$92,952.00
5.32%$1,777.87
12.42%$2.21
5.55%$613.67
2.18%$148.10
6.72%$0.999899
-0.01%$0.180486
11.96%$0.681767
8.75%$0.247193
0.45%$1,780.65
12.71%$92,762.00
5.16%$22.32
11.42%$14.25
7.88%$2.74
22.11%$9.08
-0.24%$0.264898
5.90%$0.00001364
9.31%$3.12
6.97%$0.179948
5.72%$2,124.41
11.63%$0.999857
0.00%$356.93
3.50%$84.02
6.56%$18.90
2.67%$4.03
6.67%$4.65
4.40%$1.001
0.06%$1,772.26
11.78%$0.997945
-0.12%$0.646472
2.29%$226.97
5.28%$28.41
0.41%$1,887.39
11.73%$0.00000904
12.97%$92,935.00
5.39%$5.88
11.22%$5.27
7.03%$52.35
2.81%$23.87
3.46%$2.42
9.55%$0.918054
6.39%$334.59
5.30%$5.15
7.73%$32.71
0.21%$0.097964
12.18%$16.77
7.20%$1.049
-0.00%$0.091178
10.91%$1.00
0.00%$160.21
11.60%$0.70104
5.98%$4.50
1.46%$0.02572477
8.82%$1.17
0.09%$4.33
6.39%$92,710.00
5.48%$0.218731
9.25%$0.333294
14.00%$9.21
10.01%$4.23
-0.08%$0.210973
8.74%$2.73
4.46%$2.78
6.96%$0.634488
3.96%$0.519909
11.46%$0.994395
-0.03%$0.325184
8.38%$4.08
4.44%$92,666.00
5.17%$10.20
3.76%$0.439503
8.10%$1,472.40
9.17%$0.748447
6.57%$0.81017
4.23%$154.49
6.29%$0.076106
5.24%$0.00001521
21.45%$1.17
14.25%$0.623831
31.53%$0.855028
10.19%$1.096
5.55%$1,782.65
12.67%$0.01662446
2.17%$1,846.24
11.84%$69.82
4.00%$0.666578
4.77%$0.190042
6.89%$3.62
-1.51%$1.001
0.12%$9.39
8.30%$0.690581
15.00%$0.999885
0.01%$15.39
5.88%$0.089769
7.66%$1,997.47
11.89%$1.001
0.05%$3,393.85
-2.56%$1.00
0.05%$613.76
2.21%$3,396.85
-2.38%$91,544.00
5.64%$2.64
15.46%$0.0155021
8.07%$190.68
6.84%$0.01691922
6.77%$92,870.00
5.46%$163.37
6.71%$0.294949
7.81%$0.79899
11.64%$0.187794
9.75%$1,893.77
12.65%$0.690128
9.76%$3.80
9.63%$0.116478
7.72%$0.997633
-0.02%$0.670446
2.10%$0.00006804
16.22%$0.00000064
4.39%$93,537.00
6.12%$0.999204
0.04%$0.504344
20.71%$0.01856706
8.46%$0.390619
4.59%$30.78
5.58%$2.04
5.60%$1.85
8.76%$1.098
1.04%$0.238617
5.37%$0.00624179
13.57%$0.306816
-1.16%$3.50
6.04%$0.538325
6.21%$1,853.81
11.87%$16.67
11.21%$0.151226
5.71%$0.210818
123.58%$0.529419
21.43%$32.56
4.67%$0.5423
3.04%$0.00891321
6.23%$0.538571
21.24%$0.999299
0.10%$0.638586
7.40%$89,956.00
3.55%$0.067225
-2.37%$0.441947
6.90%$1.71
6.65%$92,917.00
5.36%$0.724639
23.66%$0.9999
-0.01%$0.180218
11.61%$1.31
6.11%$0.999411
-0.07%$88,321.00
0.00%$0.04502204
23.64%$1,792.03
8.40%$0.00002192
6.09%$1,770.29
11.58%$15.29
7.84%$0.00679282
33.30%$0.00000043
0.67%$110.78
0.01%$0.145509
6.20%$2.01
-0.75%$92,736.00
5.46%$5.90
6.80%$6.23
10.49%$1.084
0.01%$1.003
0.30%$3.70
6.43%$2.50
9.26%$0.497203
6.25%$0.076958
6.14%$0.335191
20.40%$0.04034981
8.28%$1,779.59
12.60%$43.02
7.79%$0.221559
10.67%$1,772.38
11.66%$0.083552
7.79%$0.471032
17.78%$1,904.53
13.31%$0.00707248
9.39%$0.99963
0.01%$1,776.10
12.30%$1.00
0.03%$21.89
0.07%$0.573845
10.75%$0.177517
2.56%$1.002
0.42%$0.837045
8.24%$0.00006324
3.54%$0.00406815
-7.32%$0.34797
30.64%$0.01731203
0.80%$0.124451
4.05%$1.002
0.18%$1,810.37
13.70%$0.999855
0.00%$0.03172591
1.57%$0.321422
4.62%$2.71
9.70%$0.00000148
16.53%$92,864.00
5.26%$114.02
8.07%$1.001
0.08%$0.140617
0.49%$0.644733
16.14%$3.63
5.58%$0.235958
7.95%$26.02
6.04%$1.16
4.63%$92,809.00
4.48%$0.678693
-6.28%$1,751.63
11.75%$0.282872
24.59%$0.625786
9.00%$0.999971
-0.04%$22.33
6.26%$0.271076
3.42%$3,187.04
0.01%$2.80
2.07%$1,889.32
12.69%$22.32
11.49%$1,776.60
12.38%$0.186684
6.25%$0.112245
5.19%$0.510826
6.74%$0.00042309
-6.72%$0.03670994
3.02%$1,866.02
5.33%$0.01263795
6.52%$0.00280918
11.68%$0.44024
5.00%$0.02915184
4.67%$1.026
10.05%$0.717022
6.14%$0.932635
11.43%$14.75
5.08%$1.00
0.06%$2.89
13.19%$1,947.28
12.34%$0.999837
-0.04%$92,979.00
4.97%$1,927.36
11.80%$2.21
1.73%$1.14
-0.88%$0.00
8.54%Reading
The DeFi market is warming up as winter sets in.
