ChainLink (LINK) and REN, 2 Tokens to Escape October's DeFi Correction 15

ChainLink (LINK) and REN, 2 Tokens to Escape October’s DeFi Correction

Summary:

  • Majority of known DeFi tokens have continued to lose value in the crypto markets
  • ChainLink (LINK) and REN are two DeFi tokens to post gains in October

The DeFi industry is currently experiencing what looks like a cooldown after an impressive run in Q3 of 2020. The cooldown has been accompanied by a significant drop in the value of prominent DeFi tokens such as Yearn Finance (YFI), Compound Finance (COMP), Curve Finance (CRV), just to name a few.

ChainLink (LINK) and REN, 2 DeFi Tokens With Gains in October

The performance of the top 10 DeFi tokens in the month of October was analyzed by the team at CryptoRank Platform who then concluded that only ChainLink (LINK) and Ren (REN) posted significant gains last month. According to CryptoRank, LINK and REN grew by 13.7% and 12.2% respectively. However, other prominent DeFi tokens continued with their losing streak in the crypto markets as highlighted in the tweet below by CryptoRank Platform.

More Crypto Projects Continue to Integrate ChainLink

Also in the month of October, 29 crypto-related projects integrated ChainLink technology bringing the total to 315 since the project was launched in 2017. Of this amount, 98 DeFi projects are currently using ChainLink to power their protocols. This data was collected and aggregated by @TheLinkMarine1 via the following tweet.

ChainLink’s Price is Testing the $10 Support

In terms of market value, ChainLink was also hard hit by yesterday’s crypto wide correction that saw LINK drop from $11.60 to as low as $9.94 – Binance rate. At the time of writing, ChainLink is trading above the crucial $10 psychological price area as the US elections kick-off today amidst plenty of anxiety in the traditional stock markets.

Yesterday’s volatility in the crypto markets was been linked to the Presidential Elections as well as a new wave of COVID19 infections in Europe that has resulted in lockdowns in France, Portugal and the UK. This means that the DeFi token correction will continue this week with the possibility of ChainLink retesting the $10 price area.