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Chainlink and Aave hit all-time highs: why is the DeFi token doing so hard?

by Joseph Young ·
in Cryptocurrency
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Chainlink and Aave hit all-time highs: why is the DeFi token doing so hard?
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Chainlink and Aave, the two main DeFi-related cryptocurrencies, are strongly increasing in parallel with Bitcoin.

Aave made it past $ 200 for the first time in history, cementing its position as the fourth-largest DeFi token after Uniswap (UNI).

Chainlink holds the position as the largest DeFi token by market capitalization, worth around $ 9 billion.

Why do Chainlink and Aave outperform the rest of the market?

In recent months, the DeFi space has seen a clear increase in mainstream demand and interest.

Billionaire investor Mark Cuban earlier this week spoke about Aave in a tweet that surprised many.

Cuban notes that transferring money via Aave is “too expensive” due to the gas cost on Ethereum.

To use DeFi protocols, like Aave, users need to process transactions through the Ethereum blockchain network.

Since Ethereum is decentralized, it processes information through smart contracts. Therefore, for each transaction, the user must deposit a transaction fee in the form of “gas”.

Recently, the cost of gas has increased massively due to the overwhelming demand for Ethereum. Correctly identify congested Ethereum network, Cuba Written:

“Except gas has always been an issue. As long as the cost of transferring crypto to AAVE is extremely expensive and the number of non-crypto options will increase.

Feedback is done @mcuban! See you in Grade 2 👀

– Aave (@AaveAave) January 12, 2021

Many industry executives say Cuban’s interest in the Aave shows that DeFi has been a staple over the past 12 months.

The total value locked in DeFi has already surpassed $ 23 billion, consistently hitting new all-time highs.

Chainlink is a blockchain network that specializes in oracles. Oracles is very important for DeFi protocols because oracles provides valuable price and market data for Defi platforms.

Consequently, Chainlink and Aave can benefit most from the rapidly growing DeFi market.

What’s next?

According to a cryptocurrency trader named “Cantering Clark”, a $ 30 target for Chainlink in the near future is quite conservative. He Written:

“The break finally stopped for a while before rising 80% before any significant correction. Break of ATH is a blue light for power. Always expect delays during follow-up. I think the $ 30 LINK will soon be clearly conservative. “

linked chain link
Chainlink price chart. Source: LINKUSD on TradingView.com, Cantering Clark

However, some argue that Chainlink’s bullish potential is limited compared to other DeFi tokens with its $ 9 billion valuation. Other major DeFi protocols are still priced under $ 2 billion.

In the near term, other core DeFi pillars, such as Synthetix and SushiSwap, will likely be the next most powerful DeFi tokens behind Aave and Chainlink.

For example, SushiSwap has seen a spike in price after seeing a sharp increase in trading volume following its “merger” with Yearn.finance.

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Tags: AavealltimeChainlinkDeFiHardhighshittoken
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