of the DeFi space’s most prominent projects, providing real-world data feeds to dapps via its oracles. Numerous other projects have leveraged its technology to improve the dapp experience for developers and users. Nazorov refers to this in his tweet, saying that there has been an increase in both the teams using the feeds and the amount of on-chain data. 

Since the start of Q2 2020, Chainlink has been integrated by Tezos community projects and Kaden, a project launched by former JP Morgan Chase engineers. Furthermore, China’s national blockchain network has activated 135 nodes on the network, which sparked a LINK price rally to an all-time high. Huobi Wallet has also become a Chainlink node.

Chainlink was also recognized by the World Economic Forum (WEF), along with Maker (MKR), as a technology pioneer.

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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