Chainlink Surges to New Highs Fuelled by DeFi Boom
On its third consecutive day of strong price gains, LINK, the native token of decentralized oracle platform Chainlink, today surged to yet another all-time high, fuelled partly by massive interest from across the cryptoverse in Decentralized Finance (DeFi) applications.
As of press time today (12:49 PM UTC), LINK, which is now ranked as the 12th most valuable cryptoasset by market capitalization, was up by more than 9% over the past 24 hours, trading at a price of USD 6.23 per token. Today’s rise means LINK has added nearly 36% over the past 7 days, while also positioning itself as one of the 10 best-performing assets among the top 100 coins both on a daily and weekly basis.
And while the price gains for the LINK token has been strong over the past few days, the platform itself has also seen a growth in usage, as more DeFi protocols choose to integrate it to supply data to their smart contracts in a decentralized way.
Among the platforms that have integrated Chainlink as of late is the decentralized token swap protocol Kyber Network (KNC), which yesterday announced that its Katalyst platform upgrade – which integrates Chainlink price feeds – went live. In addition, the low-volatility money protocol known as Meter also announced this week that it will integrate Chainlink’s oracles to bring price reference data into its ecosystem of decentralized apps (dapps).
As reported last week, on-chain analytics provided by analytics firm Into the Block also confirms the bullish sentiment surrounding LINK, with 100% holders said to be “in the money” at current prices.
Ethereum (ETH), by comparison, has 55% of holders currently “in the money,” and a concentration of large holders of 39%, data from Into the Block shows.
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Learn more: Only 5 Out of Top 20 Cryptos More Valuable Than A Year Ago
