Chainlink’s founder Nazarov is quite optimistic about the future of the Defi market and believes that It could hit $1 trillion in the near future as we can see more in our latest LINK news.
Nearly $80 billion is now locked up in DeFi as of last year and Chainlink’s founder Nazarov Sergey thinks the DeFi ecosystem will hit $1 trillion next year. When asked about his predictions for the cryptocurrency during a panel at this year’s Ethereal Summit, he said that the “value locked in Defi will have another zero next to it next year. So if it’s at $70 billion now, it will get to $700 billion. Maybe it gets to $1 trillion and ignoring it will become impossible.”
The Defi space or decentralized finance is an umbrella term for non-custodial protocols which are essentially chunks of code that can handle the money for you as opposed to the bankers or investment managers. When people talk about the value locked up in Defi, they most often talk about the amount of money that users are entrusting to these systems.
The current number is around $80 billion as per the data from analytics site Defi pulse and that’s about $1 billion at this time last year. Defi projects like MakerDAO, Aave, and Uniswap led the charge and reflected broader trends on the rest of the market. That Nazarov is shilling for Defi doesn’t come as a surprise given how much he was invested in the space. Chainlink provides data for many of these applications via oracles that are tools that funnel external data onto the blockchain. This way they allow programs to absorb information without sacrificing the decentralized aspect.
The network’s native token is now ranked $11 as the most valuable cryptocurrency.
As recently reported, Bloomberg Terminal added chainlink price data options as well as support for 5 other coins for professional traders to be able to monitor and analyze real-time financial market data. Bloomberg Terminal is a platform that allows professional traders to analyze real-time market data which now added price tracking for chainlink and six other cryptocurrencies including Orchid, OMG Network, EOS, Tezos, Stellar, and Chainlink. The Chainlink oracles made their way to xDai as an ETH sidechain that saw growing adoption among Dapp developers that are not able to sustain themselves due to the high fees on the Ethereum mainnet. The price feeds are live on the xDai mainnet and offering price data for the initial set of trading pairs like AAVE/USD, LINK/USD, DOT/USD, and SUSHI/USD. More pairs should be expected if there’s more demand.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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