The most valuable DeFI based crypto is catching the eyes of investors, once again.
Shortly after Chainlink (LINK) plunge in price recorded last week after hitting a record high of about $20, now the price is going back up, gaining over 8% today to trade above the $15 price level.
The $5.3 billion crypto by market capitalization is the fifth most valuable crypto by after Bitcoin, Ethereum, Ripple, and Tether.
READ: Ethereum Whales cumulative holdings touch 10-months high, ETH passes $221
It surged to prominence a few months ago, after it got swept up in the DeFi (decentralized finance) windfall. Crypto traders invested about $1 billion into its protocols almost every week.
Quick fact: Defi means “decentralized finance”. It is a crypto ecosystem made up of financial apps designed on leading blockchain platforms.
These digital assets are designed on Ethereum codes, and usually exhibit characteristics that include having protocols and financial smart contracts.
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Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs.
Since blockchains by principle can’t have access to data outside their paths or networks, a DeFi instrument is needed to facilitate data feeds in smart contracts, and Chainlink helps to solve such needs.
It should also be noted that about a year ago, Chainlink announced that Google was integrating Chainlink into their approach to smart contract adoption on how users could use Chainlink to connect to BigQuery, one of Google’s most popular cloud services.