The decentralized oracle protocol Chainlink and its native LINK token have risen by nearly 8% over the past 24 hours, according to CoinGecko. The token is now trading at $7.65 on Tuesday morning and enjoys a market capitalization of more than $3.7 billion.
Chainlink’s oracles are used throughout the decentralized finance (DeFi) sector to provide pricing data to various projects.
Of late, the crypto project and Coinbase Cloud, the San Francisco-based crypto exchange’s API and data service, have tied up to bring a similar offering to the world of non-fungible tokens (NFTs).
These new oracles will scan various blue-chip NFT prices across various marketplaces to determine the floor price, or lowest purchase price for a jpeg in a collection. Feeds like this would allow developers to build out more complex NFT-based projects, like indices and lending markets.
Chainlink is also undergoing a hefty overhaul, with the project’s co-founder Sergey Nazarov announcing a new staking service to be launched in December. “Staking is going to distribute the value the system accrues to the relevant participants—the nodes and the stakers,” he said at SmartCon 2022 in September.
Chainlink, which uses oracle networks to provide secure access to real-world data for Web3 apps, has unveiled that its long-awaited staking rewards are set to go live in December, together with two new programs designed to increase the economic sustainability of its services. Chainlink Co-founder Sergey Nazarov made the announcement at SmartCon 2022, the network’s first IRL conference. Ex-Google chief Eric Schmidt, now a Chainlink advisor, is a speaker along with other luminaries including FTX’...
Beyond crypto oracles and price feeds, Lido Finance, the highly-popular liquid staking protocol, is also enjoying a bullish uptick. LDO, the project’s native governance token, is currently up over 7% over the past 24 hours. The LDO token is used to vote on various proposals to improve the project.
LDO is now trading hands at $1.57 following the hefty run-up; still, the token is still nearly 80% off from its all-time high of $7.3 set back in August 2021, according to CoinGecko.
There have been fewer technical updates for the staking project, but following the Ethereum merge last month, some of Lido’s fundamentals have improved. For instance, Staked Ethereum (stETH), the token that users receive in return for staking ETH on the platform, has moved closer to price parity with Ethereum.
Currently, Ethereum trades at $1,347, while Staked Ethereum trades at $1,339, marking a discrepancy of roughly 0.6%. This is in stark contrast to the whopping 6% depeg which occurred over the summer. This, plus the project’s continued dominance in the liquid staking niche, may have played a part in LDO’s recent rise.
Last but not least, Maker’s MKR token is also in the green today, rising by more than 8%. The governance token is now trading hands at roughly $840, and the project currently commands a market capitalization of over $758 million.
Maker is the unofficial central bank for DeFi. Its decentralized stablecoin DAI is the third-largest dollar-pegged asset in the crypto market after Circle’s USDC and Tether’s USDT.
The rise in MKR’s price comes amid several new proposals for the protocol. Recently, the Winklevii-led crypto exchange Gemini proposed depositing its native GUSD stablecoin with MakerDAO to generate a yield of 1.25%. Coinbase made a similar move earlier in September, offering the DeFi platform 1.5% on its USDC holdings.
This adds continued fuel to Maker’s business model, which Token Terminal has established as being the third most profitable in the entire industry.
Earnings, which Token Terminal defines as a project’s revenue minus its token incentives, for Maker are at $141.4 million since the sound business dashboard began. NFT marketplace OpenSea and crypto wallet provider MetaMask currently hold the top spots.
🚨🚨Breaking news🚨🚨@Gemini is proposing yield (1.25%) on $GUSD hold by @MakerDAO.
The stablecoin space is moving fast. Congrats to @Gemini for their move. https://t.co/x8EqSkc9Ee
Time to dig a bit deeper on what going on at MakerDAO 🧵— Sébastien Derivaux (@SebVentures) September 29, 2022
For now, this metric may not mean much for MKR holders. Earlier this year, however, there was chatter that users may soon be able to stake their holdings and earn a slice of the protocol’s revenue. The model is akin to how decentralized exchange SushiSwap leverages its Sushi and xSushi tokens.
There haven’t been any updates around the staking discussion, but perhaps the continued stream of updates has been enough to entice investors.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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