The DeFi market explodes after it hit $11 billion in market cap while Chainlink took the lead with a 24-hour spike, hitting new highs as we are reading further in our latest Chainlink news.
With chainlink taking the lead, it seems that the industry will not stop. The total market cap of the DeFi market explodes to $11 billion and there are no apparent signs of stopping soon. The Decentralized Finance craze has just started getting bigger. Chainlink is taking the lead in terms of market cap after it surged in price over the past 24 hours to reach a new high according to Coin Gecko. In the second place, there is Maker followed by Compound in the top Defi coins by market cap list.
— Hsaka (@HsakaTrades) August 9, 2020
The market cap later dropped to $10.85 billion and different sites show different figures in terms of measuring the market cap. The Defi Market cap said that the figure was $8 billion today but the data doesn’t include Chainlink in the listing. The decentralized finance space wants to make a huge revolution in the finance sector by running everything on the blockchain as it exploded with popularity. This is because people are finding out that they can make a lot of money from yield farming, staking resources, and earning extra tokens and see huge returns.
The hype around Defi is unstoppable. BTC trader Linksaka today explained that the trading volume of LINK on Coinbase surpassed Bitcoin’s at $145 million while bitcoin was just at $95 million. While on Binance, LINK was close behind Bitcoin which is the biggest cryptocurrency by market cap in terms of volume. Not only is the market cap surging, but the amount of cash locked into the contracts is also spiking as well. According to Defi Pulse, the figure now stands at $4.55 billion only increasing $4 billion in a week.
Some have said that the Defi space was a bubble and we will see a crash soon as the one in 2017. Also, as reported previously, Chainlink flips BTC volume on major exchanges such as Coinbase after it was caught up in an intense bull run over the past few weeks. Chainlink saw a huge gain over the past few years which only bucks the wide-bear trend incurring more parabolic cycles.
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