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chainlink defi

Why Record High $11B Inflow In DeFi Buoys Chainlink Momentum

Tony "The Bull" by Tony "The Bull"
3 years ago
in Cryptocurrency Market News, Technical analysis
Reading Time: 3 mins read

The total value locked away in DeFi applications has breached over $11 billion and is still climbing. This record inflow of decentralized finance capital could continue to propel Chainlink’s bullish momentum further.

Here’s why this cryptocurrency central to DeFi data could surge higher alongside this rapidly skyrocketing statistic.

DeFi Inflows Peak Over Record $11 Billion, Trend Shows No Signs of Slowing Down

The DeFi movement has helped bring cryptocurrencies up from out of the bear market gutter and back into the limelight of the financial world. These newfound ways to access financial applications without a central authority required has enabled all kinds of new ways for crypto investors to maximize the value and return they get from holding.

Yield farming, liquidity pooling, and token swaps have replaced centralized exchanges, alongside traditional lending and borrowing. DeFi makes this all possible through Ethereum-based decentralized exchanges and applications.

The trend first picked up in early 2020 with Ethereum leading the charge and was later eclipsed by the fortunes made by Aave, Yearn.Finance, SushiSwap, and others.

Related Reading | Chainlink Bull Flag Breakout Could Target $25 By Year’s End

At least at first. Compound and Maker who early on dominated the DeFi market in total value locked up have since succumbed to the popularity of Uniswap. The recent launch of free UNI tokens sealed the deal, propelling the platform to the top dominant liquidity pool in terms of TVL.

While UNI is doing well, and the rest of the DeFi space is still holding strong, there’s another cryptocurrency that could benefit from the continued increase in TVL locked away in DeFi applications. That altcoin is none other than Chainlink.

chainlink defi bullish momentum

Total Value Locked In DeFi Reaches $11B | Source: DeFi Pulse

Why Chainlink’s Bullish Momentum Could Return Alongside Record Capital Inflow

DeFi applications and automated market makers like Uniswap require accurate price data so users are always getting current market values of whatever token they’re swapping.

These applications rely on oracles such as Chainlink to ensure there is no discrepancy in data reporting and that any connection made to it has exact parity in pricing data.

Related Reading | This Chart Suggests Chainlink’s Parabolic Rise Isn’t Finished

This technology earned Chainlink a nod from the World Economic Forum earlier in 2020, and is among the top reasons why the crypto asset has been soaring for two years since it was first minted.

And while whales may be calling for Chainlink FOMO to fizzle out, it could only just be getting started according to these rapidly growing DeFi metrics.

chainlink defi bullish momentum

LINKUSDT Daily Bullish Momentum And Possible Bull Flag Pattern | Source: TradingView

Featured image from Deposit Photos, Charts from TradingView and DeFi Pulse
Tags: altcoinchainlinkcryptoLINKBTCLINKUSDlinkusdt
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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