You have to save in times of fat cows to support times of lean cows. The bible says so and decentralized finance apps seem to want to deliver. Thus, the main DeFi projects of the moment would be taking advantage of the opportunity created by the boom they are experiencing to create a solid infrastructure in the long term. Reason why Chainlink announces an alliance with Crypto.com, to supply data to the company’s DeFi wallet.
An unexpected DeFi boom
If one event took the crypto world by surprise this year, it was the DeFi boom. And it is that, although decentralized finance has always been a promise for the world of cryptocurrencies. Permanently offering a future of global financial integration without the limits of traditional fiat money. The truth is that until now the DeFi projects had not received sufficient attention from big capital.
This changed in July this year with the news that Compound, the main DeFi project at the time, would launch a new governance token. What fueled a race within the protocols of the sector for the launch of its own tokens. Starting in this way a boom in the capitalization of DeFi, as more and more investors decided to put their money in these tokens.
Thanks to this, new DeFi projects such as yearn.finance increased their price exponentially in a matter of weeks. While older projects like Chainlink or 0x have experienced a renaissance. Going in the case of Chainlink from 99 cents on the dollar at which it was trading at the beginning of June, to $ 12.15 at which it is currently trading. After a spike at $ 18.95.
Chainlink partners with Crypto.com
Yet impressive as this increase has been in the DeFi sector. The truth is that it will not last forever. With the market having to stabilize sooner or later. Which is why projects like Chainlink are investing now, in alliances and products with which to guarantee their survival when the DeFi fever ends.
Thus, Chainlink has announced a partnership with Crypto.com. A Hong Kong-based company that has developed a cryptocurrency-based wallet and debit card. Thanks to which Chainlink will begin to directly supply Crypto.com with data on the price of the cryptocurrencies supported by its wallet.
According to Chainlink co-founder Sergey Nazarov, this will allow Crypto.com users to receive the true market price of cryptocurrencies. Instead of quotes product of human interventions. This being only one of the sectors within which the project is currently trying to integrate, and with which it hopes to continue to be relevant even when the rally in its price stops.