The crypto market has witnessed a surge in the price of Chainlink (LINK), which is currently ranked at 19th by market capitalization. In the daily chart, the crypto has seen an impressive rise of about 9%, trading at $8.68. It marks a key resistance level for the first time since November 2022.
Chainlink has been experiencing significant growth since last week, with a 16.42% increase from the $7 support. The bullish trend is supported by rising volume, indicating sustained buying in the market. The 24-hour trading volume has also gone up by 12.62% to $487,857,028, and the market cap has risen by 6.40%.
Chainlink’s growth is driven by market demand and is expected to continue, with investors closely watching and predicting new highs. The surge in price is positive for the crypto market, and its future performance is worth watching.
Gravity Finance Launches Silos, A Chainlink-Powered DeFi Automation Product
The price trigger due to Gravity Finance has unveiled Silos, a first-of-its-kind decentralized finance (DeFi) automation product powered by Chainlink Automation that can seamlessly manage advanced DeFi strategies and tasks on behalf of its owner.
This innovative solution enables users to deploy personalized and fully automated DeFi tasks in seconds, giving them greater control and flexibility over their investments. The product is live on the Polygon mainnet and is accessible to users without requiring any coding experience.
Silos allows users to deploy individually owned Smart Contracts (ERC-721) rather than pooling their funds in community vaults. It allows for further customization and personalized strategies, including the ability to deploy multiple Silos and link them together to create complex flows.
Gravity Finance chose Chainlink Automation because it is the most reliable and decentralized Web3 automation service available.
Chainlink Automation monitors each block on the Polygon network and triggers predefined strategies to execute when required, providing users with an Active Risk Management (ARM) solution that automatically rebalances a loan’s position to avoid liquidation events.
However, Chainlink Automation’s highly reliable and performant infrastructure is designed to save costs and enable faster scaling while also unlocking new use cases for smart contract automation.
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