In summary:
- The team at Coinmarketcap has continued to add new features on the site since the acquisition by Binance.
- The latest is a DeFi ranking that has ChainLink ranked first in DeFi projects.
- The team at Weiss Ratings is of a similar opinion that LINK will lie at the heart of the next crypto revolution of DeFi.
ChainLink (LINK) is now ranked the top DeFi project on Coinmarketcap. This is according to a new section for ranking DeFi on the crypto ranking website. This section aims at catering to the needs of the ever-growing users of Decentralized Finance in the crypto-verse.
According to the DeFi rankings on Coinmarketcap, ChainLink is followed by Maker (MKR), Compound (COMP) and Aave (LEND) respectively. Below is a screenshot of the top 10 DeFi projects according to Coinmarketcap.
DeFi Rankings Introduced After the Acquisition of Coinmarketcap by Binance.
The DeFi rankings can be accessed by clicking the first drop-down menu on the left of the Coinmarketcap site where it reads ‘Cryptocurrencies’. Also to note, is that clicking on this drop-down menu also reveals the earlier highlighted rankings of Derivatives amongst other categories with additional metrics of coins and tokens.
These changes are part of a continual effort of improving Coinmarketcap after the site was acquired by Binance. During the announcement of the acquisition back in early April, CZ explained that both teams will work towards benefiting the crypto industry.
Our common vision will be strengthened by this acquisition to further growth and instill transparency in the industry. This will enable us to build on each other’s strengths, jointly serving as infrastructure providers of crypto.
ChainLink (LINK) Will Lie at the Heart of the Next Crypto Revolution
ChainLink being ranked top amongst DeFi projects comes as no surprise as the platform provides oracles that provide much-needed data for the smart contracts that ran these platforms. The efficiency and prominence of ChainLink’s blockchain technology has been highlighted before by the team at Cane Island and has been echoed by the team at Weiss Ratings via the following statement.
DeFi platforms are red-hot with nearly $1b in collateral pledged. Oracles empower not only DeFi, but just about everything that 2nd & 3rd-generation cryptos do. So, it’s hardly an exaggeration to say that Chainlink will lie at the heart of the crypto revolution going forward.