The DeFi Space Turning towards LINK, SNX, and KNC had Set Record High Performance
July 2020 had been the month for cryptocurrency, especially for the altcoins. Few cryptos have shown advancements in both development and the price. For instance, Chainlink has rallied over 100% within a week, making all-time highs. In addition, some of its correlating pairs have also seen a massive surge. Besides, Synthetix (SNX) and Kyber Network (KNC) have also been in the news lately for its exchange listing and Katalyst launch, respectively.
Chainlink Hits All-Time Highs — Surpasses Litecoin and Binance Coin
Chainlink took over Litecoin and Binance Coin and became the 8th largest cryptocurrency in terms of market capitalization. In fact, the current market cap of Chainlink is close to Bitcoin SV and is expected to surpass it in the coming months.
The previous high $4.80 in June 2019 hadn’t been taken off by the buyers, but this week the prices surged and did make an all-time high to $8.22. From the overall trend, Chainlink (LINK) has been the best performing crypto in 2020 and 2019. It has returned over 2500% since its launch.
What made Chainlink Head North?
The primary reason for the march in Chainlink prices is attached to the ever-increasing growth of the Chainlink oracles in the Decentralized Finance (DeFi) industry.
Chainlink is an advantageous platform as it supplies data to smart contracts from multiple sources, ensuring security and reliability of the blockchain. Thus, other names like Kyber Network, AVA, Synthetix, Graph Protocol have integrated Chainlink’s oracles.
Data from Google also shows that the queries for the term “Chainlink” increased to as high as 100 in the past week, which is double the score of the previous weeks. The high network activity too is keeping the Chainlink on the higher side. Since 2020, the Chainlink network’s activity has been continuously increasing and has hit a record of 9,335 on 8th July 2020.
Technical Viewpoint
The overall trend of LINK was up; however, the price was ranging from July 2019 all the way to July 2020. The market attempted twice to break above the Resistance at $4.79 but failed.
However, the price was holding strong above $1.44. Later in 2020, as the usage of Chainlink oracles increased significantly, the LINK price successfully pushed through the Resistance, making all-time highs throughout the week.
Binance Lists SNX
Synthetix is an Ethereum-based protocol created for issuing and trading synthetic assets — such as cryptocurrencies, leveraged tokens, equities, etc. Presently, it is one of the largest Ethereum-based DeFi protocols in terms of total net asset locked value. Moreover, its on-chain collateral has reached over $350 million.
On 9th July 2020, Binance listed the Synthetix (SNX) for trading against BTC, USDT, BUSD, and BNB.
Below is the chart of SNX/BTC from the Binance exchange. With the weekend exception, it can be ascertained that the pair is liquid and volatile.
Katalyst and KyberDAO Launched
In the second week of July, the most anticipated Katalyst and KyberDAO was launched on the mainnet. This thrilling new epoch for Kyber Network has brought in several major technical improvements to enhance the decentralized liquidity for DeFi.
Moreover, the Katalyst upgrade will also introduce KyberDAO, a decentralized autonomous platform, to facilitate the protocol’s governance. As per reports, 72,000 KNC holders will be welcomed to the new KyberDAO.
The fully on-chain Kyber network liquidity protocol aggregates liquidity from various sources and enables users to swap tokens in a decentralized manner. With the launch of Katalyst, KNC holders will have the ability to stake their tokens and govern the KyberDAO protocol by voting on vital proposals.
And for doing so, they will be rewarded ETH tokens. In the KyberDAO, any KNC holder can contribute to the network’s development.
On the KNC price front, the launch of Katalyst has shown positivity in the price. KNC, which was trading at levels of $1 in late June, rallied over 100% and touched the $2 mark. That said, the price didn’t see any significant surgeon, and after 7th July.
All in all, in the future, we certainly will see this moment as a golden period of innovation for decentralized finances, and the growth of DeFi enabled coins like LINK, KNC, and SNX.
