Chainlink, the top DeFi project had slipped miserably but has entered a correction phase with nearly 20 percent surge
Other top cryptos also witnessed a jump in their price with the largest cryptocurrency approaching $11000 mark
The layer two scaling solutions could bring some relief for the current high gas fees.
DeFi Tokens Swell Within Hours
After the constant plunge in the crypto and DeFi space, the past couple of hours viewed a sigh of relief within the crypto space. Among the top gainers, the most popular once are Chainlink and Uniswap tokens. UNI token which had led the crypto space with Strom had plunged drastically from nearly $9 to less than $3.
Chainlink also had dipped below $10 after attaining the ATH surrounding $19. Also, it slid down from 5th position to 8th position and also could have been departed from the top 10 rankings. However, the tokens exhibited a sign of a correction.
Currently, Chainlink is priced at $9.86 with a gain of 17.84 percent and Uniswap token is priced at $5.35 with a gain of 11.16 percent. The other tokens which jumped massively are SNX, YAM v1, BAND, and many more
Layer two Scaling on the cards for SNX, UNI and LINK Token
With the immense swelling DeFi space, one of the major issues is the high gas fees. However, Ethereum is working to roll out ETH 2.0 but the launch date is still hidden behind the clouds. Therefore the DeFi projects rush towards Layer 2 solutions amid ETH choke.
Lark Davis, a Bitcoin analyst said that in coming days, SNX and UNI would implement layer two scaling solutions. This would push the DeFi market at the greater highs with the reduced gas fee which is the need of the hour.
Therefore, a massive uptrend is looked upon in the DeFi space as the reduced fees would attract mass adoption. And with the mass adoption, the DeFi space could possibly surge to the moon.