Polkadot (CRYPTO:DOT), Chainlink (CRYPTO:LINK), and Polygon (CRYPTO:MATIC) are up 9.64%, 8.63%, and 13.17%, respectively, prior to now 24 hours. As of 10:30 a.m. EDT, they’re buying and selling at $28.02, $28.30, and $1.55 per token, respectively. All three networks have had main progress inside their work within the decentralized finance, or DeFi, house.
On Aug. 19, Polkadot-based DeFi hub Acala built-in MetaMask with its ecosystem. MetaMask permits customers to entry their Ethereum (CRYPTO:ETH) pockets by a browser or a cell app and work together with decentralized purposes on the Ethereum community. The software program has over 7 million customers, and its partnership with Polkadot will increase customers’ entry to decentralized purposes on the Polkadot community as properly. Polkadot is an internet-of-blockchain platform that facilitates the switch of property and information between completely different networks.
The day earlier than that, Chainlink worth feeds went reside on the Fantom Opera mainnet. Fantom is a scalable platform internet hosting DeFi apps and enterprise software program. Over $380 million value of cryptocurrency has been staked on Fantom. With this new integration, builders will be capable of entry real-time worth information on cryptocurrencies to carry out duties resembling settling futures and choices contracts. Chainlink is an oracle token that permits for integrating real-world API into the execution of sensible contracts.
Two days later, Polygon introduced it might be constructing a decentralized autonomous group for the DeFi sector. It seeks to draw 100 million customers with this enterprise of aiding collaboration between blockchain-based methods. Like Polkadot, Polygon is an IoB platform.
The sky is the restrict for these high-flying cryptocurrencies. For starters, Vitalik Buterin, the founding father of Ethereum, has acknowledged that the Ethereum community wants oracle tokens like Chainlink.
In the meantime, the builders behind Polygon acquired fellow Ethereum-scaling answer Hermez Community for $250 million final week. This was the first-ever merger and acquisition exercise within the cryptocurrency house.
As for Polkadot, Swiss asset administration agency 21Shares launched the primary cryptocurrency-based exchange-traded merchandise on the SIX Swiss Inventory Trade earlier this yr. They’ve attracted important curiosity from monetary establishments resembling Goldman Sachs. General, there may be way more to those cryptocurrencies than merely the utility of earning profits transfers, as with Bitcoin (CRYPTO:BTC). Think about opening a small stake in them as a part of a higher cryptocurrency bull run.
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