The total value locked in DeFi apps has exceeded $ 11 billion and is still increasing. This record flow of decentralized finance capital could help drive Chainlink’s upward momentum further.
This cryptocurrency, which is at the center of DeFi data, is likely to go higher with this rapidly rising statistic.
Trend Is Showing No Sign of Slowdown
The DeFi movement has helped bring cryptocurrencies out of the bear market and into the limelight of the financial world. These newly discovered ways of accessing financial applications without the need for a central authority have enabled all sorts of new ways for cryptocurrency investors to maximize their value and return.
Yield farming, liquidity pool, and token swaps replaced traditional lending and borrowing as well as centralized exchanges. DeFi makes all this possible through Ethereum-based decentralized exchanges and applications.
The trend first emerged in early 2020 with Ethereum taking the lead and was later eclipsed by fortunes made by Aave, Yearn.Finance, SushiSwap and others.
At least at first. Compound and Maker, which initially dominated the DeFi market in total value locked in, have since succumbed to the popularity of Uniswap. The recent launch of free UNI tokens signed the deal and pushed the platform to the highest dominant liquidity pool for TVL.
While the UNI is going well and the rest of the DeFi space is still strong, there is another cryptocurrency that can take advantage of the steady increase in TVL locked in DeFi applications. This altcoin is none other than Chainlink.