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DeFi Tokens Curve, Lido, ChainLink Jump Double Digits as Crypto Market Rebounds

29 Jul, 20223 min readDeFi
DeFi Tokens Curve, Lido, ChainLink Jump Double Digits as Crypto Market Rebounds

The wider crypto market is largely in the green on Friday, with several blue-chip decentralized finance (DeFi) tokens doing especially well.

CRV, the governance token of the decentralized exchange Curve, is up 15.58% over the past 24 hours, as it hit a monthly high of $1.56 before backtracking to $1.49 at the time of writing, according to CoinMarketCap.

With a market cap of more than $770 million, CRV is currently the 62nd-largest cryptocurrency.

Recently, the project was praised by analysts at Delphi Digital, who noted that Curve v2 quoted better execution prices than Uniswap v3 for approximately 65% of all ETH/USDT transaction volume. This is despite the fact that Curve protocol gas prices are nearly twice as high as those on Uniswap.

In 2022, @CurveFinance v2 quoted better execution prices than @Uniswap v3 for ~65% of all ETH/USDT transaction volume.On @arbitrum, Curve Tricrypto is dominating $ETH volumes with more than 83% of total market share.What's happening, and are the DEX Wars heating up? 🧵⬇️ — Delphi Digital (@Delphi_Digital) July 27, 2022

LDO, the native token of the liquid staking platform Lido Finance, is up 11.1% over the day, and is currently trading at $2.24, per CoinMarketCap.

The price of LINK, the token powering the decentralized oracle network Chainlink, has surged 12.34% over the past 24 hours to hit a daily high of $7.75, a level last seen on June 11 when the market went into one of the many freefalls this year.

LINK, ranked 23rd with a market cap of almost $3.6 billion. was changing hands at $7.66 as of this writing, per CoinMarketCap.

The positive price action follows the release of Chainlink’s recent “Adoption Update,” which shared a series of new integrations last week.

Per the update, such products as Chainlink Keepers, Chainlink VRF, and Chainlink Price Feeds were integrated across as many eight different chains: Avalanche, BNBChain, Ethereum, Fantom, Harmony, Optimism, Polygon, and Solana.

⬡ Chainlink Adoption Update ⬡This week, there were 11 integrations of 3 #Chainlink services across 8 different chains: #Avalanche, #BNBChain, #Ethereum, #Fantom, #Harmony, #Optimism, #Polygon, and #Solana.Chainlink helps developers create innovative #Web3 apps. — Chainlink (@chainlink) July 24, 2022

More DeFi tokens in the green

UNI, the token powering the popular decentralized exchange Uniswap, is meanwhile up 7.8% in a day, trading at $8.86 by press time. This is despite UNI backtracking from its three-month high of $9.74 recorded on Thursday evening, as shown by data from CoinMarketCap.

Elsewhere, more DeFi tokens posted gains over the day too. These include Maker (MKR), which is up 9.4%, Synthetix (9.4%), and 1inch Network 1INCH (7.7%).

Bitcoin (BTC), the industry’s benchmark cryptocurrency, is up 4.3% over the day, changing hands at $23,955 by press time. The price of Ethereum (ETH) went up 6.2% to $1,722.

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