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No stopping Chainlink – LINK surge pushes DeFi market cap above $13 billion

TL;DR

The DeFi market cap is growing sharply alongside a rising Chainlink. As per the latest figures, the DeFi market cap has now crossed a staggering $13 billion, and the heroic ascent does not show any signs of weakness.

Chainlink has also displayed a remarkable growth in the past few weeks. The market cap of decentralized finance (DeFi) tokens is driven by a relentless rise in the value locked in DeFi loans. As per CoinGecko, LINK token is leading the charge after gaining approximately 20 percent in the past 24 hours alone. Even though such surge may seem frothy, analysts are still positive about more upside potential.

DeFi market cap explodes to reach $13 billion

As the DeFi market cap crosses $13 billion, all eyes are now set on the associated projects that are driving the rally. There are considerable investments in projects that power decentralized finance operations. Since Sunday, there has been a 23.5 percent rise in the DeFi market cap.

After LINK, Maker and Compound are the two other notable contributors to the explosive growth. Both projects have posted remarkable gains of 50 percent and 30 percent in the past 24 hours. The number of assets has also crossed 1000 mark last month. Uniswap Protocol forms an important part of the DeFi charm.

Chainlink market cap is about to touch $6 billion. This is a staggering rise considering Ethereum is around $42 billion, and it hosts the price oracles of Chainlink.

Investors love the sharp DeFi growth

The DeFi revolution is currently sweeping the crypto realm. It aims to change the way masses access financial services through disruptive blockchain innovations. Investors are lining up to take part in the DeFi market cap growth. They can earn extra tokens through yield farming by locking up resources in pools.

Many industry analysts are getting worried that such a sharp rise demands corrections. Many have compared it to the crypto bubble of 2017 and warn that a slowdown could be just around the corner. Still, the DeFi market cap is yet to see a downturn this year.

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Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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