Blockchain analytics platform Santiment recently released its list of the top decentralized finance (DeFi) projects, ranked by development activity. Chainlink (LINK) took the top spot, followed by Synthetix (SNX) and DeepBook Protocol on the Sui blockchain.
In a post on X (formerly Twitter), Santiment listed the best DeFi protocols. Injective (INJ) and Radix (XRD) rounded out the top five. The rest of the top ten included Curve Finance (CRV), DeFiChain (DFI), Lido Finance (LDO), dYdX (DYDX), and Fox Crypto (FOX).
Synthetix and Chainlink have led the development of DeFi this cycle. Chainlink recently teamed up with Ripple to improve prices for Ripple’s new stablecoin, RLUSD. This collaboration has boosted Chainlink’s popularity. Meanwhile, Synthetix has seen its popularity rise since last year.
However, the native tokens of most of these projects have fallen significantly over the past week. LINK fell 17%, SNX fell 20.90%, DEEP fell 13.76%, INJ plummeted 20.87% and XRD fell 21.36%.
Related: DeFAI Takes the Spotlight: AI-Powered DeFi Tokens Rise
Will LINK rise soon?
Notably, CycleX, a leading trading platform, recently adopted the Chainlink standard “for cross-chain interoperability to help users access its CATF token cross-chain,” according to an X post.
The trading company will also use Chainlink’s CCIP to power its tokenized fund solutions and bring real-world assets (RWAs) on-chain. Chainlink’s DeFi development shows no signs of slowing down, making LINK a potentially good investment for 2025.
According to CoinMarketCap, LINK is currently trading at $19.57, up 4.10% in the last 24 hours. It is down 62.84% from its all-time high of $52.88. The TradingView chart below shows that LINK token accumulation has fallen from its mid-December high, but levels remain higher than most of 2024.
The Relative Strength Index (RSI) currently stands at 40.20, indicating that bears are controlling LINK’s price action. The slope of the RSI line suggests that the altcoin could soon become oversold.
Related: TON Blockchain’s DeFi Push Could Cause a 10% Price Surge
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