Chainlink Ends Q1 As The Rising Star On The Crypto Market

Chainlink ends Q1 as the rising star on the crypto market as it ascended in the Ethereum decentralized finance sector. As of this week, the oracle project seems poised to become the major force within the crypto economy going forward as per the Chainlink news.

Over the years, the three top cryptocurrencies according to daily trade volume have been Bitcoin (BTC), Ether (ETH), and Ripple’s XRP. However, across Q1 2020 Chainlink’s LINK token gained more daily volume than XRP.

Link’s latest performance got powered by the growing breadth and passion of the powerful LINK community and the dynamic that is helping the Chainlink project to gain more attention, partnership, and wide network effect. The exchange co-founder of Gemini Tyler Winklevoss noted:

 “I really appreciate the passion of the LINK Marines. Their fervor and dedication reminds me of the early Bitcoin and Ethereum communities. Unlike many other crypto armies, they are dedicated to a project that has real promise and technical merit.’’

According to the cryptocurrency analytics firm Messari noted that LINK had the fourth-highest intraday real volume of any asset in the entire crypto economy. LINK’s performance on the day shows that all of the existing cryptocurrencies only ETH and BTC had more real volume than LINK within the same span.

Some of the other projects would kill for this kind of volume. The team of Chainlink doesn’t have a lot of work to do with regard to continuing the actualization of its wider vision and roadmap. It seems that LINK entered the upper section of cryptocurrencies that are most successful. Chainlink ends the first quarter as a very successful coin and the token has an underlying infrastructure that will take it even further as per the analysis in the crypto news.

MakerDAO is the most successful dapp on the ETH DeFi arena and the project has been hit in the crypto market because it allows the users to use crypto collateral and to draw out loans in the DAI Stablecoin. The dollar-pegged DAI was trading a few cents above $1 USD  during the liquidity crunch since the black Thursday. This instability could be a problem for the DAI as ParaFiCapital argued:

 “We believe this lack of stability and liquidity is translating into uncertainty around using DAI as a decentralized stablecoin in many DeFi protocols. Anecdotally, we have heard a handful of DeFi teams express frustration over DAI’s lack of liquidity/stability, with some opting to use USDC instead. We see this as damaging to DAI’s network effects in the long run.”