Chainlink, the crypto money project that left its mark on the DeFi sector, had a very hard crash after rising to $ 20. After the price of LINK dropped from $ 20 to $ 10 gold, it rose again towards the end of October and became one of the 2 DeFi projects that marked the month of October.
Looking at the data presented by the CryptoRank Platform, it is seen that only Chainlink and Ren are on the rise among the leading DeFi projects. LINK rose 13.7% during the month of October, while REN jumped 12.2% just behind that.
Top-10 #DeFi Tokens Performance in October 2020
— CryptoRank Platfrom (@CryptoRank_io) November 2, 2020
LINK started November very badly
Despite this successful performance, LINK suffered a serious loss in the first days of November. LINK dropped 6.70% in the past 24 hours, overshadowing its rise over the past weeks. Indeed, one of the factors that contributed to this rise was the partnerships signed in October.
Chainlink, which recently signed a partnership with the Polkadot network-based decentralized crypto currency exchange Zenlink, started to provide oracle services to the exchange. It is also known that Chainlink signed 36 new partnerships in October before this first partnership in November. Chainlink announced its name in October with a new partnership that will provide remote access to Tesla vehicles.
.@Polkadot-based DEX @ZenlinkPro is integrating Chainlink Price Feeds to power #DeFi products built on top of its cross-parachain DEX. #Chainlink oracles will provide reliable and transparent prices for a variety of assets native to the Polkadot ecosystem. https://t.co/US28x8HXD7
— Chainlink – Official Channel (@chainlink) November 3, 2020
Every new partner of Chainlink that provides oracle service actually creates a positive momentum for the LINK price. One of the proofs of this is that October was one of the most productive months and the 13.7% increase in the price of LINK. If partnerships continue in November and BTC allows altcoins, the rise of LINK price may continue for a while.