What happened
Solana (CRYPTO: SOL), Speckle (CRYPTO: POINT), and Chain link (CRYPTO: LINK) are up 69.78%, 27.65% and 20.77%, respectively, in the last seven days. They will trade at $ 139.54, $ 32.89, and $ 30.99, respectively, at 11:44 a.m. EDT today. All three tokens are becoming enormously important in terms of acceptance.
Solana is rising again after music streaming platform Audius announced integration with the network’s non-fungible token platform. The move will add the NFTs to the Solana Program Library (SPL) alongside the ether Network’s ERC-20 collectibles. In the past week alone, NFT sales on SPL exceeded $ 60 million ($ 3.12 billion on an annual basis). There are over 5 million monthly active users on Audius. Solana is a popular hub for creating decentralized applications (dapps).
Image source: Getty Images.
As for Polkadot, decentralized financial platform Cream Finance (DeFi) announced Thursday that it would integrate its credit and credit services with Polkadot’s Moonbeam smart contract network. Smart contracts allow users to commit their cryptocurrencies to take on asset loans without the lender worrying about the risk of default or the borrower worrying about the lender taking the funds and running away. Cream Finance’s total value recently topped $ 1 billion. Polkadot enables custom, project-specific blockchain parachains, its main network and large user base to process transactions.
Finally, Chainlink is having a fantastic week after Optimistic Ethereum, an organization dedicated to scaling the capacity of Ethereum, joined the Chainlink network. Chainlink is a decentralized Oracle token that enables the execution of smart contracts on the blockchain based on external data feeds. It’s valuable for tasks like identifying credit protection or options settlement and a lot more.
so what
NFTs have grown in popularity as investors experience their generous tax treatment when presented as donations. Trading volume on just one NFT marketplace, opensea.io, exceeded $ 1 billion in August.
DeFi also brings the practice of asset loans to the everyday investor that was previously only available to wealthy individuals. With this setup, investors can take out a stablecoin loan and then convert it to fiat currency to cover emergency costs, rather than selling their cryptocurrency to make up the difference. One such popular protocol, Aave, exceeded $ 20 billion in credit.
Oracle tokens like Chainlink play a vital role in expanding the functionality of Dapps. The total volume of transactions in the areas of gaming, finance, social network dapps, etc. in the Ethereum network has already exceeded 150 billion US dollars on an annual basis. Its founder Vitalik Buterin has publicly praised Chainlink for its ability to take smart contracts to the next level.
What now
A few years ago, the DeFi industry essentially didn’t exist as blockchain technology only existed for peer-to-peer e-cash transactions back then. It’s an 80 billion dollar industry today and is forecast to be 10 bags by the next year. In part because of cryptographic protection, developers can innovate faster than regulations can catch up. Where this technology will take us remains to be seen, but do you know that now is the golden age of investing in these altcoins.
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