DeFi

ChainLink has a 34.8% DeFi Dominance Rating

With so many projects vying for traction in the DeFi space, it becomes pertinent to keep tabs on everything. There are quite a few projects approaching the $500 million market cap. Reaching the level of ChainLink, however, will be quite difficult. 

The ChainLink DeFi Dominance

It is interesting to see how far things have come in the world of decentralized finance. With a combined market cap of just under $8 billion, the industry is certainly heading in the right direction. It represents just 2.3% of the cryptocurrency market cap, but there is significant growth going on regardless.

Another interesting statistic is how the DeFi tokens have over $1.3 billion in combined trading volume. Most of this volume is generated by ChainLink, but DAI is also doing its part. Both BNT and YFI are also moving up the volume ranks very quickly, despite not reaching a market cap of $100 million at this time.

For the time being, this space is dominated primarily by ChainLink. It represents 34.8% of the total DeFi market cap, as it is the only project valued above $2.7 billion. AMPL, in second place, has a market cap of just under $500 million. It is almost like comparing Bitcoin and Ethereum in terms of total valuation. 

Healthy Industry Growth

According to CoinGecko, there are currently 66 decentralized finance tokens to keep an eye on. Some of these represent tokenized versions of Bitcoin, such as WBTC, TBTC, IMBTC, and so forth. Bringing more DeFi use cases to Bitcoin holders will ensure future growth for this industry. 

As this industry continues to evolve, there will be plenty to look forward to. Platforms coming to market early will have their work cut out to remain competitive. Especially with the likes of YFI gaining over 360% in value in a week, it is pertinent to keep users engaged at all times. 


Looking to advertise? We will gladly help spread the word about your project, company, or service. CryptoMode produces high quality content for cryptocurrency companies. We have provided brand exposure for dozens of companies to date, and you can be one of them. All of our clients appreciate our value/pricing ratio. Contact us if you have any questions: contact@cryptomode.com

JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

Share
Published by
JP Buntinx

Recent Posts

The Number of Bitcoin Addresses Holding Over 0.01 BTC Hits A New All-Time High

While no one really enjoys seeing the bitcoin price fall, it does create an excellent…

10 hours ago

The ‘ETH In Mellieha’ NFT Changes The Concept of Using NFTs to Claim Asset Ownership

There are many types of non-fungible tokens to explore. Some favor the collections, whereas others…

13 hours ago

Crypto Community HeritageDAO Seeks to Acquire Korean National Treasures

Singapore, Singapore, 26th January, 2022, ChainwireThe sudden birth of HeritageDAO,$HDAO, was the response of the…

14 hours ago

Challenge Your Poker Skills with CryptoGames’ Video Poker!

When you think of Gambling, often a room full of serious gamblers sitting at a…

16 hours ago

Capitrade Launchpad Aims to Be the Pioneer of Luna Based Decentralized Fundraising Platform

Capitrade Launchpad operation level and mechanism ensures every tier level gets allocated. Capitrade Ventures has…

16 hours ago

MyCointainer Raises $6 Million in Seed Round to Develop Its Yield Earning Platform

Tallinn, Estonia, 26th January, 2022, ChainwireMyCointainer, a platform for easy yield staking, announced it has…

22 hours ago