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DeFi Tokens Curve, Lido, ChainLink Jump Double Digits as Crypto Market Rebounds


decrypt.co 29 July 2022 10:23, UTC
Reading time: ~3 m

The wider crypto market is largely in the green on Friday, with several blue-chip decentralized finance (DeFi) tokens doing especially well.

CRV, the governance token of the decentralized exchange Curve, is up 15.58% over the past 24 hours, as it hit a monthly high of $1.56 before backtracking to $1.49 at the time of writing, according to CoinMarketCap.

With a market cap of more than $770 million, CRV is currently the 62nd-largest cryptocurrency.

Recently, the project was praised by analysts at Delphi Digital, who noted that Curve v2 quoted better execution prices than Uniswap v3 for approximately 65% of all ETH/USDT transaction volume. This is despite the fact that Curve protocol gas prices are nearly twice as high as those on Uniswap.

In 2022, @CurveFinance v2 quoted better execution prices than @Uniswap v3 for ~65% of all ETH/USDT transaction volume.

On @arbitrum, Curve Tricrypto is dominating $ETH volumes with more than 83% of total market share.

What's happening, and are the DEX Wars heating up? 🧵⬇️ pic.twitter.com/HU5H4yCx9L

— Delphi Digital (@Delphi_Digital) July 27, 2022

LDO, the native token of the liquid staking platform Lido Finance, is up 11.1% over the day, and is currently trading at $2.24, per CoinMarketCap.

The price of LINK, the token powering the decentralized oracle network Chainlink, has surged 12.34% over the past 24 hours to hit a daily high of $7.75, a level last seen on June 11 when the market went into one of the many freefalls this year.

LINK, ranked 23rd with a market cap of almost $3.6 billion. was changing hands at $7.66 as of this writing, per CoinMarketCap.

The positive price action follows the release of Chainlink’s recent “Adoption Update,” which shared a series of new integrations last week.

Per the update, such products as Chainlink Keepers, Chainlink VRF, and Chainlink Price Feeds were integrated across as many eight different chains: Avalanche, BNBChain, Ethereum, Fantom, Harmony, Optimism, Polygon, and Solana.

⬡ Chainlink Adoption Update ⬡

This week, there were 11 integrations of 3 #Chainlink services across 8 different chains: #Avalanche, #BNBChain, #Ethereum, #Fantom, #Harmony, #Optimism, #Polygon, and #Solana.

Chainlink helps developers create innovative #Web3 apps. pic.twitter.com/EZorGvHxhM

— Chainlink (@chainlink) July 24, 2022

More DeFi tokens in the green

UNI, the token powering the popular decentralized exchange Uniswap, is meanwhile up 7.8% in a day, trading at $8.86 by press time. This is despite UNI backtracking from its three-month high of $9.74 recorded on Thursday evening, as shown by data from CoinMarketCap.

Elsewhere, more DeFi tokens posted gains over the day too. These include Maker (MKR), which is up 9.4%, Synthetix (9.4%), and 1inch Network 1INCH (7.7%).

Bitcoin (BTC), the industry’s benchmark cryptocurrency, is up 4.3% over the day, changing hands at $23,955 by press time. The price of Ethereum (ETH) went up 6.2% to $1,722.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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