Chainlink (LINK) is taking the lead as the decentralized finance (DeFi) segment of the crypto space keeps growing rapidly. Without any reason or sign of stopping any time soon, the DeFi craze keeps getting bigger with every passing moment. On August 9, the total market capitalization surpassed $11 billion.
Notably, Chainlink is taking the lead in matters of market capitalization. The crypto has surged by more than 8% in the past 24 hours to reach new all-time highs, based on Coin Gecko data. Taking the second place is Maker (MKR) which is followed by Compound (COMP) in CoinGecko’s top 100 DeFi coins.
The market cap has dropped slightly to almost $10.8 at the time of writing. In terms of measuring the DeFi market cap, different sites have different figures. DeFi Market Cap published that the figure was $8 billion. However, the site does not feature Chainlink in its listing.
DeFi aims to revolutionize finance in the borrowing, lending, and saving spaces by operating everything on the blockchain. The DeFi market has exploded with popularity. This has happened partially due to people who are discovering that they can make money from their investment through yield farming. This strategy involves staking resources in pools aiming to earn extra tokens and see huge returns.
DeFi Is Growing
The growing hype around DeFi is appearing unstoppable. A Bitcoin trader, Linksaka, told Twitter that LINK’s trading volume on Coinbase has today surged past Bitcoin’s. It stands at $145 million while Bitcoin’s was around $95 million. On the other hand, LINK was close behind BTC on Binance in terms of trade volume.
— Hsaka (@HsakaTrades) August 9, 2021
Just as the market cap of the DeFi world is exploding, so is the total amount of cash that is being locked into its contracts. Based on the information acquired from DeFi Pulse, the figure stands at $4.55 billion after hitting the $4B mark barely a week ago. It had hit $3 billion under two weeks before that.
Some say that the DeFi space is a puffing bubble that may pop any time soon just like Bitcoin did in 2017. However, based on its fundamentals, it seems like DeFi is continually gaining mass adoption.
520,000 #LINK (7,065,901 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) August 10, 2021
The surge in the LINK price has resulted in whales moving their possession ready for another major bull run. How high can LINK go and will it remain valuable in the longterm? Time will tell it all.