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The LINK price, like many cryptos, is down today. For many tokens, this is because of the lower price of BTC. But Chainlink holders are reeling from a huge token unlock and many are selling to find and profit from the next up-and-coming DeFi token.
Read on to find out what happened with LINK’s price, and the potential of this new DeFi token.
LINK price down after a $295 million token unlock
While so many cryptos focus on solving problems of the future, Chainlink focuses on the now.
Not only do they provide decentralized price Oracles that make swapping crypto safe, but with their CCIP Protocol, they are now primed to enter the RWA (Tokenisation of Real World Assets) space.
Chainlink will make it easy for big institutions to trade RWA in an interoperable way. This means more liquidity, which is exactly what RWAs are here to solve. Normally when you have an asset such as a house or luxury car, it can be hard to sell it, but by fractionalizing it and offering those fractions on the blockchain, using Chainlink or another protocol, it makes it easy to sell.
However, while Chainlink is still seen as a good investment by many, there is a problem we need to talk about. Chainlink’s price and token unlocks.
Cryptocurrencies are usually designed to be deflationary, combatting the inflationary nature of fiat. Of course, teams need to retain tokens in order to pay themselves, and not sell them all at once. However, Chainlink has more locked than usual with just 56% of the total supply unlocked, according to TokenUnlocks.
According to AMBcrypto, 21 million Chainlink tokens have just been unlocked, which people fear will cause the LINK price to tumble.18.25 million of these (worth approx $295 million) were sent to Binance, which suggests that the project is preparing to sell.
This caused a lot of FUD (Fear, Uncertaint, and Doubt) in the market, and LINK’s price is down by 7% on the weekly chart. Given that so many tokens are still to be unlocked, LINK’s price could continue to fall.
That’s the reason that many DeFi enthusiasts are selling some of their LINK to buy a new DeFi coin – DTX
A DeFi token with the functionality of LINK but the growth potential of a new project
Why is the new DTX coin so bullish? Firstly, because it is in presale. New tokens are great for two reasons:
- They are being offered at an extremely low price, which means they have a lot of room to grow.
- There aren’t other holders who got in lower, waiting to dump on the price, as we saw with LINK’s price.
And there’s more. Like Chainlink, DTX Exchange is planning to offer a lot of functionality that will be used for today’s solutions.
DTX Exchange is a trading platform combining the best of TradFi (the ability to trade stocks, bonds, forex, indexes, and more), with the best of CeFi and DeFi (trading crypto and RWAs such as precious metals, on the blockchain).
The reason that DeFi (eg Uniswap and DTX) beats CeFi (centralized exchanges like Binance and Crypto.com), is because of anonymity. While most CeFi exchanges ask for KYC, DTX does not. This means that your business is your own, and will not be tracked by governments or other financial bodies.
This provides privacy and other benefits, such as high leverage of 1000x, and the ability for people all around the world to participate. Regardless of their country’s regulations for TradFi and CeFi trading.
DTX is changing hands at $0.04, having recently posted gains of 200%. It will launch after another 200% gain, and this may well be the beginning of a much more profitable journey.
Binance is a behemoth but like any business, it had to start somewhere. Their BNB coin is up over half a million percent from its presale, while DEX (Decentralized Exchange) Uniswap is up by a more modest but still impressive 857% from its launch date.
Given that DTX Exchange offers a wider range of functionality than both BNB and UNI, it will be interesting to see just how high this coin can go.
This news is republished from another source. You can check the original article here
